Correcting the First Serious Profit Leak in Your Business Part 2
Your customers may not take action simply because they like your products, but they will do it for what they can gain out of it. Your incentive is the magnet to attract them.
The incentive you use in exchange for a visitor’s email address could be a missed opportunity to attract only the ideal client or customer. We all know that “the money is in the list” and that you need to drive massive traffic and capture email information in order to make more sales.
The fact is, you only want a targeted list of people that will actually buy from you. You should actively drive the rest away. This is especially important if you are offering free discovery or strategy sessions as your sign-up incentive.
While that sounds counter-productive, you are in a unique situation to pre-qualify people before they get on your list. In the long run, this will pay off for you by having a very targeted list of people that are better community members, more engaged, and most likely to purchase your offers.
Repel Freebie Seekers
If you repel the 90% of visitors who only want the free consultation by warning them they will be expected to sign-up for regular paid coaching at the end of the consultation, doing so is actually a good thing!
You won’t waste your time on 90 consultations that won’t lead to paid coaching. Think of that in terms of man-hours. Even if you offer 20-minute sessions, those 90 consultations would use 30 hours of your time, almost a full working week!
The 10% of serious seekers that book a free session will be eager and ready to hire you on a regular basis at the end of the session. For example, if you charge $300 per hour for your time, you would net $3,000 in returns against only 3.5 hours.
Compare that with not pre-qualifying and offering free sessions to just anyone looking for a freebie. That 90% we just mentioned, the ones taking your strategy session without the intention of continuing on with paid coaching, would cost you a loss of $9,000 for the prime coaching hours you gave away for free.
When you actively repel freebie-seekers and give free strategy sessions only to the remaining serious-seekers able and willing to pay for regular coaching, the ten percent we’re using in this example, your free sessions themselves lost you about a thousand dollars in the time you invested—but netted you a clear $2,000 profit (combined) on your first paid sessions with each of these ten takers.
Accurately Target Your Free Strategy Sessions
When you compare that $2,000 profit on your pre-qualified, free strategy sessions versus a potential $9,000 loss in sheer man-hours if you don’t pre-qualify, it becomes clear that you can’t afford to not accurately target your free strategy sessions, and be stern about repelling the non-serious people.
If you’re giving away time by the week-load, plug that leak right now and start adding in conditions and text that will actively repel the non-serious freebie seeker or those not yet able to take advantage of your coaching.
Disqualify the Wrong Potential Client
Don’t be afraid to do this. Don’t be afraid to deliberately disqualify the wrong potential clients. When you target your incentive to a specific goal and set specific conditions, you’ll attract only high-quality clients who will build your reputation.
Work Your Freebie
Finally, even your free giveaway may be missing an opportunity to make you money. You can easily monetize your giveaway by including a link to a paid product as an extra or alternative to accepting your incentive. If you want to offer the paid product upfront, include the link and/or a little blurb right on your landing page. Or you can tell people about it in your “Welcome” email after they’ve signed up.
Your goal is to maximize all of the tools you use to attract only targeted traffic. Be deliberate in how you sift through potential clients.
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