You may have heard that you should concentrate on only high ticket coaching in your online health coaching or fitness business. But the rise of low cost products in just about everywhere in the online world shows that it’s not true. Low cost products can fit into your business in many different ways. Here are some of the ways low cost products can help your business.
It allows you to help people who normally couldn’t afford your coaching
Health coaches and other wellness professionals are usually in business because they want to help people. But in order to make a living, you are probably charging premium rates for your coaching programs. And your services are probably worth it. Group coaching allows you to offer coaching for less, but it is still out of the range of many people who need your help. A low cost product can allow you to help people who can’t afford to work with you one on one or even in a group program.
It helps you to build an audience of buyers
If you have a free offer, like a download or a recorded or live training, then you know how hard it can be to convert people to your high end coaching. People will come to your webinars countless times, but never even book a discovery call, let alone purchase coaching with you.
But getting people used to paying you money can be the first step to becoming a client. It helps them see into your world, and if they get results with your low cost offer, they may be thinking about the possibilities of high end coaching.
Use it as a tripwire or an upsell
A tripwire is a offer that is shown after someone signs up for your free offer. It’s often a heavily discounted product that will help your potential client go one step further than your free offer.
People are more committed when they are paying something
You may be providing tons of value in your free offer, but people are unlikely to put it into action. But if you charge for it, they will be more likely to use it. You’ll still have many people who pay for your lost cost product and never implement anything, but you’ll also have those who want to get every penny of value from the product.
What Tech Do You Need?
To start and grow your wellness business
You can use it to offset ad costs
If you are running Facebook ads you can do this to a low cost offer instead of a free offer. This will allow you to offset the cost of running the ads and also give you higher quality leads than people targeted with a free offer. Clair Pellatreau offers some examples in this podcast.
What are some examples of low cost products
Here are some example of low cost products you could offer:
- Compile blog posts or podcast transcripts or just your vast knowledge into an ebook
- Host a paid workshop and then offer the recording as a paid low cost product. This workshop should be kept to a very specific problem.
- If you’re not comfortable live, then create the workshop as a recording.
- A challenge of up to 30 days
- A mini course on a specific issue that you often see in your coaching
How much should you charge for a low cost offer?
There is a huge range to what is considered low cost. What you charge will depend on the type of product you are offering, what the cost of your other offerings are, and what your audience is willing to pay. But generally to be considered low cost it
For example you might offer an ebook for as low as $5, or a 30 day challenge for $99.
Should you start with a low cost offer
Many experts will tell you not to start with a low cost offer. But I disagree. A low cost offer allows you to get your feet wet and allows clients to get to know you. For example you might be in the middle of creating a signature 6 month coaching program. Why not take the material from a small part and offer it as a mini course or workshop. This can allow you to try some delivery methods and test out some of the material while creating your big program.
Disadvantages to a low cost product
If you are thinking you can get rich from a low cost offer, think again. Unless you have a really big audience, you’ll likely not sell enough to make very much money with a low cost product.
If not done correctly, a low cost product can be a support headache. So you’ll want to make sure that everything is set up to run smoothly without much input from you. You’ll likely need to automate more of the process so you might need more tech to run a low cost program that a high cost, high touch program.
Low cost products are a great addition to your coaching business. They can provide an income buffer and help your potential clients to see the value of your offers. If you need help getting your program set up, schedule a free session to find out how I can help.