Apr 19, 2016
Lately, we’ve written a lot about making money in the niche of your choosing, whether that’s tennis players who want to stop losing, or start-up coaches who want to streamline their businesses so they can make a bigger impact while enjoying the perks of business ownership (and anything in between!).
Once you’ve defined your niche and done your research about their main challenges and desired results—all in their own words, of course—you’ll likely offer your leads a free gift that begins to solve one of their main challenges, while opening the door for you to present your coaching programs as the avenue for even more, bigger results.
We could go on and on about the free gift idea. In fact, there’s so much to it that that’s a whole different blog post!
For now, we want to focus on what you do after someone takes you up on your offer—when he or she goes from being a warm lead to an even warmer lead.
You follow up.
Okay—that’s easy, right? You knew that.
But did you know that a single follow-up email or contact is simply not enough to inspire your ideal prospects, your warmer leads, to become clients?
Think about this:
How many times do you follow up with a prospect after that initial contact?
Did you know there’s a scientific formula that outlines the ideal number of follow-up contacts?
That number is 5.
Yes, 5!
Because we believe the numbers show it best, here’s a graphic we developed to illustrate just how important it is to follow up 5 times after someone downloads your free gift:
Do you see what we see?
Only 2 percent of prospects will convert into clients with a single follow-up contact. That number increases to 10 percent by the fourth contact but jumps to 80 percent by the fifth contact.
That’s right: 80 percent of prospects convert to paying clients after the fifth follow-up contact!
Meanwhile, almost half of entrepreneurs never follow up—not even once. And a whopping 90 percent give up after the fourth follow-up.
Which means that 90 percent of entrepreneurs are leaving money on the table because they’re not converting prospects that very well could become their next paying clients.
Here’s where things really get good: we’ve heard from lots of start-up coaches that they feel “pushy” or “salesy” or “sleazy” when they think about following up multiple times after someone downloads their free gift.
After all, if they’re interested, they’ll call, right? Wrong.
This isn’t personal. It’s not pushy.
It’s a buyer’s pattern. Period.
Our goal with this blog post is to help you shift your mindset: to help you realize that following up multiple times is a necessary part of your sales process. If you want to reach more of the people who need you, it’s key that you follow up 5 times.
You know what’s really SUPER-cool about this? Most likely you’ve already met your next paying client … you just haven’t followed up enough to help them see they’re ready to convert!
Most prospects simply don’t convert to buyers until after you’ve contacted them 5 times, and most entrepreneurs give up far too early, leaving money, opportunities, and potential impact on the table.
Now, you may be wondering what you should say in each of your follow-up emails.
Of course, we have you covered. We’ll talk about that in our next blog post, Your 5-Part Follow-Up Sequence: What to Say to Increase Your Conversions (Part 2 of 2). So stay tuned!
Meanwhile, sign up to receive our complimentary 3-part video training series, “Your Coaching Business Blueprint: Everything You Need To Know To Get Your Business On Track.”
You’ll learn the pattern you may be stuck in, which can sabotage your own efforts to reach your full potential and accomplish your goals, the 3 S’s to your success and why it’s critical to master all 3 (most coaches only master 2), and where your business is leaking money.
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Mar 15, 2016
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Mar 15, 2016
Drumroll, please!
As promised, today we’re going to share our famous 5-Part Connection Conversation for Clarity of Communication; that is, exactly how to answer the Question of All Questions: “So what do you do?” in a way that showcases the transformation you provide.
Last month, we talked about whether it’s possible to make money in your niche, no matter how “quirky” it might be.
We said yes! It sure is—when you:
In February’s newsletter, Clarity of Communication, Part 1 of 2, we explained how to get really clear—crystal clear—about how your ideal prospects or clients describe their challenges or solutions.
Our famous 5-Part Connection Conversation is the next step in clearly communicating how you help those same people overcome the challenges and experience the solutions.
When it comes to networking, the following scenario is incredibly common:
You attend a networking event, and inevitably, you freeze like a deer in headlights when someone sidles up to you, and over fancy hors d’ oeuvres and a glass of champagne (or maybe just soda water) asks you, “So … what do you do?”
Your body goes into high alert, overcome with anxiety or dread, or some combination of the 2.
What if you could respond with confidence, instead?
You can.
