Client Magnets Official Blog

Archive for the ‘product launch’ Category

When you’re thinking about revealing the price of your product or service, think about your target audience. If you don’t, you, you could be pricing yourself out of your audience.  I recommend tailoring your product or services to different audiences.  By doing this you can build several price points into your offerings.

Start with the High Price Points First
When you’re thinking about your target audience, there’s a good chance you may be looking at more than one group of people. If your product or service can appeal to many different groups of people with only a little modification, you’ve got a very valuable product on your hands. In the event that multiple groups may be interested in your product, start with the high price points first.

When you start with a high price point, you can discuss custom solutions, coaching packages and high-cost products with your audience. An audience that can afford to pay a high price point is probably expecting a lot from your product, including some personal attention. For example, you might want to offer a complete coaching package and book about marketing at a high price point.

Then, after you’ve ran your coaching program or presented your executive conference, you can create a package targeted toward a lower price point. Starting with the highest price point first gives you many benefits: it helps you fully-develop your product or services, it gives you an opportunity to ask for more, and it helps to justify the cost when you offer a lower-priced version to other audiences.

Offer Less for a Lower Price Point
After you’ve offered your high-price-point solution to the audience that can afford it, tailor a package for your lower-price-point audience. For example, if you offer a 5-day coaching package to your high-price audience, you may offer a weekend workshop or half-day coaching packages to a mid-range price point. If your product has enough diversity, you could even consider a lower-range price point consisting of just the written materials and a DVD or CD recording of your high-cost event. There’s no shortage of ways you can modify your product or services to suit a lower-cost audience and still capitalize on using the same materials and techniques.

Sales Strategies in Order of Price Point
When you start with a high price point and then offer a product to an audience in a lower price point, you can actually use the high price point to justify your price. Saying things like “People paid $5,000 for this product, but I’m not going to charge you that” gives you the ability to offer your target audience a “great” deal. Likewise, if you offer less for your less-expensive price points, the high-price audience doesn’t need to feel cheated or disappointed, because they got more for their higher price.

Consider whether your product appeals to people in multiple price points, and create custom packages that cater to each price point. By offering a high-priced version to an audience that can afford it, and creating a lower-price version for a different audience, you can increase your earnings exponentially with hardly any extra work!

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

Many people don’t use their business potential to the full. It is relatively easy to focus on your every-day business; the sales and marketing, the product or service; and forget that you can leverage your business to perform far more than simple day-to-day operations.

If you’re ready to turn your business into a serious money-making venture, it’s time to think about hosting a Big Pay Day live event. Hosting a live event and turning it into a Big Pay Day is a perfect way to boost your revenue, increase your income and turn your business acumen into big dollars!

How do you monetize your event, and how do you create the opportunity to service your clients better and increase your earning capacity? Let me share a few of my secrets with you …

1. Launch a new product or service. You can also use your event to launch a new product or service for your existing business. If you’re creating a new product line or have new services to offer your clients, launching them at your event is the perfect time to introduce the products and generate buzz.

2. Launch a high-end coaching program. Your Big Pay Day Event is the perfect time to launch a high-end coaching program. You’re hosting an event because you are an expert in your niche. You could be sharing your expertise about your business field, or sharing the keys to your personal success. Use your event to share your expertise, and then launch a high-end coaching program to help attendees achieve their own success. It’s a great way to monetize your knowledge.

3. Turn your event into a product. Don’t forget that you can turn your event itself into a product. Take video of your event and launch a series of DVDs, or take the written materials from event and turn it into a book. Be creative, and think of ways in which you can share your event in the form of a new product.

4. Build your reputation in the industry. Building your reputation in the industry gives you two benefits: you can boost your existing business, and you gain the leverage you need to launch new products and services. While building your reputation in the industry might not yield direct revenue, it can lead to the acquisition of new clients, as well as creating additional business with existing clients.

