#4 - 5 Secrets to 5 figure months - Create a PROFITABLE Offer (1/5)

It has to feel like a Hell's yes to you as well. So that every time you make a sale, you are celebrating when that notification comes through and not groaning inside because now you have to deliver it.

This is the Doing It Online podcast with your host, serial entrepreneur, 6 and 7 figure funnel strategist and super nerd Kate McKibben. Where every week we're here talking nerdy and sharing the things that actually work to help you do what you do online. But better, easier and with a ton more profit too. Are you ready? Let's do it.

Hey there guys, it's Kate McGiven here and welcome to the Doing It Online podcast. Episode number four. Now today I'm actually going to be kicking off something a little special and I've created a special five part episode series just for you guys. And the series is called Five Secrets to Five Figure Months. And funnily enough, there are five episodes covering off each one. And today's secret, which I think is one of the the biggest killers I see of momentum out there. It's one of those reasons that so many people get stuck and stay stuck. And it comes down to really one key thing and that is that people just don't have what I would call a profitable offer, or as I like to call it, a funnel friendly offer. Because you know, I like I'm all about being able to sell your courses on autopilot. But even if you're a launcher, if you're one of those crazy people, you still need to have a profitable offer. So what does that mean? What does it look like when you have a profitable offer? Well, a profitable offer, and I promise I'll stop saying that word, cause it's now just sounding weird even to me, is one that sells like hotcakes, that has a waiting list, one that you can scale easily. One that anytime you run a launch or a promo, you sell out. And those dings and sales notifications just come rolling on through. One you can deliver enjoyably. One that gets your clients amazing results, even if you have 10 or 200 clients. But most online offers don't have that. Am I right? I mean, if your courses were doing that, you probably wouldn't be listening to this episode. You would already be at five figure months, if not six. So how do we fix that? Well, I'm going to share that with you today. So first of all, for an offer to be profitable, it has to tick three key boxes. First box. You need your offer to be what I call a Hell's yes price. So that is a price for your market and for the outcome that delivers. That just feels good, that just makes sense. And for you as well, because you have to be good about, feel good about this price, otherwise you're not gonna sell enough of them. So I've seen so many examples of this, of how literally just changing the price slightly can make all the difference from struggling to sell to having a avalanche of sales. Uh, one example is one of the very first people that I worked with. You know, originally, the way she had her offer set up and priced instruction, we'll talk about structure in another in a minute, was it was a multiple. You know, think about two to three thousand dollars. The way that she was having to sell it was having to do all these sales calls after sales calls. And the sales calls were draining her and they drained her so much that even by the time that she made a sale that, you know, that even that two, $3,000 didn't feel like enough because she'd had to put so much effort to get there and she sort of resented it.

The, the change that we made. The highly drastic or highly radical, should I say, suggestion that I had would be like, how about if you completely changed how you structured it so the same program, same process, but rather than having it as a, you know, two to $3,000 offer that has heaps of one on one that involves lots of in person selling, what if you made it more like a 500 to $1,000 offer that had no one on one, it was DIY style cloth group program and that could be sold on autopilot or via webinar or via a big leverage launch. Like how much better would that feel? And it obviously felt a lot better for her and a lot better for her clients because she went from struggling to sell even when she was doing like these one to one sales calls, to being able to sell like up to 20 places every single week on autopilot. So you know, it obviously there's some steps in between getting there, but it, the main difference was making that change to the price and to the delivery. Now I'm not saying it's all about just reducing the price because that's not right at all. It's about matching the price to the value that your target market puts on that outcome. So otherwise you are just always going to struggle to sell it. If people don't look at your offer and then find out the price and go, oh yes, then it's always going to be this uphill battle for you. And you know, why make life harder than it needs to be. That's why I really encourage, you know, making sure you take the time to price strategically to come up and create your offers strategically, to figure out what that sweet spot is of that target market and that, you know, that outcome and value that you can create for them that is going to match a price that is worthwhile and that works for them and works for you. And like I was saying, just as importantly, it has to feel like a hell's yes to you as well. So that every time you make a sale, you are celebrating when that notification comes through and not groaning inside because now you have to deliver it. And that brings me to point number two. So point number two is that you have to that the price of the offer has to more than cover the energy that you are going to spend delivering it. Think about that. Now, a lot of people, especially a lot of women, don't value their time. They massively over deliver. They, you know, they over promise. They feel, you know, this is all your imposter syndrome and all of this I'm not good enough stuff. It comes up and you're like, well, the way I'm going to get around this is I'm going to, you know, basically give my firstborn to anyone who gives me a dollar. They believe they have to do all the things they'd have to do or everything has to be done live. And it has to, you know, just be all about them giving, giving and pretty much grabbing and dragging their clients along for it to be impactful for you to be able to make transformations and help people to change their lives and to get the outcomes that you, you know, you're promising and that you want to help them get. And I'm here to tell you that is just plain not true. You can create and structure your programs and your offers and the way that you deliver them so that people get amazing insights, so they get amazing value, so they feel supported, so they have everything they need, so they, you know, they're still getting their questions answered when they need them. They have that support when they need them. And you can do it in a leveraged way. It doesn't have to be you in there one to one, like, I'm sorry if it sounds like I'm lecturing you, but I know a lot of people hold onto this so strongly and it's actually getting in their way. Now, of course, some people kind of go too far the other way. And you know, I know I personally have signed up for a few programs where I'm like, hmm, the amount of support and the amount of value I'm getting for this is definitely not matching the price I just paid. As in I paid, you know, I invested a high in a high level program and got what is pretty much, you know, here's five videos and go sort out yourself. So you know, it's, you've got to find that balance. You've got to, you know, it's gotta feel in integrity and it's probably gonna little, be a little bit of a dance, it's gonna take some time, a little bit of trial and error. But the very first step is acknowledging that that belief that you have, that you have to be one on one coaching, pushing, teaching, showing, consulting, basically doing it for them with your clients and is just not true. And if you do have a certain, you know, a certain topic or certain niche that maybe is a bit more sensitive or you know, maybe does need a little bit more of that one to one touch, there are still ways of leveraging that and of dialing back your own personal energy commitments. I promise you there is. So just think about that.