One of the biggest mistakes we see coaches make when they answer the “What do you do?” question is to explain WHO they are – as a coach – rather than the transformation they provide.
The second-biggest mistake we see coaches make is that they come up with a clunky, one-sided response, simply answering the question, rather than creating an engaging dialogue.
So what can YOU do to avoid these mistakes, and instead, use networking conversations to communicate your niche and the transformation you provide so that ultimately, you can get more clients and earn more money?
You can use our famous 5-Part Connection Conversation.
This conversation creates an engaging dialogue that is absolutely stellar for networking. It has multiple uses, as well, because you can then apply it to your marketing materials, including opt-in pages, emails, sales pages, enrollment conversations … you name it!
Today, we’re going to share with you the elements of the 5-Part Connection Conversation, so you can begin to experience confidence and results whenever you’re faced with that “dreaded” networking question.
Here we go!
Part 1: Identify the demographic of your ideal client (the TYPE of client you serve – think coach, speaker, author, trainer, etc.).
Part 2: Pinpoint the biggest Pain Island Challenge that keeps your ideal client awake at night (remember to use the specific words and phrases they’d use, which we explored in our February issue).
Part 3: Define the top Pleasure Island Result your ideal client desires (again, you should have these from completing the exercise in our last newsletter).
Part 4: Explain how you currently package your services (for example, one-on-one coaching, group coaching, teleclasses, bootcamp, home study programs, speaking, etc.).
Part 5: Share evidence in the form of a testimonial or success story from one of your ideal clients.
So, now that you have the 5 parts, we’d love for you to go ahead and fill in the details for each.
Here’s an example you can use as a model, to make this Easy Breezy …
“So what do you do?”
The response:
Well, do you know (insert part 1 – the demographic: coaches) who struggle with (insert part 2 – biggest Pain Island challenge: getting clients)? Well, through my (insert part 4 – current services: Private Coaching), I help coaches (insert part 3 – top Pleasure Island result: set up and launch their biz) so they (insert part 3 – top Pleasure Island result: get a steady stream of clients and make more money). In fact, when I worked with (insert part 5 – success story: Suzie), she experienced an 80 percent growth in her business in one year.
Bonus Tip: When you begin with a question, like in the example above, you are asking someone to answer you. This creates engagement – a conversation, rather than a 1-sided response.
Then, the door has been opened, and you can go on to describe the results – the transformation you provide and easily offer your free gift as a way for them to find out more.
Try this new method of conversation at your next networking event, and let us know how it goes!
Remember, these conversations take practice, so keep adjusting until it feels authentic, confident, and effective to you.
This is a powerful start to engaging in confident, effective networking and marketing conversations … and for boosting your business and income … no matter what your niche!
Feb 18, 2016
As you well know, this past November, our latest Easy Breezy Coaching Business Bootcamp ended.
We’re proud to present you Lori Wayne, one of our Top 10 students in this past session—the “cum laude” of the bunch who launched her businesses with our support and who is now thriving!
Lori Wayne, Coaching and Consulting – Are you ready for: a financially abundant business and balanced life that you love?
How You Do Money is How You Do Everything – There is a Formula for Creating and Keeping More Money in Your Life
Most People Struggle with Their Relationship with Money, Personally and in Their Businesses.
- They want more money to do the things that are important to them, like build a business, send their kids to the best schools, enjoy family holidays, take great vacations, pay off debt, and save for retirement. But they often find themselves at a loss as to how to create and keep more money.
- They’re also often uncomfortable talking about money which means if they’re an entrepreneur they hesitate to ask for the sale, apologize for their fees or include too much in their packages. And if they have a job they’ll find themselves contributing more than what they’re compensated for.
- Whether they’re an entrepreneur or have a job, it’s common to for people to feel that money is a necessity of life that they don’t feel in control of.
The reason situations like these are a problem is because if you’re not in control of money in your life, then money is controlling you. Or you’re always feeling some kind of stress regarding money and that stress is holding you back from multiplying your income and multiplying how much money you get to keep and spend every month. Another reason situations like these are a problem is because if you’re not valuing yourself or standing in your power with money (undercharging for your services), then you’re not able to live up to your potential, make an impact or live the lifestyle you desire most.
5 Key Areas for Creating and Keeping More Money
There are 5 key areas that make up the formula for creating and keeping more money. We frequently fall into traps in these areas that derail us or that make making and saving money more difficult.
