High Ticket Offers: The Fastest Way to Scale Your Business
If you’re like most entrepreneurs, you want to earn more revenue in your business without spending more hours behind your computer. In my 10+ years experience as a digital entrepreneur, I’ve found that there are a few ways to do this, even if you’re just starting out.
The main ways to increase revenue without endless hustle are to run automated webinars, outsource repetitive tasks, raise your prices, and offer high ticket coaching services. Here’s how you can implement all four easily…
As you know, at EasyWebinar we love automated webinars as they make it easy to get more leads and sales on autopilot. As your online course develops and evolves, you can increase the price as it’ll be even more valuable to the end user.
Plus, with automated webinars and price increases, you will have more cash flow and can start to outsource more of your business. This means you don’t have to do certain tasks that you hate (maybe it’s writing emails, editing videos, etc.) and can hire others to do it.
While all of these methods are great for scaling, you can also add a high-ticket offer to your business as well. Not only will this pair well with the three methods I just mentioned, it’ll likely help you increase your digital course sales too (I’ll share more about how this works in just a second).
Why You Need a High Ticket Offer
So why do you need a high ticket offer anyways?
Here are four reasons why I think every entrepreneur needs a high-ticket offer in their business.
1. More Revenue
The first reason to offer high ticket offers is pretty obvious – additional revenue.
Charging higher amounts for your services will instantly add more top line revenue to your business. You can use this additional revenue to build your business by hiring freelancers, virtual assistants, running paid ads and more.
Remember, cash is oxygen in your business! The more revenue you produce, the faster you can scale, impact more people, and grow your brand.
2. Better Results (Testimonials and Case Studies)
I’ve always said, “People who pay, pay attention.”
This concept is why customers who join your paid offers (like a membership or digital course) always get better results than people who simply consume your free content. Since they have skin in the game, they are more invested and much more likely to take what you say and put it into action.
Plus, the individuals who pay more (like a high ticket offer), tend to take even more action and get even better results. These amazing results that your students get can then become case studies and testimonials to use for additional marketing.
3. Act as a Price Anchor
Another way that high ticket offers can help your business is acting as a price anchor.
For example, let’s say that you have a $497 digital course and a 1:1 coaching offer that goes along with it for $1,997. With the coaching offer, not only do students get the digital course but they also get additional training and eight 1:1 coaching sessions.
In your marketing, specifically your sales page and launch emails, you can have both offers side by side. This way, the $1,997 investment acts as a price anchor and makes your digital course at $497 look like an amazing deal!
By showing that you have an offer that is 3-4X the price, it shows potential customers how valuable your offer is and makes them feel like they’re getting your teaching at a fraction of the price. Even if you don’t sell any high ticket offers for this program, you’re still likely to get more enrollments as an effect.
Plus, people love having a VIP option; some individuals are just more likely to purchase a higher ticket item than others. Here’s the thing, people like choices but not too many options otherwise they get overwhelmed.
If you have two options for your offer like the example above, you can appeal to individuals with a “VIP” mindset and use your high ticket coaching to also act as a price anchor for more sales. Talk about a win-win!
4. Learn More About Your Customer
Finally, a high-ticket coaching offer allows you to get to know your customers at a deeper level than a self-paced digital course. Since you’re interacting with clients more with a group or 1:1 coaching program, you’re more in their world. You can hear what they’re saying, experience what they’re feeling, and help them make shifts much faster.
You can use everything that you learn to continue to upgrade your signature program, improve your messaging, and create better free content as a byproduct. Remember, the more you know about your ideal customer before you ask them to purchase something, the more likely you are to make the sale. If your messaging and free content speaks directly to their pain and what they desire, you’ll build more rapport and trust (plus probably make more sales)!
Getting Over the Fear of Charging More
As you can tell, there are so many benefits for launching your high ticket offer alongside a digital course. Sadly, one of the biggest problems is that so many people don’t feel comfortable charging higher amounts of money.
A lot of entrepreneurs start to think and say things like:
- “My audience will never spend that type of money.”
- “Am I good enough to sell a $2,000+ price product?”
- “No one else in my industry is offering this type of offer.”
And a lot of other negative things that are holding people back from scaling their business.
Let’s address these issues now so you can free yourself from these limiting beliefs and start selling higher ticket offers.
Limiting Belief #1: My Audience Won’t Pay
First off, how do you know that your audience won’t pay a higher price?
Usually, so many of us think this before ever offering any higher priced offer and never even both. Remember, people want results more than anything. If you have an offer that can help them speed up success, they will enroll.
Limiting Belief #2: I’m Not “Good” Enough
If you’re like a lot of entrepreneurs, you always want to over deliver on your promise. You want to make sure that paying clients have the absolute best experience when working with you.
When it comes to charging 3-5X your normal rates, you might start to wonder… “Am I good enough to charge these rates?”
Here’s the thing, “Good” is 100% subjective; all it comes down to is getting people results. If you feel that working with you through a high ticket offer will help them get better results, then you should start creating and selling your offer.
