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Whatever types of info products you sell, one of your high-end offerings should be coaching. ONLY selling products would make it more time efficient, but you would leave a lot of money on the table.
Here is how I recommend that you set things up.
You’ll naturally want to have a whole range of products that go from extremely low to extremely high priced. AND, you’ll also want to offer products of a variety of different TYPES as well. Audio, video, etc.
BUT, you also want to give people the option to work with you a bit more directly, via coaching. Create a minimum of two levels of coaching. Group and individual.
For your group coaching, start out with a few LESS than you think you can handle. If you think you can manage 15 people in a group, cap it at 12 to start. Everyone who gets involved in your group coaching program will want a few things.
They will want, and you should provide them with a minimum of 2 coaching calls each month. Each one of these should be at least 60 minutes long. Probably better to go 90.
You’ll also want to give everyone a forum to discuss things amongst themselves and ask you questions. The technology to set this up can be done in a number of ways. I’d recommend that you use a WordPress plug-in to provide this forum. Easy and cheap to set up. There are a number of plug-ins that can do this. Test a few different ones to see which one YOU like best.
In my new coaching program, BootcampByPhone.com, I’m also offering people ONE individual 30 minute call each month. If you have 12 people, that will be an additional 6 hours of time. Do this if you are charging a “high” monthly fee. The actual amount will vary based on your industry. This number is something you’ll want to TEST to see what works.
Another important element is to interview some experts that can contribute to your groups knowledge. I like to “conveniently” announce these right before people have to put up the money for the next month’s coaching fees. Is this a TRANSPARENT way to get people to STICK? Absolutely. But, it works and makes sense, so do it.
You’ll also want to give people access to any products that relate to the topic. I have a LOT of products, so it’s easy for me to give them a BOATLOAD of stuff and create MASSIVE value. Some people initially sign up for coaching JUST to get access to the products. Do NOT give people access to the products up front. It will overwhelm them. Better to DRIP it out to them a little at a time.
I would also suggest you try and get people to commit to 3 months minimum. Some people will make PAYMENT of the 3 months in advance mandatory. This may or may not work for YOUR niche. Try it and see.
Another KEY element to make this work is to make people APPLY for the coaching group. Do not make acceptance automatic based on their ability to pay.
In the case of BootcampByPhone.com I’m also giving people who stay in the program for 6 months the option to attend a PHYSICAL bootcamp at COST. Since the FredInfobootcamp.com costs $3,000 (at this point) to attend, they would have paid me $3,000 for 6 months of coaching at $500 a month. This seems fair and also gives me the opportunity to find more JV partners. Typical Win-Win stuff.
The big question in your mind is probably price. What should YOU charge? The answer is dependent on SO MANY factors that it would be impossible for me to give you specific guidelines. I can only tell you to TEST your prices. Start a bit lower than you might think as you can always RAISE them based on demand.
This model was developed for the PublishingABook.com by Bill O’Hanlon. We are going to use it for another niche as well. I will be using it for my own individual coaching program at BootcampByPhone and will also be using it with other JV Partners and clients.
Now let’s talk about INDIVIDUAL coaching. If your price point for group coaching is $500 a month, your price for one-on-one coaching should be a minimum of 3X that amount. This multiple isn’t set in stone, but it’s certainly a good rule of thumb.
Give people either 2 or 3 calls a month. And, like your group coaching program, allow them access to a bunch of your products. Many of your individual coaching clients MAY become JV partners if you follow the model that I use.
It’s always great to wake up in the morning and have orders for your info products waiting for you, but NOT offering coaching like I describe above leaves money on the table.
If you get SWAMPED with people applying, let that be the least of your problems. Then just increase your prices!
It works. Try it and give me YOUR feedback.