1. Forgiveness
Many of us have all sorts of baggage around money that we need to just get rid of or let go of. This baggage may sound like this:
- I heard or felt conflict about money when growing up.
- The people around me don’t always speak positively about money.
- I feel guilty or shameful about debt.
- I want to create a new family money legacy for myself and for the people who are important to me!
Feelings like this can unconsciously hold you back from producing consistent income and having a good relationship with money. It is as if you keep hitting your own money glass ceiling when what you desire is to be more financially successful in your life.
2. Boundaries
Setting appropriate boundaries can be difficult, so many of us just ignore them and tolerate a lot of unnecessary stuff.
- I often feel uncomfortable discussing money, so I just don’t talk about it – with my spouse, with my employer, with my creditors, with my business partners, with customers who owe me money – you get the picture, avoidance gets you nowhere.
- I have not increased my income over the past year.
- I often under value what I am worth – give away my time, give away my services.
- I want to value myself while honoring others, so I make and keep more money!
If these statements resonate with you then you are likely putting the needs and wishes of others first and you probably often feel that money is just something that happens to you, instead of feeling in control of money.
3. Action
- I often put off paying or managing bills.
- I would like to save money, but I am not sure how to make this happen.
- I don’t track my income to the penny every day, for business owners this translates to not knowing if your business is making money and viable.
- I want simple money systems that allow me to feel confident and in control, and help me create greater income.
If two or more of these statements feel true for you, it may mean you have fallen in to the trap of missing simple systems for handling your money, your bills and maybe even debt payoff. It also means you may be missing out on simple opportunities that would help you get ahead of your bills and create more income.
4. Empowerment
- I under-charge or am under compensated for my expertise.
- When I think about making more money it feels overwhelming or that I am just going to have to work harder.
- I often secretly have doubts about my financial decisions.
- I want to stand in my power with money and increase my financial self-worth!
A typical trap around empowerment is that you are inwardly not sure how to stand in your value and be compensated highly for your expertise. This is a common trap and breaking free of it creates dramatic, positive improvements.
5. Mindset
- I know my money mindset impacts my actions around money and other things.
- I would love a new money mindset but I am not sure what it would be.
- Many things in my life are going great, I just need a shift regarding money.
- I want to create a mindset of unlimited opportunities for me to increase my self-worth and my net worth!
If you say yes to two or more of these statements then you know you would benefit from a shift in your mindset. You may just need a fresh perspective to help you see what’s possible for yourself and how to keep yourself focused on where you want to be, instead of where you are right now.
Empowered Money Strategy
If you just continue to do the same old things in your life when it comes to money, you are going to experience the same frustrating results:
- Under earn, even though you know you are worth so much more.
- Frequently find yourself short of money, despite trying to make more.
- Want to achieve a new level of success in your business or career, but something always seems to be preventing you from making significant progress toward your goals.
- Ongoing stress and frustration around money.
The great news is that you don’t have to keep doing the same things. Instead you can be purposeful about money and develop an empowered money strategy. Here is how you do it.
- Complete a Money Breakthrough Assessment – you can do this by asking yourself the questions listed above under each of the five areas – forgiveness, boundaries, action, empowerment, and Mindset, or you can access a complimentary electronic version here http://lorirochellewayne.com/money-breakthrough-quiz/. This will give you a snapshot of where you are now.
- Use the snap shot and hone in on one of the five areas, where you want to take action.
- Identify one action you can take in the next 24 hours that will help you move forward and make a change in that area.
- Repeat the process and identify additional action steps that you can take.
- Get on the path to taking simple actions that put you in control, so you will begin to make and keep more money.
By having clarity about where you currently are in each area (this happens by asking yourself some questions and honestly assessing where you are), you create a snapshot of where you are right now and can use this snapshot to determine actions to propel yourself forward in regards to money. By having clarity and knowing what to do in each of these 5 key areas, you’ll automatically begin to make more money and have more money to spend how you want.
The good news is money is very simple to master, no matter where you’re starting from right now. Once you have a strategy for knowing how to value yourself – and how to take simple actions that put you in control – you’ll begin to make and keep more money. When you have simple money systems in place, you’ll be able to confidently stand in your power with money, with anyone and in any situation. This is how you increase your self-worth AND your net worth!