Decide How to Monetize YOUR Event
When you’re considering hosting an event, think about how you will monetize it. You can use any one of these strategies, or a combination of strategies, to yield revenue far beyond the registration fees you’re charging people to attend your event. Start with one of these strategies and build on it, depending on what you have to offer and the resources you can leverage while you’re planning the event. Think about your business plan and your business goals. Ensure your strategies are consistent with helping you achieve your goals and your BIG PAY DAY!

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

Recently, my friend and mentor, Kevin Nations, was offering a teleseminar.  Since he’s been such a great help to me, I passed the word along to my list of people.  But some who were reaching the web page to sign up for the call were having technical problems and unable to use the signup form.  They started emailing to find more information and to complete their signup.  I couldn’t help but think what a great offer he had – so great that it compelled people to take the extra steps to overcome a technical problem to get signed up!  Would they do that for your offer?

Just a few years ago, it was so easy to build a list of potential clients using online resources.  A little signup box in the corner of a webpage that offered a few free tips worked well for list building.  Soon the tips grew to a free report.  Is your list continuing to grow?  If your list isn’t growing as it once did, it’s time to take a fresh look at your offer.

We call that offer your ethical bribe.  You’re giving people something of value to them in return for their name and email address, which is of value to you.  And you’re not just getting any old name and email.  It’s someone who’s showing, just by the nature of your offer, that they have an interest in your product.  They are the perfect person to sell to – someone who’s receptive to your product.  But is it time to sweeten the pot?  Are you offering enough that someone would take an extra step to get the free offering?

Since building a list of potential clients is key to building your sales, you need to make sure that you continue to cultivate your list.  What were once tried and true methods for list building may now be growing more lackluster.  If you’re not generating results as you once were, take a fresh look at what you’re offering.  Is it compelling with enough value that people would take an extra step to get it?

One tried and true sales method is to create a sense of urgency, and this is the same for creating a valuable ethical bribe.  That may the reason that free reports don’t work as quickly and effectively as they used to – there’s no sense of urgency.  It’s still going to be there next week or next month.  On the other hand, a teleseminar has a deadline, it’s taking place on a certain date, so by its very nature it has the deadline to create urgency.  It also has scarcity in that there are only so many lines available for the call.  Together, the deadline and the scarcity create the urgency you need to compel people to act.

Think about your ethical bribe – does it have a high enough perceived value?  Is it enough that people will take an extra step for it?  Keep it fresh and compelling to keep your list, and therefore your business, growing.

Lots of people have an abundance of ideas. You’ve probably got so many ideas that you don’t know where to start – and all the ability you need in order to implement every one of those ideas, too.

But, just because you can doesn’t mean you should. When you’ve got so many ideas that you don’t know what to do, you will half-do everything.

The key is to focus on the one or two ideas that can really bring in the big wins for you. Putting your time, energy and talent into those ideas will step up your business by enabling it to run more smoothly and be more productive.

Here are some rules to live by to help you choose which ideas you should implement.

Follow the 80-20 rule.
80% of your revenue will come from 20% of your assets, meaning that 80% of the money you make will come from 20% of your clients.

When you know this up front, it is much easier for you to plan. You should be following through on the ideas that will appeal to your top 20%. Design products and programs and solutions for those clients, because that’s where four-fifths of your income is coming from.

Worry about the lower priced stuff later. Most people do this the opposite way, thinking  that starting with low priced offerings and then building up to Rolls-Royce or VIP programs is the right way to plan. Don’t miss out on the big opportunities because of that way of thinking.

Look at your time.
The primary reason most people can’t follow through on an idea has to do with the way they allocate their time.

Put your time into ideas that can and will produce income. Part of achieving a new revenue goal is about allocating your time differently. You’ll have to stop spending time on certain things and start spending time on other things.

As obvious as that may sound, it’s amazing how many people ignore or overlook that. Listing your assets and listing the differences in the 80% of your revenue coming from 20% of your assets will show you how much time you can spend per idea or project, essentially telling you what you need to spend your time on and what you need to stop doing.