Limiting Belief #3: No One Else In My Industry Is Doing It
Finally, if no one else is offering high ticket services, stop looking at it as a negative and instead as a positive.
First off, a higher priced offer differentiates you from all the other people who are offering similar services. This will help you stand out and show that you’re not afraid to make your own path.
Second, maybe your ideal clients haven’t bought a similar digital course because it doesn’t have a high ticket offer component. Sometimes, people want that additional support and are willing to pay for it but if it’s not available, they can’t invest.
Don’t be afraid to be different and stand out in your industry!
Nailing Your High Ticket Offer
Now that you have the right mindset to offer high-ticket products, it’s time to figure out the right vehicle to scale your business.
Here are three of the most common types of high ticket offers to help get you started.
The easiest way to launch your high ticket offer is to start doing 1:1 coaching. If you already have a digital course (or are in the process of creating one), simply add on some coaching to charge a higher investment price.
For example, if your digital course is $497, you can offer 1:1 coaching for $1,997 – $4,997 depending on what’s included for the additional price.
To get started, make sure that you define:
- What is the transformation for your student?
- What kind of support do you provide (number of calls, email support, messaging, etc.).
- How long does the coaching program last? (Hint*** I’ve found that 8-12 weeks is great, any longer and it might not be the best for you or for your student).
One on one coaching is very easy to start and allows you to get up and running quickly. Plus, the cool part of 1:1 coaching is that you don’t have to create more content.
While 1:1 coaching is a great way to start your high ticket coaching experience, it’s not scalable. You only have so much time in your day to coach and do everything else that your business needs. The last thing you want is your high-ticket coaching offer to take up all your time as you might burn out or resent the work all together.
Instead, opt for group coaching as it’s highly scalable.
After you’ve worked with enough people in a 1:1 capacity, map out a group coaching program. In my experience, I’ve found that group coaching might be even more beneficial than 1:1 coaching too.
Sometimes people don’t always know what they’re struggling with or don’t know how to communicate effectively. If you have a group coaching call with other students, someone else might ask a question and another student is having the same problem. Instead of having to answer the same question over and over again, you can do it once and everyone can benefit from it.
Another benefit to group coaching is that you can repurpose the content easily. For example, you could theme each coaching call around a specific module in your pillar, record it, and add it to the course or as a bonus lesson.
Finally, group coaching is usually a lower cost than 1:1 coaching so it’s more accessible for a lot of people. A lower cost, plus way more scalability than 1:1 coaching makes group coaching a win-win scenario.
Similar to 1:1 coaching, all you need to do is map out deliverables, length of program, cost, and if you’re going to cap it at a set number of students.
The final way to offer a high-ticket offer is to do exclusive, high-level masterminds.
If you’re just starting out in your entrepreneurial journey, this might not be for you but it’s great to know what’s available for you in the future. I’ve been involved in several masterminds, including Lewis Howes “Greatness Mastermind” and can say they’ve had a profound impact on my business.
If you don’t know, a mastermind is a group of people who come together with a shared interest to grow their business. The term “mastermind” was first coined by best-selling author Napoleon Hill in his book, The Laws of Success. As Napoleon Hill said, “The mastermind principle consists of an alliance of two or more minds working in perfect harmony for the attainment of a common definite objective.”
Unlike coaching, masterminds are more about collaboration than anything else. It’s about getting a group of people together to help solve each other’s problems, offer new solutions, and provide new insights.
With masterminds, someone leads the mastermind and is responsible for scheduling, interviewing applicants, and making sure everything runs smoothly. Usually, there is a set number of people (between 5-15, 20 at max) and certain criteria to join, such as annual revenue. Masterminds are the highest investment and can range from $5,000 to $100,000 for each member to join!
Remember, even if you aren’t there yet, keep this option in mind as it can not only grow your business but also build new relationships.
Hopefully, you now understand how a high-ticket offer could help you scale your revenue and improve your business at all levels.
Remember, if you can help people more by working together in a more intimate setting, you can offer a high-ticket program! Don’t let the fear or higher price hold you back from charging what you’re worth.
Offering higher ticket prices will allow you to work with people who are committed, want results at the highest levels, learn more about your customers, and so much more. Plus, as you gain more experience and expertise, you can keep trying out different methods and see what you enjoy the best.
Remember, this is your business and you should focus by spending more time on what you love. For example, you might find that you love 1:1 coaching but hate group coaching (or vice-versa).
Keep testing and see what works best for you and your audience. Then, launch it with your next sales webinar or float the idea out there in your emails to your list.
Finally, have fun with the process and be proud of believing in yourself enough to launch new offers. These offers will help you scale, grow your business, and hit your goals faster than you thought possible.
Looking for a boost to help you get started? Check out our favorite freebies from Amy Porterfield here. Then mark your calendars, we’ll soon be releasing a never before seen bonus package to crush course creation and create ascension programs to generate even more revenue. Visit https://easywebinar.com/DCA starting September 1st to grab this bonus package while you can!