How to Sell High Priced Products, Programs and Services
If you are a coach or consultant and want to sell more high priced products, programs and services, you need to use a High Value Sales Strategy. At my marketing agency Influential, we help coaches and consultants get clients online and sell their high-end products, programmes, and services. In this training, I’m going to show you how you can sell your high priced coaching or consulting services.
High Ticket Selling = Selling on Value, Not Price
The first thing I wanna get across to you is that when are you selling high ticket, it is all about selling value. If you’re selling low or mid price point products, you’re probably used to having to sell on price, selling on features and benefits. You could, those things matter a tiny bit here, but really what matters most is the value that the client is going to get from working with you. The value in your deal for them. So throughout the sales and marketing process, you need to be creating and communicating value.
High Value Sales Strategy
We do this through a high value selling proposition. You’re probably aware of your selling proposition, and you’ve probably heard of phrases like your selling proposition or unique selling proposition (or USP). Your selling proposition is the combination of the fit between the market, the people you’re selling to, the message (which is how you’re communicating what you’re trying to sell), and the product that they’re going to get.
- You need a market that’s willing to buy what you’ve got.
- You need a message that they’re going to respond to, and
- You need a product that will deliver that value, that will deliver what they want to buy and that you’re communicating in the message.
And throughout all those, when we’re selling high ticket, we wanna be carving out the greatest value and identifying, you know, the portion of the market and the message and the type of product that will maximise the value in the deal. So basically comes down to attracting high value buyers, people who are going to get the most out of what we offer. Presenting a high value offer, so telling them this is what you’re going to get from working with us, and then delivering on that value through a high value product that can clearly deliver the value that we’re promised in the offer.
Validating Your High Value Selling Proposition
So when you’re first testing out a new product idea or trying to market a product that you’ve developed, you first need to validate your selling proposition (the target market, the offer and the product), the business model and the whole concept. You need to get in front of those high value clients, and then you need to make the offer to them, you need to test it, and then you need to test out the product and see, you know, ensure that the product meets their criteria.
Find a Buyer with an Expensive Problem, Sell them What they Want, Give them What they Need
I like to think that the buyer has a problem, the offer is the promise to solve the problem, and they need to want it, and that the product delivers on both the want, but also on the needs. That’s how you actually solve the problem.
Buyers have to Want the offer or they won’t Buy your product
Now, most coaches and consultants are great at fixing the problem, but they’re not so good at coming up with the offer, and their offer tends to look like a product description instead of a promise of a result that they’re going to get. But what’s really important is that if you’re developing a new product or you’re looking to launch or market a product for the first time, or if your existing marketing isn’t getting the traction you want, that you need to test out the right niche, the right clients. You need to test out the right offer, and then you need to test out the product, and make sure there’s a match and be prepared to tweak them. If you go and spend six months building what you think’s the perfect product, but you can never find an offer that will make people buy it, it doesn’t matter how good it is, it just won’t sell.
Crafting Your High Value Selling Proposition
Let’s take a closer look at developing your high value selling proposition
Note: This should be approached with an attitude of taking the best guess with the information you have, then validation with testing and experimentation, followed by review and refinement based on what you find.
Step 1: Identify High Value Clients
To find high value clients, you want to find a group of people with a specific problem. Now this is important – we want to target a group of buyers with similar characteristics because we want to be able to reuse the same marketing message and the same product on a group of people, otherwise we’re reinventing the wheel every time, we’re doing one-on-one coaching, consulting very inefficiently. Instead, we want to find a group of people with the same problem who respond to the same message who get results with the same product. That lets us make our one-on-one coaching or consulting much more efficient and profitable and effective, or we can move toward a privatised service, or, you know, an online programme, like a group coaching model, and deliver a much more leveraged service, which means better revenue for us, great results for clients, and very low delivery costs.
Step 2: Test Our Offer
So once we’ve found those people, we need to test the offer, and this is probably the most important part. The offer is, is the deal. It’s what they’re going to get. It’s the result, so it’s not about what your product or programme is or looks like, it’s about what they’re going to get by working with you. So that needs to be something that they intensely want and desire. This is the part that is going to engage their emotions and make them move toward it and take action.
Step 3: Test your Product
The third step is to test the product. Remember – the offer is what they want – it’s what we sell them on.
The product, on the other hand, delivers the outcome that’s offered. It needs to reliably deliver the result that we’re promising in the offer, so it needs to give them both what they actually need to solve the problem, and it needs to also visibly deliver on their want. If you’ve got a product that does solve the problem but it doesn’t look right, people won’t buy it, even though they know they need something like the product – it just won’t feel right and they won’t buy.
