When looking for the highest ROI ways to grow your income as a thought leader, there are often low-hanging fruit opportunities that get easily overlooked.
These are opportunities that require little additional effort or work on your part and can be implemented with minimal changes to your existing product offers, marketing, and sales process.
Earlier this week, I was on a consulting call with the purpose of looking over a business owner’s revenue model to find just such an opportunity for her.
One stuck out at me right away that I would like to share with you because it’s something you can easily apply to your offers. In my experience, this technique boosts the income you generate from that offer by 20% or more.
In this case, the primary source of income for the individual on the call is high-end, high-touch coaching and consulting program where her clients pay for several months of training, personalized guidance, and hands-on feedback.
This offer costs several thousand euros. She doesn’t have any offers at lower price-points. As a result, this excludes a good portion of her list from being able to do business with her because they can’t afford it.
My advice to her was to add a second tier to this high-end offer, one that included the training, tools, and access to the community but didn’t include access to her guidance.
This would do two things. First, it would create an offer that is accessible to those who can’t afford the higher price. Second, it would allow her to make additional revenue from an existing program in a way that doesn’t require more time from her to maintain it.
Sometimes when I share this strategy, there’s a concern that implementing it will lead customers to take the lower-priced option thereby reducing revenue. However, I don’t find this to be the case.
This two-tier approach caters to two different types of buyers. Those who want high-touch access are happy to pay a higher price. They won’t give that up just to save some money.
This approach also works both ways. You can add a higher-priced “VIP” option to an existing offer that gives your customers access to additional support and guidance. Again, this could lead to a 20-30% or higher increase in revenue and sometimes even more.
One last thing to note is that a higher-priced VIP option doesn’t have to consist of additional access to you. There are a lot of creative ways to craft an offer that appeals to those who are ready and willing to spend more money with you given the proper value incentive.