Ten Minute Talk™ Recap
Jeff Walker shares the process in which he closed 100% of the room into his platinum coaching program. The problem Jeff had was that he already sold a $2,000 program online, and if he was going to sell a better product, he would need to charge at least $5,000 for it to make sense. It would be pretty hard to sell a $5,000 online program since you can find free videos on YouTube all day long, so his success came down to positioning.
How to Sell High-end Coaching through a Seminar Model
In order to position a higher value coaching program, you need to communicate a clear advantage in working with the company as opposed to getting the information somewhere else.
Have you ever wanted to add coaching to your product suite but weren’t sure on how to launch it?
Jeff Walker is the creator of the Product Launch Formula and best-selling author of Launch: An Internet Millionaire’s Secret Formula to Sell Almost Anything Online, Build a Business You Love, and Live the Life of Your Dreams.
My goal in delivering this special program through a seminar model was to increase value for clients and create more profit for myself. So I decided to sell a five-day, live event at $25,000 and create a $5,000 home-study course. The clients’ investment was $5,000 down and $20,000 out of their profits, meaning they would pay the remaining $20,000 based on results. By positioning the offer this way, it became more attractive because the prospective clients surmised they would be paying $25,000 total but only needed $5,000 to get started. This type of offer gets the right caliber of client in the room, which is vitally important.
The whole purpose of a launch is crafting killer offers, offers they can’t refuse. So, close to the end of the event, I gave them this offer. I told them that after the event, they wouldn’t have the same energy or my guidance or consulting available. To combat that lack of follow-through, I told them I was starting a platinum coaching group. My initial question was, “How about I give it to you for free?” I followed up with, “Or even better than that, how about I pay you $10,000 to join my group?” There was an audible gasp, and I continued with the following explanation: “Since you owe me $20,000 already, if you pay me $10,000 today, I will waive the remainder of the $20,000.”
I closed 100% of the room: 47 people. A large part of that close rate was due to it being a great audience. Someone who commits to a $25,000 program is a much better buyer than someone who commits to a $5,000 program. Most people who purchase an information product or program will not apply the information; however, those who are higher level buyers are more likely to put into action what you teach.
Note: Be careful when the offer is contingent on results. Most people won’t do anything, and years down the road, they will feel bad that they haven’t performed. At that point, they may try to make you the bad guy for that, so they can actually become a liability down the road.
The key is taking the contingency off the table by offering something even better for half the price. I went on to create a home-study course, which I sold several millions’ worth in the next year.