Think in terms of project income.
Don’t just think in terms of monthly income anymore. Instead of planning your year month by month, try planning quarterly, from a financial aspect, but also plan around big projects. Three or four big projects should be sufficient.

The income streams from these projects will help you decide which ideas to pursue. If you’ve got a revenue goal of $250,000, which projects will get you there and at what times?

The key is not to do all of them at once. There is a connection. What you want is to have one project build momentum for the next project, which builds momentum for the next project, and so on. It’s important that you plan strategically, that you’ve got a long range plan and that all of the elements make sense.

You can’t help but come up with ideas; it’s how and why your started your own business in the first place. Just choose which ones you will follow through on, and when, to make the absolute most of them.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

The registration process is a key aspect of planning an event. The more registrations you get, and the earlier you can get them, the better you can plan for your event. With enough registrations or pre-registrations, you can pay deposits and completely fund your event without a penny of your own money. If you don’t get enough registrations up front, you may worry about filling the event or managing the costs of the event.

“Early Bird” Pros and Cons
Many people utilize an “early bird” strategy to get people to pre-register for events early. With the “early bird” marketing technique, you give people a discount for pre-registering far in advance of the event. Having the cash early offsets the discount, somewhat, and you can also price events slightly high so that the discount is the price you really hope to achieve, and so it looks even more attractive to prospects.

Unfortunately, the “early bird” marketing strategy has one major downside: once the deadline passes, people have no particular incentive to register. The deadline creates a false sense of urgency, and once that deadline is gone, the urgency is passed. You can use the early bird strategy effectively with other marketing techniques, but don’t count on it to carry your pre-registration efforts.

Plan a SERIES of Deadlines Leading up to the Event
One useful strategy for successfully marketing an event is to plan a series of deadlines leading up to an event. You might have price increases, or you might provide ‘bonuses’ or ‘extras’ for people who register before a certain date. For example, participants who register before a certain date might also get bonus materials, such as a handout, manual or guide.

Alternately, you could give people who register before a certain date an opportunity to participate in a one-on-one session with a lecturer or industry professional at the event, or other value-added session. By having a series of deadlines, you can continue to create urgency to register without simply extending your pre-registration deadline.

Provide Payment Plan Options
Another effective strategy for boosting pre-registration is to provide payment plan options. Break it down to payments that sound simple and relatively low, instead of demanding the entire registration amount up front. For example, if you’re planning a training course for four months away, you can offer pre-registration for $400, or four easy payments of $100 each.

Set deadlines for each payment to ensure your registrants don’t simply wait until the last minute to pay. The downside with this option is that it may require more administration from you, in that you’ll have to track each payment and may have to track multiple payments for each registrant. However, if this boosts your overall registration, you may decide that the extra administration is worthwhile.

Be Creative and Flexible with Pre-Registration
Above all, be creative and flexible with the pre-registration process. Utilize multiple techniques to boost your pre-registration numbers as much as possible, both to get an accurate idea of the number of attendees at your event, and to help finance your event deposits. With the right pre-registration techniques, you can plan a fantastic and successful event!

When you’re planning an event, you can select from many different revenue strategies to monetize your event and position it in your overall marketing plan. One successful marketing strategy is to create an “Assembly of Masters” event. This type of event provides many positive benefits for you as the organizer, including building credibility and providing an excellent revenue stream.

What is an “Assembly of Masters” Event?
An “Assembly of Masters” event is when you create an event that showcases several masters in your niche. Each of these masters may provide keynote speeches, run mini-conferences or sessions, or use the venue to otherwise market their products. An “Assembly of Masters” event is a great draw to an audience, because so much talent is gathered together at one event. It can also provide a great way for you to position yourself in your niche, set up a lucrative revenue stream, and build credibility through association.

