MM 83: The Trust Factor

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2. FEATURE: "The Trust Factor"

It's interesting to note, that people will agree to pay several tens of thousands of dollars for a new car, after a couple of hours of haggling with someone who by stereotype is slimy and only out to make a buck.

Yet, when it comes to something truly life-changing, like hiring a life coach or service professional, people may find many reasons to say no even though the investment is typically only a few hundred dollars.

Today we'll explore a powerful technique for getting to that YES - drawn from the 'Explode Your Practice' CD set.

The Problem

So what makes saying yes to coaching and other services so much more difficult for people than signing a contract to secure financing for a new car?

I think it's because society is not used to valuing personal development. We haven't gotten hip enough to realise that personal development has gold at the end of the rainbow.

Another reason is that coaching is still 'new'. It's not normal or usual to have a coach, the way it has become normal in some circles to have a therapist.

And finally - people don't know what they are getting. With a Doctor, you know you'll get medical advice, and hopefully get well. You've been dozens of times before, and you know the drill. But what does working with a coach even look like? How many sessions? What happens? It's a big mystery, and people are reluctant to pay for a mystery.

Service Pyramid

We want to warm people up to us or as I like to say, flowers before sex in the Bahamas!

One strategy to get to that yes a little easier is to offer a range of products and services. Think of an upside down triangle or pyramid where the higher levels are less expensive and as you move down the pyramid, the financial commitment increases i.e. they pay you more.

A suggested pyramid: you could begin with a free newsletter on your website. To make signing up even more attractive, offer a free report available to those who subscribe to your newsletter. You may even want to promote that if purchased separately, it would be worth $29.95, creating a built-in perceived value to the download.

From there, you might offer a one-hour teleclass once a month or once a quarter that will connect you personally to your target market. Let's charge say $39 for this. Being able to hear your voice and discovering how you interact with others provides your prospective clients with another level of insight into your personality, your values and what it might be like to work with you, all leading to a greater sense of trust.

If the teleclass is successful, you might consider offering it as an in-person seminar that your prospective clients could travel to. To help make the seminar even more attractive, you could offer a limited number of discounted tickets to the event encouraging people to sign up early.

Further Down the Pyramid

You might then want to offer an eCourse, with say 20 lessons on how to achieve a particular goal. Let's say this will be $97.

Then perhaps a workbook or Manual for $149.

The next step could be a series of audio CDs or DVD's. Near the bottom of the pyramid you might upsell them to an exclusive membership site.

At the very bottom of the pyramid might be your services, the largest commitment you are asking of a person.

By the time they have reach the bottom of your pyramid, they are likely ready to sign up for those services because they trust you and have an established relationship with you through your products.

An Example Funnel:

Start With a Simple Funnel

No need to get overwhelmed though; it took me 5 years to set up the funnel I have now.

To get started quickly:

1) Throw up a newsletter on your site. Direct all efforts to getting subscribers, not sales for your coaching services.

2) Promote someone else's CD or book in your newsletter, for a commission

3) Offer coaching specials in your newsletter.


Now there's a quick funnel!

The Benefits of the Trust Factor

Besides getting to yes faster, building trust makes it easier to serve people, to collect payment from people and to motivate them.

Unless you come highly recommended by someone, getting a prospective client's trust takes time. However, by offering them opportunities to get to know you and your ideas at a variety of price points, you are laying the groundwork for creating that trust.

And - you're collecting income while you sleep or are on vacation!

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Want more? This plus 100 other topics are covered in more detail in the full Explode Your Practice CD set, available now.

More on creating your own Product Funnel can be found in the Professional Training Program.

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Action

1. Are you trying to promote your services without any introductory products or services? What does your current product/service funnel look like?
   

2. Write down how your new funnel will look at the end of 30 days.
   

3. Share your future funnel at the blog, and post again the results once the changes are implemented!

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Enjoy!

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