So you need to make sure that the product both will do the job but also that it makes sense to the buyer – that it’s convincing that it will do the job. Therefore making sure your your product is designed so that it looks like it fills the part is really important. You know, probably a lot of you are awesome at what you do. You can solve the problem. You’ve done it again and again for people individually, but when you try to sell new people, they just can’t see it, and that’s a product design problem, not how the product is delivered, but how it’s architected that makes it easier to sell, and having it in alignment with your offer.
I know this can seem a bit abstract (don’t you wish you could just focus on doing great work and ignore those pesky clients sometimes!). I know, there’s a lot to this, but I hope that this distinction between the product and the offer helps you if you’ve been struggling or working on marketing your product.
The power of a strong selling proposition
Why bother doing all this? Well, the best reason that I know to focus on finding your high value buyers and getting a really great offer that communicates tonnes of value to them and then designing a high value product is that when you combine these three, it lets you target the top of your market, and why would you wanna do that?
Well, because, a strong selling proposition lets us focus on the highest spending and most affluent customers (review the source of this insight here or read on).
According to the 80:20 principle, 20% of your market spends 80% of the entire market spend, so their wallet share is 80%.
The top 20% of buyers control 80% of market spend
The top 4% of buyers control 64% of market spend
And if we take the next step, 4% off the market controls 64% of the spend. That means that targeting this top 4% is 16 times more profitable, so if you’re having any problems making good profits in your industry, chances are it’s because you’re targeting other than the top 4%. You know, you’re targeting the 50% or the bottom 20% or something, thinking that it’ll be easier to get traction there. By identifying the high value clients, they’re in here, they will only respond to high value offers, and they expect a high value product. Unless you have all three, you don’t get to play in that 4%.
If you get it really right, then you can be targeting the top 0.8%, which is 64 times more profitable, and that’s, that’s ignoring the fact that your high value product can be more efficient to deliver than what the rest of the market is doing, so, the potential to be dramatically more profitable by following this process is enormous.
Sales Process for High Price Products
Okay, so that’s how we work out your high value selling proposition. Once you’ve validated your marketing, your message, and your product, you’ve found those high value clients, you’re making them an offer, and you’re delivering a great product, then you can start scaling up that process by using what I call a SALES Process, to attract, engage, and enrol these clients.
High Value SALES Process
Now this high value sales process has five steps.
SALES Process Step 1: Selection
The first step is selection. That’s where we choose the clients we’re going to target. Now, obviously, we’re going to target high value clients, but we wanna target them in a way that’s easy for us to do from a marketing perspective. So this might be, for example, targeting a specific group on using Facebook ads, or it might be putting an ad in a magazine that we know will be read by those high value clients or that top 4%.
SALES Process Step 2: Attraction
The second step is to attract clients in, so we need to engineer our sales and marketing process so that they are coming to us, and they feel like they’ve discovered us, like they’re coming in and they’re excited, and there’s desire and wanting there, so this is, it needs to be an emotionally-driven demand rather than an intellectual curiosity. They need to be hot for the deal. And this is a huge switch in most people’s businesses. If you get this right, the change in energy that will occur in, you know, yourself and in your clients when, instead of you chasing customers, they are chasing you, is just enormous.
SALES Process Step 3: Lead Generation
To do that, we also need an automated lead generation process so we can handle all those clients coming in, and make sure they’re the right clients, and then, you know, the ones who are best, we’re passing on to the next step, so, having an automated lead generation process is essential for this, and I’ve written about this extensively in my high ticket sales funnel training. If you just Google high ticket sales funnels, you’ll find that.
The other big benefit of lead generation is that it lets you nurture leads who are not quite ready to buy, so some people will be attracted, they’ll see what you’ve got, but they won’t take action immediately or they’ll, they’re just not ready to buy. By using an automated process, you can keep those leads warm, and gradually educate them over time. This is especially important in complex sales, so, a lot of my clients are selling consulting services that are, you know, $10,000 or $30,000, and those sales don’t get made on a single exposure. They often result from a referral and multiple interactions with watching online training or downloading reports or reading a book. That all takes time, and you need a process to keep them in that, in that funnel. Likewise, if you’re selling a more complex product, such as, you know, a done-for-you professional service that might be 10s of 1000s or 100s of 1000s of dollars, then that could take months or years to attract and then ultimately enrol those clients, and that needs to be automated or it gets very expensive. So, lead generation helps to automatically get those people into our process and keep them increasingly excited about what we’ve got until they’re ready to buy.