Build Credibility through Association
When you host an “Assembly of Masters” event, you become associated with those masters in the minds of your attendees. By hosting such an event, you put yourself on an equal footing with these professionals in the field. If you choose to host your own events in the future, you have automatic credibility as an associate of these “masters” with your target audience. You also gain credibility as an organizer and as someone who creates a valuable event by bringing together so many knowledgeable professionals for your attendees.

Create a Revenue Stream
Holding an “Assembly of Masters” event is a great way to create a revenue stream using several different techniques. First, the event itself generates revenue. An Assembly of Masters is a great draw for an audience interested in a specific niche, and you can charge more for this type of event than for an event that might feature only one or a few speakers.

Second, you can arrange a revenue split with the masters for any products they sell during the event. Most masters will use an event like this as an opportunity to market their own products or services. Even a small revenue split gives you an additional revenue stream, with virtually no work on your part.

Marketing and List-Building Benefits
When you hold an Assembly of Masters event, you have an automatic, built-in marketing platform. The masters themselves promote these events to their lists. Even if your own list is small, the masters will promote themselves to their lists, which drastically increases your potential audience. You can use these events to build your own lists quickly, and then promote yourself later to a receptive list of qualified leads.

If you’ve decided to host an event but haven’t yet determined how it will fit into your overall marketing strategy or how you’ll generate revenue, consider an assembly of masters event. This event is a great way for you to establish yourself in your field on an equal-footing with these masters, and go on to host your own successful events marketing and selling your own products. These events come with a built-in audience and list-building benefits, and provide a great revenue stream for new event organizers.

Bernadette Doyle created Client Magnets Ltd to help self-employed people solve one of their biggest business problems: attract a steady stream of clients. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com

Have you ever ordered an item online or from a shopping catalogue? If you have, you probably know that feeling you get when your anticipated purchase arrives in the post. The satisfaction of finding a great product is nothing compared to the thrill of actually laying your hands on it.

If there is any potential to present your business offering in the form of a product that your clients can physically see and touch, you need to take some time to explore this option.

By physical, I mean something that is in a box, something that you can physically send to a client’s home or office. Physical products can be anything from books to audio recordings to DVD video. Your physical product might very well be in multiple formats, where you offer a combination of audio, video, and written material.

It may require considerable time and effort on your part, but creating a physical product can make a huge difference in your business revenue. Here are six strong reasons for you to seriously consider creating your physical product:

•    One of the major benefits of producing a physical product, or any product for that matter, is the fact that you do the work once. But, that one product can sell over and over and over again. While you’re sleeping, enjoying dinner, shopping or vacationing, your product can continue to make money for you.

•    You can charge more for physical products. It’s less expensive to download an ebook or mp3 recording than it is to purchase a hardcopy, printed book or a CD. By their nature, digital products have a ceiling. Clients are not going to pay £500 or £1,000 for a digital product. But, people absolutely do pay that much for physical products. The client’s perception of the value of the product is changed when it’s physical. They’ve got something to have and to hold.

•    A physical product also increases your brand awareness. Because your product is in some way, shape or form, concrete and tangible, clients will have some ties to it. They have to handle it.

•    In a sense, your physical product is serving as built-in follow-up for you. Your best prospects are always those people who have actually bought from you already. They’re the people who are most likely to buy from you again. Your product, out on their desk, will constantly remind them of you when they look at it. Being reminded of you through your physical product is a good way to continue your relationship with your clients.

•    Physical products increase the user’s consumption. It’s easy to download a digital product from the internet, which I am a big proponent of. But often, clients will read the information when they get it, store it somewhere on their computer and never go back to it again. You don’t want people just buying your products, you want people using your products and having success with them. It makes sense to physically create and send products. Even if it’s just a CD sitting on the corner of their desk or on their bookshelf or in their car, it’s sitting there as a reminder. “You bought me, use me.”

•    A physical product increases your exposure. Someone may see it on your client’s desk and inquire about it, or it will be fresh in your client’s mind to share their discovery with others. Word-of-mouth sharing is your best and least expensive way of advertising.

