Things You’ll Learn in this Episode of Doing it Online:
- The first (of 5) secret to help you reach 5 figure months – the profitable offer
- Exactly how you can create a profitable offer by ticking 3 boxes
- How you can unlock our eCourse MBA Workshop for FREE (usually $97)
Welcome to our 5 part series where I’ll be sharing 5 secrets to get you hitting those much sought after 5 figure months.
Secret #1 Having a profitable offer
One of the biggest momentum killers out there…and the reason so many people get stuck and stay stuck…
Is that they don’t have a profitable offer…or as I like to call it, a funnel friendly offer (because you KNOW I’m all about being able to sell your courses on autopilot).
And even if you’re a launcher (one of those crazy people), you still need to create a profitable offer.
What is a profitable offer?
A profitable offer is one that:
- Sells like hotcakes
- Has a waiting list
- You can scale easily
- You can deliver enjoyably
- Gets your clients amazing results even if you have 10 clients or 200.
So how do we fix that? Read on my friend!
For an offer to be profitable, it has to tick 3 boxes
3 things you need to create a profitable offer:
#1 You need your offer to be a “Hells Yes!” price.
That is a price for your market and for the outcome it delivers, that feels good and makes sense (this means for you too!).
I’ve seen so many times that changing the price (even just slightly) of your offer can make all the difference and take you from struggling to sell…to having an avalanche of sales.
Now I’m not saying it’s all about reducing the price… but IT IS about matching the price of your offer to the value that your target market puts on the outcome that your offer provides them.
Otherwise you’re always going to struggle to sell. People need to look at your offer, and after finding out the price, think YES! And then hit the sign up button straight up because they simply cannot miss out!
Take the time to price and create your offers strategically, to find that sweet spot for your target market and the value that you can create for them that is going to be worthwhile to them.
And just as importantly, it has to feel like a “Hells Yes” to you as well! So that every time you make a sale you are celebrating, and not groaning inside because now you have to deliver that offer.
#2 The price of the offer has to more than cover the energy that you are going to spend delivering it.
A lot of people (especially women) don’t value their time. They massively over deliver (short of giving away their first born), believing they have to do #allofthings and that it has to be done live for it to be impactful, to help people and change their lives delivering on the transformation that they promised.
But it’s just not true.
You can create and structure your offers (and the way that you deliver them) so that people get amazing value, they feel supported, and have everything they need…without you having to over deliver to the point of exhaustion.
Now you can go too far the other way too (not enough value / support for the price paid), but you have to find the balance… that can take some time…but that’s ok.
It’s super important, because the last thing you want is to start resenting your business and your clients and your customers – that’s not how you grow your business.
#3 You have to allow a margin for marketing
This means that you have to allow a % of your sales price to be used (at some point) to start running paid ads, when you are ready to hit the gas and scale.
I would say you want to allow at least 30-40%…and this can (and should) be brought down as you list grows, and you build out other elements of your business…but to be in a good place to start to scale, that is the minimum you should allow – some would even suggest up to 50% is needed in some markets.
So think about that…
How does that feel to cut your price in half? And what do you have left over?
And before you start to feel funky about this, I just want you to know every single successful business has to do this – you can bet there is a % of marketing budget on every lipstick or Big Mac you’ve ever purchased.
Now one little caveat here… if you’re panicking right now…thinking, “I can never charge that much”…. I got you.
So if you are just getting started….
You’re still creating or perfecting your offer…
Or if you’re currently just launching to your existing audience and not planning to scale just yet…
Then it’s OK that you don’t have this margin for marketing…yet! Because technically you’re in what is called a Beta (or testing phase), and Beta products are never full price.
But once you’ve perfected your offer, are getting great results, and are ready to take it to that next step….you will need to add this in (so keep this at the back of our mind) to make sure this product will still be an easy hells yes for you and your market, when you come along and possibly double the price.
So there you have it – the 3 things you need for a profitable offer.
Now if your offer is not ticking every box right now…there are a couple of things you can do.
- You can look to offer the same thing to a different market (rather than adjusting your price). A market that is happy to invest more or better values what you’re teaching.
- Or, you can look to change up how you deliver your offer – this might look like stripping back your course and making it smaller and simpler and easier to deliver. Most first courses try to solve way too many problems (aka including the whole kitchen sink).
- Or maybe you remove a lot of the contact with you and make it more DIY style, so then you still feel good being able to offer your program at a more market appropriate price.
As you can see there are so many different levers and pulleys you can play with when it comes to creating a profitable offer…and personally this is one of my nerdy super powers…being able to help my clients nail this stuff.
But if your offer is NOT flying off the shelves right now, it is so worth it to stop and have a think about where you can make an adjustment or two (promise you will thank me for it!).
And if this sparked an Ah-ha for you, make sure you let me know by tagging me @katemckibbin over on Instagram. I would love to hear it!
Leave Doing It Online a 5 star review on iTunes and unlock our eCourse MBA Workshop for FREE (usually $97) by heading to katesbonus.com