How To Create More Channels of Income
I hear this a lot from the new Coaches that they can’t sell their program.
Of course there can be a number of reasons why they’re not selling, for example, having money blocks, not knowing how to sell or not selling to the ideal clients.
But today we’ll be talking about Ascension Model. Yeah, I feel pretty smart when I use that word but basically it means, create more channels of income. Coming from a corporate background having worked at top financial investment corporations, jargons were literally everywhere. And I hate them. I understand things better when someone speaks to me in English. So that’s what I’ll be doing here for you.
Breaking it down and explaining in simple English.
When you’re starting out, it’s ok for you to have just one program but as you go, I suggest you to have a few more options. Yes it really depends on your business model and I know really successful people who have only one type of offer but here, I want to share with you a model that works.
1. Base Level – Free Stuff
Why do we need to give away free stuff? Simply put, to build your list (email database), to add value and to build credibility.
Here we’re talking about building an online business but don’t forget to always think of offline as well. So for ‘online’ - this could be a form of free opt-ins like ebooks, video series, free training, free assessments, webinars, etc. For ‘offline’, this could a Live Preview (Free) Event/Seminar.
If you notice, people sell on webinars and at free seminars because once you’ve given enough value and built trust, people are ready to buy.
2. Low-tier Item
That’s why you can start selling your low-tier items. Here, I’ll give you some figures so you have an idea but of course, it can be different in reality.
So the low-tier item can be from $27-97 and it can be anything from membership site, book, ticket to paid event or a training course. Now once people have become buyers, they’re much easier to buy again because they’re not cold leads anymore.
Here you can also upsell meaning if you sell a ticket to a paid event, you can upsell it with a book so e.g. paid event $97 + upsell of a book $14.
If your product or services are of quality, don’t forget that people LOVE to buy. Make the buying experience enjoyable. And don’t worry about adding as much value as possible even in the low-tier item because they’re likely to pay much more once they’ve started buying.
3. Mid-tier Item
Now that they’ve bought your low-tier item and they really got the results they’re supposed to receive or even exceeded their expectations, they’ll want more.
Imagine trying your first sample of skincare product. If you like the free sample, you buy the small bottle to see if you get noticeable results. If you do, then you’re ready to invest in a much bigger bottle that last a bit longer.
So what do you sell here? Mid-tier items are usually around $97-497, again these are indicative figures for you. You can sell monthly Mastermind Membership Programs or Group Program with the instalment payments. Now the assumption here is you’re positioning yourself as the premium brand, meaning your premium packages can cost from $5,000 and above.
4. High-tier Item
Assuming that people go through each step from 1-4 here, it’ll take some time before people get to this stage. Most will stop at the earlier levels but some who come to this level REALLY want results and want to uplevel their life and business.
So they’ve done your group program.
Now they want 1-1 Coaching because they want that accountability and individual attention. Great. This is where you can charge from $497-$5,000 and coach anywhere from 4 weeks to 6 months, or whatever timeframe works for you and your client.
5. Premium Package
Say you’ve coached your client from 4-6 months now and your client’s business has taken leaps and bound.
With every level of business, you have different challenges. That’s why every successful entrepreneur have their own coaches or mentors. You need somebody to challenge you, hold you accountable, somebody you can bounce ideas off with or somebody who can give you a strategy to take your business even further to the next level.
Premium packages can be 1-year Mentorship or even Retreats. Now with premium packages, they can be anywhere from $5,000 to $20,000 or even more.
Now not everyone will come from level 1-5 in that order. There’ll be people who try your free stuff and never come back again. Rejection is part of business. We’ve got to get comfortable with the uncomfortable here.
There’ll be people who jump the levels and buy the Premium Package or Mid-tier or High-tier items. By having different levels, you are creating yourself different channels of income.
Downsell and Upsell
This is the important part. I said something about upselling earlier. Like upselling, you can also downsell.
Here’s something you can do. When you speak to your potential client always offer the highest ticket item. If your prospect is backing down from the purchase, this is when you can downsell and offer a lower ticket item. The importance here to get a new client looking at the long term because once someone becomes a client, it’s easier for them to buy again.
Number of offerings
If you’re wondering whether you need to have all 5 levels of offerings, the answer is no. If you’re positioning yourself as the affordable brand, your highest ticket item might be the level 3 here and it’s fine.
My suggestion is for you to have at least 2-3 different types of offerings so that you can cater to different clients who are still your ideal clients but at different phases of life and business.
So go ahead and have a look at your offerings and see what needs to be tweaked.
Bonus Tip: You don’t always need to create a new program. Do you only have a $2,000 program and nothing lower? Break it down into smaller chunks and create a subscription program.
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