WW 252: Breaking Down the Numbers: Why Focusing on High-Touch Coaching Pays Off - Solo Show

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A Quick Recap from this episode

Today I’m breaking down the numbers! I want to talk about why I truly believe, based on the data, that focusing on high touch and 1 on 1 coaching really pays off in your business. I remember trying to figure out how to make my business work and being so impatient that I hopped around to try everything. There’s a much simpler way, and in this episode I’m sharing the data that helped me come to that conclusion, so that you too can start focusing on the part of your business that will actually pay off.

I had the belief that coaching wasn’t scalable, so I tried everything else and built all the low-ticket offers, but the simple solution was to focus on that route. There are a lot of reasons to build a high-touch, high value, high impact coaching program, but one of the reasons is the numbers, so let’s break them down.

Let’s say that your goal is to make $5,000/month in your business.

What would that take with a $10 download? You may see people doing those lower priced offerings (I have some myself like the Pricing Formula) but if they’re actually making the money they want to make, they probably started with their high-ticket offer and then built out those smaller things. If you start with a $10 download, you’re going to need 500 paying clients each month to get to the number you want. These types of offers are better for driving leads, not necessarily for making revenue.

What about a $100 mini course? A lot of people start around these prices, but in order to hit your monthly revenue goal, you need 50 paying customers each month.

A $300 full depth course? Even at that rate, you still need 27 paying customers every single month. That’s still a lot of people to get to buy in to get the livable revenue that you want.

Now, people will say high-ticket and mean a lot of different things. My ruler for this is anything over $1,000, but as you get more specific to who you serve and what you offer you can bump up your pricing and offering to better suit your clients. The phrase high-ticket is subjective, but for this case, we’ll focus around that $1,000 range.

So what if you had a high-ticket program for $1,250? At this price point, you only need 4 clients per month!

Now let’s think about conversion rates. Go back to that $10 digital download for a moment and say that you have a landing page that you send people to buy this download. For just buying on a landing page, the conversion rate is normally somewhere between 0.5% and 3.0%. So let’s say you have a 2% conversion rate on your $10 download. That means that in order to get 500 people to actually convert, you need to have 25,000 website visitors on that landing page.

So think about where you’re at now. It takes about 3 years for a blog or something like that to gain that kind of data and traffic. It’s definitely doable, but you need to have that kind of traffic to make it happen.

So keep breaking these down using those conversion rate. A $100 mini course that you’re selling on a landing page would require 3,333 landing page visitors each month (based on a 1.5% conversion rate). A $300 course at a 1% conversion rate, you need about 1,700 landing page visitors each month.

This leads me to the high-touch coaching program. For a $1,250 coaching program, you’re probably not just focusing on a landing page for sales and promotions. You’re probably looking at sales calls and applications. When you have sales calls, you can significantly increase that rate at which people convert and buy in to the program because they aren’t random strangers that landed on the page, they’re probably people you’ve built a relationship with.

So instead of looking at it as a conversion rate, it’s more of a close rate. We’re looking at a close rate of 20-50%. So that means that in order to get 4 clients per month, you need to bring in 8-20 applications per month (once you have your own data you can narrow this down more to what you need).

Think about it this way: can you think of 20 people you can help? Not in an icky, reach out to your whole network kind of way, but I bet you can think of 20 people that you could genuinely help. You can wrap your mind around 20 people that you need to connect with and build relationships with each month. When you try to think of these huge amounts of people, the people just become numbers, but 20 people is easy to wrap your mind around.

When you hyper focus on getting applications, you focus on quality over quantity, and you can build a synchronous relationship where there’s a back and forth of conversation. You have more control of your business and need less followers in your audience to still convert people to your offer. This is so much easier and so doable, regardless of where you’re at in your business.

I hope this was helpful, and I’m so excited for you to see that the numbers do work out in your favor when you focus on them. Don’t forget to check out the Pricing Formula to help you!

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