What is the purpose of the first sale to a customer?
It’s simply to buy a customer. Sure, it’s possible to earn a profit and you may even do so, but that’s not the primary goal.
The primary goal is to turn a lead into a buyer. Once someone has raised their hand and purchased from you, they’re much more likely to purchase other products & services you have available.
It’s easy to forget this…and keep pushing to just bring more customers through the door.
But without a well-designed backend, it’s a never ending treadmill that goes nowhere.
You’ll always struggle to keep your head above water. It’s EXPENSIVE to attract new customers. It takes a large investment in time and money.
The money is always in backend.
Your backend could include cross-sells of similar products and services. You might have a whole catalog of other items you offer that help your customers achieve their end goals.
But when I look at the clients who have achieved the most, all of them have included with ongoing monthly continuity or premium offers in their backend.
They either ask a customer to join a newsletter, membership, or ongoing service where they’re billed every month until canceled.
Or they offer premium priced backend products and services such as workshops, coaching, whole enchilada deals, or done-for-you service.
I’ll leave the continuity for another time and focus primarily on premium backend offers here.
In any customer base, there is a subset of customers who are looking to buy higher value offers if you’re only willing to offer them.
The 80/20 rule comes into play here. Twenty percent of your buyers can equal eighty percent of your income.
What else can you offer these VIP customers?
Here is just a taste of a few options you could offer (my clients and I have been involved in all 7 of these):
#1: One-On-One Consulting/Coaching
This is a natural transition if you sell any type of information product. You can help a large number of people with your ebooks, videos, online courses, and home study programs. And a portion of your audience will be happy with the DIY information.
But there are always people who want personal help. Their situation truly is different. You’re the expert with experience which can help them individually.
And they’re willing to pay premium fees for your help.
Maybe you don’t do coaching because you don’t understand just how much value you can bring to someone.
Or perhaps you don’t do it because you don’t want to ‘trade hours for dollars.” If you position it correctly, you’re generating a lot of dollars for those hours.
In addition, the time invested in coaching can be multiplied as you find greater applications for your techniques. You’re constantly surrounded by case studies and come up with brilliant new ideas for your products from helping clients directly.
Or maybe you don’t want to coach because you don’t want to have to be available at specific times. I do one-on-one Skype/phone coaching, but I also have email only clients.
With email clients, you provide personal help on-demand on a schedule you choose! That’s complete freedom with a premium price.
#2: Group Coaching
You can also multiply your time and profits by expanding into group coaching. You still ask for a premium price while helping a group of clients at once.
It has some of the same benefits of one-on-one coaching including seeing multiple applications of your information and directly corresponding with your best customers.
It adds the additional benefit of the mastermind effect. Group coaching members start helping each other. New ideas are created. Everyone, including you, is taken to a higher level.
And since you can help a large number of clients in a short period of time, you can quickly multiply the income you’re earning. If the group grows to large, separate out into multiple groups per week.
You can run group programs as short 4 to 8 week type programs with training and group sessions each week on a specific subject.
Or you can create ongoing monthly groups with one or more calls per month. In other words, combine continuity with premium fees!
#3: Live Events
Some customers like to read. Others like audio or video. And still others like the in-person connection from live events.
Similar to one-on-one coaching and group coaching, live events allow you to interact directly with your customers.
Plus, this is one of the quickest ways to generate a bunch of high quality video testimonials. Bring your phone, hook it up to a mic, and ask clients their opinion of the event. Come away from the event with testimonials guaranteed to sell more of your products or services.
Clients currently do both large seminars with several hundred people all the way down to 4 person workshops.
Obviously, the smaller the group, the higher the price becomes. And the more you help them implement at the event itself.
A couple of clients run 8 to 20 member in-person mastermind groups. Similar to group coaching, these often include 2 to 4 weekend events per year.
In general, these are super-high level groups in the $8,000 to $30,000 price level only intended for a small portion of your overall audience.
They’re the movers and shakers in your audience. They’re the 1% who are advanced enough to help each other continue to grow in your subject.
While all the other methods pretty much fit any market, I’ve only seen high level masterminds like this in business and professional type markets. There needs to be an obvious return-on-investment for the high level fees here.
One of the best ways to sell these masterminds is through larger live events and group coaching programs where the clients graduate to this level.
#5: Done-For-You Services
A portion of your audience would prefer not to have to invest the time learning, and even coaching isn’t quite the fit they’re looking for.
