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One Thing: Day 58
Day 58: Ridgley Goldsborough
Yesterday I was explaining how if your new coaching clients tested these three offers:
1. Two for One
2. Fifty Percent Off
3. “Buy 1 and Get One Free”
Your coaching client will have a clear and indisputable winner just like I did when I owned my successful retail shop.
Before I left Florida I enjoyed doing some Buddhist style “chanting” in a hotel room with a new buddy (Ridgeley Greenborough – super funny guy and great dude)…
It’s reasonably straight forward so I tried doing it on my own.
My wife came down with a broom thinking there was a bird stuck in the house.
I was in flow “chanting” away… she shook me and asked:
“Are you OK…? And what are you doing??”
So, apparently she doesn’t read my emails and “chanting” is a bit like singing so I’m up there with a scared bird locked in a room desperately looking for a window sounds.
Probably best I cancel my American Idol audition.
Today’s ONE THING is the pricing rule of 7.
A conversation I had with a successful business coach recently went a little like this.
Me: “How much do you charge for your coaching?”
Business Coach: “ I charge 2,000 per month.”
Me: “Do you present it that way to your prospect or do you say $1997 per month?”
Business Coach: (Picture pounding of the chest) “I don’t do or believe in the ‘$9.99 thing’.
If it’s $2000 I just say 2000 and they can take it or leave it.”
Me: “Have you ever tested that?”
Business Coach: “No”
Me: “You’d be wise to.”
Me: “Your clients not only learn from what you tell them but they learn from ‘what you do to them’ so I’m guessing you don’t encourage your clients, that my process has gotten you, to do it either then..?”
Business Coach: “No I think it’s silly and I don’t think it makes a difference. For me or for them.”
Me: “Congratulations your laziness and poor assumptions (assumptions lead to BAD MATH) are costing yourself and your new coaching clients I got you at least 20% less in gross revenues. Probably more.”
Business Coach: “Let me think about it.”
Me: “Do your coaching clients a favor and stop going with your gut.
Your ‘gut’ stands for:
Gave Up Thinking.
Test it and if you refuse to test it please replace your ‘GUT’ with a small amount of common sense and research.
Take 90 seconds and visit Amazon.com and any other top marketplace on the planet and if they agree with you and list round numbers like $10.00 for a ten-dollar product and $2,000 for a two thousand dollar product then go with that.
But when you see… they most certainly do not… please follow suit like the rest of the successful people on the planet.
Instruct your coaching clients to do same.”
Pricing should always be $4.99 for a $5 product.
$9.99 for $10 dollar product
And if you end it with a 7 sales will increase again.
If you think back to your past experiences you’ll see your ‘GUT’ has gotten you into trouble FAR MORE than its helped you out on.
I’m not just a pretty face.
You heard it here first.
Tomorrow I’ll explain how you can get a $24,000 coaching client for a $500 sale.
Speak to you then.
Obsessed with your business coaching success,
Karl Bryan aka King Karl
PS. When you find yourself going to your “Gut” plz stop and reevaluate.
Don’t make a serious decision for a minimum 24 hours.
Bigger decisions should be no less than a week.
Rather than your ‘Gut’ go to common sense, research, numbers, and experience prior to making your decision.
It’s hard, takes discipline but will serve you far better.
And if you end up going in the same direction as your “Gut” told you initially…
Still absolutely NO reason to follow your “Gut” next time.
Common sense, research, numbers and experience.
I just saved you about a million dollars in future losses and stupid decisions.