It’s well worth your time to assess your business, and take into account all of the criteria to see if physical products make sense for your market. Physical products can be complex to create, but there’s nothing complicated about their payoff.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

You’re gathering a database of prospects and marketing to those who have shown an interest in what you’re selling… you’re sending out direct mailings and e-mails, and you’re promoting your next event… you’re taking calls, you’re booking seats, and you’re realizing profits that are just short what you’ve dreamt of.

STOP. Every method listed above is a piece of the money-making puzzle, but there’s at least one element listed there that can be expanded to include an explosion of profits – profits of a caliber that you may have not considered possible.

That element is the “call.”  If you’re talking to one person on the phone, answering his questions and moving closer to a single booking, imagine the potential it could have if you were speaking to 50, 100, or even 150 people at once.  And furthermore, imagine if you were charging money for each of those people to participate in that call.

Hadn’t considered the teleseminar until now?   Here are a few points that demonstrate the profit-making ability of these super-calls.  You can:

• Charge a participation fee: When every person that’s participating in a teleseminar (or simply listening to you speak), has paid a fee (e.g. $50), you make a significant profit.  Just think, a mere 10 participants equals a cash realization of $500.  If you can book 150 participants, that a whopping $7,500 for 1 or 2 hours of your time!  $50 is a small investment for each individual caller, but equates to an astounding profit realization for you.

• Charge for transcripts. You can make participation in your teleseminar free, but then sell written documentations of the content after it’s over.  For this method, you must ensure that your content is so fascinating (and packed with indispensable information), that a generous portion of the audience can’t resist owning their own copies for future reference.

• Charge for recordings. Much like the selling of transcripts, you can sell recordings of your teleseminar.  Remember to make your seminar worthy of a second listen.

• Charge for transcripts or recordings in packages. Maybe a caller has dialed into her first teleseminar, and is so fascinated that she wants more information from past teleseminars.  Or, maybe your call times aren’t ideal for a few of your patrons.  In cases such as these, you can wrap up packages of transcripts and/or recordings and sell them to bring in profits.

• Recycle teleseminar information. Use your teleseminars to compile the information necessary for writing a book, an e-book, newsletters, or articles.  Again, you can realize profits above and beyond that initial call.

There are plenty of reasons to get excited about the teleseminar – including:

• the contagious energy that comes with speaking to a large audience
• the ability to take questions that simultaneously satisfy hoards of people
• the platform to spread the word about upcoming events
• and the chance to get the feedback that’s indispensable to your marketing plan

But possibly the biggest motivator?  The enormous cash-making potential of the teleseminar.

Utilize these tips and come up with your own ways of making teleseminars profitable for your business.  The goal is to do the work once, and to then develop ways to use that information again and again – and to generate profit with each turn.

Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com

If you have a great idea or product to share, how do you get it in front of the rest of the world? How do you make sure that the knowledge and expertise you have to offer is discovered by the people who need it?

While you could present your service to individual people in individual settings, booking endless appointments and traveling from one location to another, that strategy is very time-consuming and certain to diminish the quality of your life.

You may charge and earn very good money for presenting your services this way, but there are only so many hours in a day. You will only earn the amount of money you can make in those hours and you likely won’t have a lot of quality time for yourself. In addition to this, you are limiting the number of people you can serve and help.  All this gives you very good reason to productize your services.

What I mean by that is for you to take the knowledge and expertise that you personally deliver to clients and convert it into a product or programme that can deliver the results for you.

By creating products and programmes, you will do the work once, and then get paid over and over and over again.

For example, if you offer a workshop that draws a large attendance and earns high revenues, don’t stop there. Turn that single event into a product that continues to earn money. Record the workshop and sell DVDs on your website. You will compound your initial earnings exponentially, just by creating a single product.

Take yourself out of the delivery process, in the physical sense. But leave all of the information and expertise and character traits that make your offering unique.