Instead, they’d rather pay you and your team to do it for them.
I have several clients who offer small done-for-you services such as newsletter management for as low as $99 a month all the way up to complete Google, blog, and social media management for $3,500 a month. That’s $42,000 per year…per client!
Just about any information product can be transformed into a done-for-you service at a premium price. Copywriters discovered this decades ago. They could teach all their most valuable secrets. While some would buy their products and do it themselves, there was always a group who preferred to hire the copywriter. Information products became a lead generator for their high ticket services
While many done-for-you services are directed at business owners, there are ways to implement this in other markets. For example, one client cooks complete done-for-you weight loss meal plans for his clients.
Another has offered information on how to write an ebook and get it on the bestseller list at Amazon. Or you could simply pay him and his team to both your write your book and market it for you!
Perhaps you don’t want to spend your time serving clients. I understand. But that doesn’t mean you couldn’t create a done-for-you service which is handled by an outsourced team. Nothing says you have to be the one doing the work. You just need to put together the system and find the team to get it done.
Some of the fastest growing businesses I’ve worked with have included at least one if not more done-for-you services In their overall mix.
#6: Whole Enchiladas
You could bundle all your current products together to create a whole enchilada deal.
This is a great fit for an upsell or an immediate backend to one of your other product sales. Customers can upgrade their order to the complete package which includes all your products at a discount price. Perhaps it’s $1,100 worth of value for just $495.
WHAT, you only have one product to sell? Well, that’s a problem you should solve as soon as possible. What else are your customers buying before or immediately after your current offer? What other problems are they looking to solve?
Once you’ve built a relationship and delivered amazing value in your first product, you’re leaving the vast majority of your money on the table if you’re not introducing new products to your buying audience.
Earn more from products you’ve already created.
You could license your intellectual content to partners who release it in other languages.
Or you could sell licenses to several of your products. Let other companies earn money from selling your products while creating potential backend buyers for you (you’re being positioned as the authority on your subject).
You could even license content to entrepreneurs who want to use it in their own businesses. For example, if you put together proven ads for your dental practice, you could also sell these to other practices.
If you’re a copywriter, you could write discount ads for a business with this type of agreement in place. You’ll charge them a discount fee for their ads if they also allow you to license those exact same ads to others outside their local area.
Franchises are simply full-blown licenses of complete business systems.
How to Get Started With Premium Offers
If you already have a list or an audience, you can dive right in.
You don’t even need any front-end products. For example, why couldn’t you put together a quick website or video letting your audience know you’ll be taking 5 one-on-one clients.
Your rates will depend on the market you’re in. If you have a small audience or ‘no audience’ and you’re in a consumer market (no financial return on investment like business markets) you could be as low as $50 to $100 an hour.
If you’re in a business market with a large audience, you may start your rates at $1,000 an hour or more.
It all depends on the demand in place and the end benefits you can deliver.
If you’re brand new to offering coaching, look at what others are charging. Come in on the lower end to get some practice, and build up your case studies.
If you’re offering a done-for-you service, again look at the competition. Also check out Upwork and other outsourcing sites to see how much it is likely to cost you to outsource the work to others.
Even if you did the work at first, you want enough profit built-in that you could outsource it to others.
Don’t get stuck working for peanuts.
A group coaching class is a great way to create your first product! Hold a content rich webinar on your subject and at the end sell a 4 to 8 week program with one module each week along with your support during the group sessions.
Once you’ve finished the class, you could then use the recordings are a product.
What If You’re Just Getting Started in a Market and Don’t Even Have An Audience?
You’ll still find one-on-one coaching can be an opportunity to help clients while finding out more about them.
There’s no better way to get to know your audience than to interact directly with them. Help them overcome their problems.
Depending on your market, you could offer a done-for-you service. Often this is the EASIEST offer to sell.
In the hierarchy of ‘information,’ the information product is the lowest rung. Consulting/Coaching is a step up. And doing it for them is the highest level. It’s what customers really want. They want it done and delivered.
If you have a skill, offering that skill to others is one of the fastest ways to create a full-time income which you could then transition into information products, group programs, team systems, and more.
In the Growth Acceleration System which I teach with Dr. Glenn Livingston, some members become full-time coaches.
Others put together done-for-you services and teams. The ones who had a service jump the line and propel themselves to success much faster.
People desperately want to have it done for them. And you can make an excellent living being the one who facilitates it for them (notice I didn’t say you had to be the one doing it).