Getting Coaching Clients — How to get clients who will PAY for Coaching
This past month I asked you what coaches want and need the most . . . 85% of those who responded said that
Finding the people who’ll spend money on a coach– 85%
is what they want and need the most. I understand that from my coach growing up years . . . been there, done that. But no more. So I’ll help you with this.
Getting coaching clients seems to be one of the hardest things to do for coaches. And finding people who’ll pay is the biggest of all of those client acquisition problems.
43%, just slightly less than 1/2, said they’d like to know
How to get an unlimited stream of new clients — 43%
And 28.6%, less than 1/3rd needed help with marketing,
Marketing –getting people to want to talk to you up front — 28.6%
And 28.6% also said they wanted to
Find those who’d spend more–28.6%
Actually I’d throw this concept in with the one at the very top about finding those who’ll spend money on a coach. They are very similar. Same basic reasons and target market.
It was a surprise that no one responded that they needed help with sales, the ability to close more sales. If coaches aren’t getting in front of enough of the right people . . . then sales hasn’t become a problem . . . yet.
In any case, make absolutely sure that you watch for the emails, and come to the teleseminars this month to get those questions answered specifically for you and your business.
Besides learning how to do it (knowledge), we’ll work on the skill part (how to become good at delivering the results).
These are the things that I discovered along the way, and now help my clients skyrocket their client acquisition
. . . starting with
“Finding those who’ll spend money for a coach.”
I’ll provide lots of answers over the next month, but let’s dive in right here, and right now for one of the points.
You’ve probably seen the marketing formula:
The number of people who become interested in what you do equals the number of people who get to see (or hear) your marketing message times the conversion rate fo that marketing message.
Two Parts . . . Marketing Message . . . Prospect’s Mindset
Actually, the response you get from that marketing message has two parts, one is what you say, ow you say it, and who you say it to. The other is the mindset of those you say it to.
So, when you run into people who won’t spend money on coaching, you MUST consider two things, IF your marketing message is truly a compelling one that would drive people crazy to get what you have . . . and you must discover the mindset of those you are giving that markeitng message to.
Difficult Mindset . . . No Money . . . Afraid to Spend Money
If you already have a GREAT marketing message, and you are talking ONLY with those who are AFRAID to spend money, or DON’T HAVE MONEY, then the results are STILL ZERO.
Some of you have heard my story about who I talk to.
When I talk to the really low end of the economic business structure, the typical response is “WOW, I really wish I could afford you.”
That says something REALLY CLEAR. That my marketing message worked, they do want me. But they would never attempt to come up with the money to hire me.
But when I talk to an average $500K+ revenue company my sales close ratio is 35 to 40%. When I talk with a company of $1M to 20M my sales close ratio is about 75%.
My marketing message is pretty much the same for all of them. The difference? Their mindset.
The lower on that economic structure, the more likely they manage their money by “cutting costs” and “avoiding spending” than they are on Return on Investment.
- Those that are actually looking for a place to invest that will make them LOTS more will spend when they find the answer they are looking for.
- Those that are looking to CUT THINGS from their budget, are only self-limiting everything they do, and you’ll be one of those things either cut, or not spent on.
So, simply spending most of my time marketing to companies over $1M, and a little to those around $500K keeps my business full with very little effort.
That scenario plays itself out in all kinds of coaching. You MUST find those who will spend money, and not waste your time with those who won’t. And the lower you go on the economic ladder the more likely you’ll find those who won’t. The higher you go the more likely you’ll find those who will.
How to Increase Avg Sale Size by 30 Times
An example: I was working with a home remodeler. He had been struggling to get clients. In fact, he was right in the middle of the national average for remodeling. The average remodeling job was around $20K.
He had been marketing to just about everyone around the city. He discovered that he was getting LOTS of calls from homes in areas where the income level was under $50K. Most would get his quotes, and say, they’d do it themselves, or not do it this year.
First, we raised his target marketing to $75K homes. His sales doubled within a couple of weeks.
But, today, he targets only incomes of $150K, and his average sale has moved from $20K to $600K. 30 times larger than the national average for remodelers.
At first he was afraid to narrow his target for fear of “losing business.”
But the result was that his average sale is now 30 times what it used to be, and he wo’t even consider any job under $100K. And his overall sales skyrocketed.
Even in today’s recession, his sales are higher, even as other remodelers and construction companies say “no one is buying.”.
Many of the houses in the areas we are targeting spend more for remodeling than the average home costs in this area. And they are no longer upscaling by buying a new home. They are fixing up their exisitng homes. And some of these are spending more for remodeling than the nationwide average cost of a new home.
The same will apply to your coaching, consulting, and training. Stop playing in “cheap” and your perceived “easy-to-acquire” market, and go for those who WILL spend when you give them a marketing message that is enticing. You will discover that it is ONLY a perception that has held you back. Move to where they are ACTUALLY easy to acquire and WILL spend money.
Be sure to watch for my upcoming telseminar where we will go into more depth on how to find people who will spend, and how to avoid those who won’t.
If you have any similar results to that remodeler, that would be 30 times more for the average sale, and at least 5-10 times more total income.
Helping coaches, consultants, and trainers reach another $100K – $250K within weeks . . . and to stop playing at building their businesses.