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Lori is a certified business and money coach and she is fiercely committed to guiding entrepreneurs, service based business owners, and motivated women to get off the money roller coaster, to stop settling for mediocre business results, and to eliminate self-sabotaging money behaviors, so they can achieve financial freedom, sustain and grow successful businesses, live balanced lives and pursue their goals and dreams.
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Feb 15, 2016
Can you believe it’s February, already? No? We can’t either! We’re 2 months into 2016, and we’ve already made some fascinating discoveries about how we can most effectively help YOU reach your coaching and business goals.
A couple of months ago, we sent out a survey, with the intention of really getting to know you. Like, deeply.
One of the questions we asked was “’What are your biggest challenges?” because you know we’re ALL about providing you with solutions.
One topic came up over and over again – how to clarify – and make money in – the niche you feel called to serve.
It seems that many times, when coaches struggle to make money, the first thing they think is that it must be a problem with their chosen niche.
But that’s NOT the problem.
In our experience, and the experience of people we’ve worked with, the biggest factor in your success is clarity.
You need clarity in:
- Understanding the challenges your ideal clients face, and the solutions to those challenges.
- The exact words and phrases your ideal clients use to describe their challenges.
- Communicating clearly how you can help your ideal clients solve their problems!
You see, clarity is key in growing your business, no matter what your niche is.
To prove it, we wanted to share examples of some of our colleagues who are making 6 or 7 figures in really “quirky” niches.
These include one woman who teaches people how to work with their dogs (think agility training, communication, behavioral training).
Another colleague coaches and consults with clients in alternative investing, such as placing ATM machines.
Another is a tennis coach. (That’s right. Tennis. A hobby, for most!)
People are thriving in these specialty niches, which proves that they’ve truly honed in on the pain and pleasure island points of the people they want to serve.
Bottom line: it’s all about clarity of communication.
“But what if I live in a rural Illinois town with a population of 2000?”
“But what if my niche is really quirky, like mine? (I knit sweaters from cat hair.)”
“But what if my clients don’t earn lots of money to pay me?”
We hear your “buts.”
And we answer them all the same:
If you gain clarity around your prospects’ challenges, the solutions you present, and then communicate clearly, you can make money in any niche, in a town of any size, serving any type of client.
So, the first step is to articulate the challenges your prospects face, and how their lives would be different if they solved those problems.
You see, “niche” is more than a description of a group of people. It’s a set of challenges or needs that group of people experience, and more importantly, that they want resolved. Your products and services help them to overcome those challenges needs.
In order to clarify your niche, you must fully understand the needs.
So let’s revisit one of those quirky niche examples we shared with you. For the tennis coach, the niche isn’t “tennis players.” The niche is tennis players who want to serve better and win games (or, who want to stop losing).
Our niche here at The Coaches Console is not “start up coaches.” Rather, it’s coaches who are struggling to get clients and make money in their business. We narrow our focus to a select group of people (start-up coaches) experiencing those particular challenges and needs.
To find your niche, you must first define a group of people, and then narrow that group down to a sub-group experiencing a specific challenge or need.
Get to know these challenges and their solutions, and get to know them well … in your ideal clients’ words, not your own! This is SO important – don’t guess or “take a stab at it,” which is what we see coaches doing over and over again. The more you can dial in to exactly what is keeping your ideal clients up at night, worrying, the better you can communicate with them, and offer your solution to their current pain.
There are 2 powerful ways to get to know how your prospects or ideal clients describe their challenges and solutions: via phone, or via email.
Call 3-5 people, or send a quick email to your current clients. Ask them the following questions:
- When you lie awake at night because you’re stressed out and can’t sleep, what words and thoughts run through your head about the biggest challenges you are currently facing in ____ {insert desired area of focus, i.e. business, relationship, health, etc.}?
- If you could wave a magic wand, and time and money were of no concern, what are the goals and results that you most desire in ___{insert desired area of focus i.e. business, relationship, health, etc}?
Be sure to write down the precise words they use to describe what they’re facing, and how their lives would be different if they solved these challenges.
In our next newsletter, we’re going to share our famous 5-part conversation for clarity of communication – but you’ve got to have clarity on your ideal clients’ biggest challenges before then! So get busy.
Then, stay tuned to Part 2 of this newsletter next month, in March.
