Have you ever created an amazing product? One that would transform your clients businesses forever? As a reader of the Decisive Minds Blog, I bet that your answer is yes.
There is nothing better that pouring your heart and soul into launching a new product, class or coaching program. There is nothing more exciting than seeing all of your hard work end in more clients and more revenue in your business.
But, most of my clients’ launches before they start working with me don’t end up that way.
A more typical scenario is that you pour your heart and soul into your launch. Maybe you even hire a team. You hold your preview webinar, 100 people sign up and only 10 are on the call. After all is said and done, 1 or 2 of those people sign up. You are faced with a difficult decision – hold the program anyway, or cancel.
The next day, you get a chirpy post from one of your favorite guru/coaches about how they made $22,000 on their last launch. You just want to put your head in your hands and cry. You wonder what you are doing wrong. Sound familiar?
There’s only one difference between their launch and yours – numbers.
All sales is a numbers game period.
If you don’t have enough people in your community, or in your funnel, you can’t win.
Here’s how it works:
Your goal: 10 new group coaching clients
Generally, a great conversion rate from a webinar is 5% (with no additional follow up – if you follow up you might be able to double that rate to 10%)
So… you need at least 100 people on the call (not just registered) to reach your goal.
Typically, a very good rate for actual attendance on your call is 40%. You can improve this by offering prizes or doing repeat webinars. So you need 250 people registered for the call to meet your goal.
Most people don’t get this kind of numbers in the beginning. What’s a coach to do?
There are two ways to make money early in your coaching business (and you should be doing both of these things).
- Focus on one-to-one conversations. Make those strategy calls. I know this is hard to believe but it is MUCH easier to sell a $5,000 program to one person than a $500 program to 10 people.
- Grow your list. Getting 250 people registered for a webinar when you have 1000 on your list is hard because the majority of people on your list aren’t opening your e-mails. A 40% open rate is pretty much unheard of in the coaching industry. But, let’s use that as an example. If your list is 1,000 people and 400 people open your e-mail – then over half would need to register. Usually, a 5% click rate (not registration rate) is considered good. And then only 50% of those people are likely to register.
Yes, the deck is stacked against you. But, you can improve your odds by growing your list. And, I am here to help you.
On February 9, I’m launching my new Facebook group, the Profitable Coach, with a list building challenge. Each week, for 7 weeks, I’ll be sharing my best list building tips. The group will keep you accountable. Sign up here.© Copyright 2016 Michele A Scism