SALES Process Step 4: Lead Generation
In the fourth step of the SALES Process is evaluation. So we all know that our clients are going to be checking us out, and they’re probably check out other things as well. They’re doing their research and due diligence, and possibly choosing between us and other providers based on things like expertise, price, the type of offering, what result they’re looking for, and so, this is an evaluation phase, and also, it’s an education phase. They’re learning what they need to buy well. However, we don’t want to let our clients be the ones doing all the evaluation. Just like in the attraction phase, we actually want to flip that switch, and turn it into a process where we’re evaluating them. You wanna be more fussy than your clients are about who you work with, so instead of you being on trial, your clients are on trial. They’re being evaluated by you, and you do this through things like having diagnostic tests that work out where they’re at and what service they’re ready for, having an application process to talk to you or apply for a specific product, using a series of educational events with, you know, where are you now, what do you need next type stuff so that you work out exactly who you wanna be selling to, where they’re at now, and whether they’re right for a specific product.
SALES Process Step 5: Sales Conversion
Once you’ve qualified your client, and you can see that they’re ready to buy and that they look like they’re the right kind of client for you, you can take them to the sales conversion step. And this is the point at which they go from being a buyer to becoming a client, and if you’re selling a coaching or consulting programme that might be, say, $2,000 to $20,000, this is probably going to occur in a sales conversation on the phone. So, people will come in, they’ve applied for the strategy call, you take them through a process to work out, you know, where they are now, where they wanna be, what they need to get there, and whether you can help them or not, and then you’ll advise what products or services might be suitable for them to help them get there. And then if they’re, you know, the colour of client, and they’re ready to move ahead, then you could enrol them on the phone. If you’ve got a more complex service, such as a technical consulting or some sort of implementation process where there are a lot of deliverables, then there will almost always be a proposal, and often a series of steps often including multiple documents such as proposals, Non Disclosure Agreements, or a memorandum of understanding, you know, people agree in principle that there’s still some details to be worked out.
So, depending on your price point and the complexity of your product, this could look different, but in its simplest form, it’s going to be a sales conversation where you give them details about what the programme is, and then you enrol them on the phone or you know, on a sales page or on a brochure application form.
Regardless of what happens, there’s two essential aspects to the sales conversion. There’s some sort of signature or confirmation, whether they are a signing a contract or they’re clicking the button to buy, and also there’s a payment, so, and you need that combination.
A Sales Contract Requires Both an Agreement and a Consideration (payment)
You’ll need to check with your lawyer to make sure you are getting the necessary documentation for your sales, but in general a contract requires an agreement plus a consideration, a payment, so they’re the two things you need to have to document the agreement or contractual arrangement.
Typically, it’s an e-mail or a sales page or a proposal, but there’s something written down to say, yes, I agree to go ahead, and there’s a payment verifying that as well. (Check this with your lawyer and your existing company processes).
So that’s the high value SALES process, but remember, we don’t want to start this until we’ve already identified our high value client offer and product, otherwise, we’re stuck working outside that 4% or 0.8% where we want to be.
I hope you’ve found this training on how to sell high priced coaching and consulting to be valuable. I think this is essential information for anyone running a coaching or consulting programme. If you want to learn more about we practically implement this, how you build an online sales pipeline and get your business running as an online business, then I strongly suggest you check out my 5 Projects Training.
5 Marketing Projects to Boost Your Sales
I run a free online marketing masterclass which covers the five essential marketing projects that coaches and consultants need to build a multiple six figure or seven figure business. If you look at the top coaches and consultants who are just killing it online, they just focus on these five projects to reach their goals. Meanwhile, most coaches and consultants are struggling to make a living and spending tons of time marketing without getting results because they are constantly chasing the latest trendy social media platform or push-button marketing app.
If you’re serious about driving growth and sales in your business with online marketing, then you just need to focus on these five things to really make a massive shift in your business, so go there now, highvaluesales.com/5-projects/ and you can register for the free training, and download the workbook.
Congratulations on sticking around to the end of this training. It shows that you’re serious about your business, You’re ready to grow, and you’re ready to invest the time and energy it takes to get you there. Now, if you are really excited about what you’ve heard, and you’re ready to start making more high value sales in your business, you can actually talk to me directly. You can apply for a high value sales strategy call where we look at your existing sales process, who you’re currently working with, what your offer is, what your product is, and help you get those aligned so you can start making more high value sales. If you like what you hear, and if it looks like it’s something that I could help you with, I’ll share the ways in which you might be able to work with us and help your business get to the next level in 2017. So, I’m Dallas McMillan. Thank you again for your attention. I really look forward to speaking to some of you on the strategy call, and the rest of you, I’ll see on the 5 Projects webinar. Thanks again.Learn More About the 5 Projects Masterclass