Waaaassup soon to be or CURRENT million dollar coaches!
There are so many different ways to run a coaching business and so many things you COULD be doing…
But what are the things that generate the best ROI for your time?
Today I want to share my opinions on this with you…
It’s really short and simple, but I think it could make you quite a bit of money
Where To Focus In A Coaching Business
Now, it is important to remember that this is all just a matter of opinion.
What works for me may not work for you.
And most importantly for context, this entire post is discussing what to sell to your customers AFTER YOU’VE ALREADY ACQUIRED THEM.
I haven’t tested selling high ticket ($5,000+) to cold traffic yet (although I do plan on testing it extremely soon.)
That being said, I’ve come to the conclusion that it’s much better for me in my business’s marketing to existing customers to focus almost exclusively on our high ticket programs
This will maximize the return that I get for every dollar spent in marketing and in employee cost.
Hear me out…
Live Webinar Funnels Vs High Ticket Call Funnels
Let’s look a the ROI on time and money spent in both these cases:
Live Webinar Funnel
The typical Webinar that my company promotes to our existing audience we’ll spend thousands of dollars on marketing (Facebook ads & Youtube ads).
Let’s say minimum $3,000 spent to acquire registrants. We shoot for $20 Cost per registrant, so we get about 150 registrants.
On top of that we’ll write up to 30 emails for the promotion. 10 for people who haven’t registered, 10 for people who have registered (to make sure they attend). And 10 for the replay and close.
So… As you can imagine that’s quite a bit of work
Not to mention… The registration page… The thank you page…Time spent planning, Meetings, etc.
All in, it can be 60-80 hours of straight work and thousands of dollars spent to have a really good promo.
Out of that you might do $50k in gross sales if you’re smaller, $100k if you’re a decent size, And $200K+ if you’ve really dialed it in.
And then if it’s an affiliate promo you can cut that in half by minimum 50%, sometimes 60%. So you’ve lost half the revenue but don’t have to worry about fulfillment.
Now, Let’s Look At The Alternative Of Promoting A High Ticket Call Funnel
This has by far been the easiest money we’ve made in our company.
We can certainly improve on this process a lot, but look at the image below…
That’s CASH COLLECTED LAST MONTH from our book a call emails
That’s $126k CASH COLLECTED LAST MONTH from our book a call emails.
And that doesn’t even include split pays… This will easily be over $200K in revenue when all payments are collected.
Here’s the amount of work that went into that…
- One copywriter writing between 15-20 emails.
- That’s it. No number 2.
We didn’t even create any pages, we just sent them to a book a call page we made two years ago and haven’t updated since then.
We could probably make a lot more money if we did update it (and we will soon)...
But my point is there wasn’t multiple meetings, no ads, no sequences, no webinars…
In fact, I wasn’t even involved at all.
Just one writer, writing one email every other day… Pushing our qualified leads to book a call page.
The ROI is wild, especially in comparison.
And it’s not just me either…
Is 20X ROAS Possible?
This makes me think of a story Alex Hormozi told on his podcast.
Someone asked him what his ROI on Facebook ads was and he responded that it was over 20… So for every $1,000 spent he’s making $20K.
The person who asked Alex couldn’t believe how amazing these results are and how nonchalant Alex was with his answer…
When he asked Alex how he did it, alex just responded that the cheapest thing they sell is over $20,000 so it’s easy to make a big ROI.
Heres the reality:
Everyone’s fighting over pennies and trying to collect thousands of them, when it’s much more profitable to just collect a couple $100 bills.
It takes the same amount of work to sell a $10,000 product as it does to sell a $1,000 one.
And from my experience it’s actually easier to sell the $10,000 product.
Plus… you don’t need as many customers, so you aren’t over exerting yourself trying to take care of a million people.
Obviously this ignores the work that we put in building our phone sales team… But once you get a team built, training and you get SOPs made it can be pretty hands off…
Just gotta get the culture right and hire great managers.
Obviously every single lead you generate won’t buy your high end program.
I still think it’s important to sell something to these people to get the highest CLTV possible…
But it’s really up to you how and what you want to sell to these people.
Affiliate promotions are probably the easiest because it requires the least work on your end. You don’t need to write a webinar and you don’t need to worry about fulfillment.
At this point, our cheapest product we actively sell (course) is $997
We have some software and stuff we sell for around $200 and you could consider this to boost your LTV as well.
We include these lower ticket items and software in our high-ticket program.
And soon we’ll be sunsetting our $997 course entirely and including it as a “track” people can take inside our higher end coaching program.
And we’ll probably give everything else away for free…
This year our coaching biz will do close to $3,000,000 in sales with a very healthy profit margin.
My goal is to 3X that over the next 16 months.
And I really think this epiphany will help me and my team achieve that (and hopefully you as well!).
Thanks for reading guys and remember this is all just my opinion that I formed based on experience :)
Let me know what you think and what's working for you!