It amazes me how complicated coaches make things.
Simplicity is the ultimate form of sophistication.
You’re sitting down to plan your marketing for this quarter. You’re thinking about cool social media tactics, content people will enjoy, virtual training events, and more.
You’re now overwhelmed, you don’t know what to write about, and everything seems like a mess.
The easiest way to get defeated in trying to generate more revenue is thinking about the micro vs. the macro.
You need revenue.
You need to make sales.
One of my favorite things to do as a business coach is to find simple solutions to help the people I work with enjoy more success.
The first step in doing this is finding unused capacity within your business. Below, are the top 5 ways we have generated more sales in our business without adding more work.
Improve Your Follow Up
It’s not uncommon for someone to become a client of mine after reading my daily email for years.
Most businesses stop following up in less than a week.
Understand that most people who show some interest in what you have to offer will eventually invest in some fitness solution; it just may not be this week.
Keep following up, adding value to their lives, building a connection and positioning yourself as an authority.
Then, when they are ready – you’ll be their obvious choice.
Make sure you on-board them to your newsletter and your contact log.
Set reminders to follow up in 1-week, 1-month, 3-months.
Raise Your Rates
I understand the hesitancy. I’m about to raise my fees for my entire gym…AGAIN!
All our training programs and private training are getting a price overhaul. Like most, I often wait longer to do this than I should, but charging a fair investment for the value you deliver is good business.
Charge what you’re worth, then deliver more than is expected.
Start building your email list more aggressively and connect with those subscribers regularly.
Write a simple email, or do a quick FB Live video and send an email directing people to watch it.
Whatever you deliver, be personal.
Build true connections.
The people you want to reach don’t need more information…they don’t have enough time for the information they’re bombarded with as it is.
People make time for meaningful connections…start developing those.
Building those personal connections will have people excited to interact with your media, newsletter or marketing programs because there is a sense of trust.
Run Challenges to Drive Programs
The popularity of transformation challenges has exploded over the past few years…and with it, the actual purpose of the “challenge” has often been lost.
Originally, the “challenge” was a vehicle to let someone experience your service in a low risk way that allowed them to receive some real benefits in just a few weeks…with the focus being to transition them into ongoing clients.
Now, I see many challenges that might get 50 participants but only have 5-6 continue on.
In the past, we have run challenges that have literally catapulted our business into new tax brackets!
The yearly value of the one challenge was close to $150,000.00!
Build your challenges so that there is a choreographed sales process to move people into your long-term programs, combining the education of the challenger on what the programs are and what the benefit of joining is to them…and a very specific selling focus, like a success session.
You’ll see your challengers’ transition into long-term clients at a much higher rate.
It seems that many entrepreneurs will do anything to avoid sitting down one-on-one and doing a success session with a client to sell them into a program.
It’s a mistake that costs them up to hundreds of thousands of dollars a year.
Invest the time upfront and reap the reward for the long term.
In my lecture, Selling Made Simple, I talk at length about how to clearly define the process of selling in your business.
I walk you through step by step how to identify your brand, your message, and how ro communicate this with your clients.
The issue coaches face is that oftentimes they can’t bring themselves to charge for their time. Training is a hobby turned profession for many that’s the coolest part, but we still need to make money!
If you’re unable to sell clients to work with you, you’ll never be able to help them.
In our bi-weekly team meetings, we often preach to our staff, “Selling is helping.” Selling is a mindset. That mindset will be iron clad with the right front end offers and systems to support your training product.
“Don’t Be Afraid to Charge What You Are Worth.”
Joe and I were asked a very important question by a business coach (Pat Rigsby) at a seminar in Louisville who asked about our resistance with price increases,
“Are you good at what you do?”
After clearing my throat a few times to defend the hours, certifications, and our client’s success stories my response was,
“OF COURSE WE ARE!”
Days later we made a long overdue change to our price sheet.
I bring this story to light as many coaches including myself bend the rules to make the price right for everyone else but themselves! The longer this goes on, the more resentment will be harbored and ultimately the worse YOUR product will become. We spend very little time worrying about the dollar amount, now it’s all about the value built into our products.
If YOU think it’s too expensive, don’t you think a client will think so as well? I’m giving you permission to raise rates and charge what you are worth, make it happen.
Once we’ve created a positive frame of mind to sell our services – the next step is the actual “ask.”
Asking for the sale and affirming the sale are the biggest keys to ensuring a client doesn’t leave feeling as if they’ve been had.
A couple ways we do this with our adult clients is by providing the client with a brief exit meeting, along with a survey to reinforce the steps they recently covered.
✔ Did you receive top notch coaching and explanation of the exercises and drills?
✔ Was the communication with our nutritionist beneficial?
✔ Do you feel like training has become more of a habit throughout the 30-day On-Board period?
✔ Did I clearly define the ways in which you can become a member of TeamVH?
✔ Are you ready to get started?!
People are habitual and of course these are slightly loaded questions, it’s our job to affirm what they already know! Remember when we have an adult sign a membership, we send home a $25 edible arrangement and a handwritten thank you for joining the team…service they didn’t know existed!
“All Things Being Equal, People Will Do Business with, and Refer Business to, Those People They Know, Like, and Trust.”
In order to truly monetize your gym, you must understand Who You Are as a brand, What You have to offer unlike anybody else, create a system, and most importantly; understand that clients will only do business with those they know, like and trust.
I hope this helps in your endeavor in making your next $100,000. It took a lot of mistakes, trial and error on our end, so you don’t have to.
It is our goal to empower other coaches in helping make the world a better place through fitness.
There aren’t many more valuable things you can do in your business than spend time converting a prospective client into an actual one.
These 5 ways to improve your business are all pretty simple and, perhaps, not too big a shift from what you’re doing today. And that’s the idea. Small changes can make BIG returns and not require much change on your part, but could easily add 10-100K to your annual revenue.
Here are just 3 examples:
Raise your rates by $10 per month for 125 clients…$15,000 more per year.
Convert 5 more Challengers 4x per year into a $150 / month program…$36,000 more annually.
Sell 2 more people a month through a well-defined Success Session into that same program…$43,200.
Small changes…big benefits.
Your job is to pick one or two of these approaches and put them into action.
If you want to know more about how to celery identify this process, check out my free ebook, Selling Made Simple.