Do this effectively so that your product is truly reflective of your services, but be efficient as well. Don’t get overly caught up in trying to create the perfect product.

Product creation is not about product perfection. It’s about getting your product on the market. You can always tweak and revise it as you go along, which will give you an upgraded product to add to your offerings later on.

Here’s a philosophy to live by. An okay product that is out there serving your clients while making you money is better than the best product that is still in development. That latter one won’t put any money in your bank account.

The best product idea ever is still just an idea. It isn’t going to earn you any revenue. You don’t need to spend months getting your product ready to go on the market. Get your product up and running – quickly.

Spare yourself the time slaving over yet another round of editing documents or perfecting of audio files. Focus on the profits that are waiting for you by getting your product out there now.

Put your time and creative energy into developing your products and programmes.  Make sure they are representative of the qualities that make you so special. Then get them onto the market as quickly as possible to start generating revenue.

Developing products and programmes will not only increase the number of clients you are able to help, and increase your income, but also give you more free time to enjoy a quality lifestyle.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, then sign up for her free weekly e-zine at http://www.clientmagnets.com

Wouldn’t your clients just love for you to be ready and available to them?  To always be there to provide the solution to their problems?

By productizing your services, you can give more of your customers more of what they want.   In addition to that, creating products will create a significant increase in your revenue.

When creating your product, one question you need to ask is what format you will create your product in?  What delivery method will best be suited to your customers?  Would a digital e-book or hard copy book be best? What about downloadable recordings or a physically delivered DVD? What’s the difference? Which is better?

Both offer benefits, both have some downsides. For either one, the pros far outweigh the cons.  Use the following pros and cons analysis to determine which format is best for your product.

Digital Products
Examples: ebooks, downloadable recordings

The Pros:

A digital product can be created relatively quickly and inexpensively. Rapid product creation is how you will make money quickly.

Digital products offer instant gratification.  Customers looking to alleviate pain. Customers who want to lose weight. Customers who want to make a good business presentation. What do they all have in common?  They all want instant results. You can provide your services when your customers want.

The fulfillment of the order is easy for you.. Money can literally go into your account overnight, while you’re sleeping, and your client or customer has already received their product. There is software available that makes this process automatic.

You can always create a physical version of your digital product later.

The Cons:

There is a possibility that your client may read the information, store it somewhere on their computer and never go back to it again. This could lower your product consumption.  If customers aren’t fully utilizing your product, you will receive fewer testimonials and satisfied customers.

Without a visible product to remind them of you, customers may not come back.

It is obviously much easier for people to return a digital product. They don’t have to pack anything up and put it in the post. It takes just a couple of minutes online to send back a product, maybe without even giving it a fair try.

Physical Products
Examples: hard copy books, DVDs

The Pros:

Some markets will only buy a physical product – they want something to have and to hold.

A physical product gives customers something tangible, therefore the perceived value of a physical product is higher.  In turn you can charge more!

Your physical product offers built-in follow-up for you. When your product is sitting out on your client’s desk or shelf, they are subconsciously reminded of you. This is a good way to continue your relationship without any extra effort.

A physical product increases your potential for exposure.

A physical product is more difficult for a customer to return. They have to physically take action.

The Cons:

Developing a physical product is much more complex than a digital one. It can take a longer period of time to create a physical product.

Because developing a physical product can take a long time, you’re not making any revenue while it is in the developmental stage.

Often, physical products are created in multiple formats. You might offer a combination of audio, video, and written material. This may require you to consult with experts in these areas, requiring additional time and money.

The cost to actually create a physical product is higher. You have to factor in design work, printing costs and shipping.

When making your decision to create physical or digital products, weigh all of these pros and cons. One option may work better for your individual business or for your personality, than the other. Over time, you may decide to incorporate both digital and physical products in your offering.

You can be certain of one thing. Either is bound to create additional revenue for your business.

Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com