And you know, just know that being able to find that sweet spot where the price that people are first of all happy to pay that, that you know, the energy that you are expending to deliver that outcome and that offer that price is, you know, more than covers that for you. Like it's really important. Otherwise you're going to end up resenting the hell out of your business and your clients and your customers. And that's just not how you grow a business. Trust me, I've done that one myself. This is why I'm on business number three peeps. Hey guys, it's just Kate here. So first of all, I just had to quickly stop by and say thank you so so much for listening to and supporting my brand new podcast. It really means the world to me. And to help kick this puppy off with a real bang, I actually have an amazing free bonus just for you guys. Which is I'm giving away access to my 5 day mini business accelerator workshop worth $97 totally for free to everyone who leaves a 5 star review of the Doing It Online podcast on itunes right now. This five day workshop walks you through creating your own killer online business plan for your online course business. One that is scalable, profitable and enjoyable too. It's chock full of my very best lessons and strategies from over 13 years online and today it's yours for free. All you have to do is step one, open up iTunes, click on this podcast, click, write, review and then click those little five stars and share what you love most about the show. Step 2 Head to katesbonus.com that's K A T E S B O N U S.com Kate's bonus and pop in your contact details and iTunes account name so we can know the review is from you and we can send you your login details for your bonus. It's that simple. Step one, leave a five star review. Step two head to Kate's bonus.com and send us your details. And that's it. And as an extra little thank you, I'll be choosing my favorite reviews every week and sending that lucky reviewer an exclusive I do it online mug so you can sip along in style while you listen to your favorite show. So what are you waiting for? Hit pause, go, leave that review then head over to katesbonus.com, pop in your details and claim this amazing five day workshop for yourself. I'll see you inside. Box number three that you need to tick to have a profitable offer that sells like hotcakes is and this one may shock some of you, you have to allow a margin for marketing. So what this means is you have to allow a percentage of your sales price to be used at some point. You may not be at a stage of paid ads right now, but that's okay to be able to start running paid ads, paid marketing when you're ready to hit the gas and scale, I would say you want to allow at least 30 to 40%. This can and of course should be brought down as your list grows and you build out other elements of your business and you know, other this, there's other things that, you know, kind of other puzzle pieces that come into place that will help to increase your amount of profit. But at the start, you know, as you're getting started, if you're ready to scale, if you've got, you know, just one or two products, I would say it is a good place to start, a good sort of number to have in and that as the minimum that you're going to allow as your margin for marketing. Some people would even say up anything up to 50% is, you know, what you want to allow. But different, you know, different markets, different tolerance for risk. You know, usually people I work with, we try and aim more for the 20 to 30. So somewhere in between there you're good. So think about that. How does that feel to take the price you're currently charging and cut it in half? What do you have left over? How does that feel as a good, you know, exchange of energy. And before you start to feel funky about this, I just want you to know that every single successful business has to do this. You can absolutely bet that there is a percentage of marketing budget on every lipstick or Big Mac that you have ever purchased. It's not just covering the cost of the meat and the patties and the special sauce. Okay, now one little caveat here for anyone who is maybe panicking, breathing into a paper bag right now is I want you to know first of all that I've got you and there's, there's a little, you have a little mini out for now, okay? So if you were just getting started, if you are still creating or perfecting your offer and systems and process, if you are currently really maybe just launching on, you're focusing on just launching to your existing audience, or you're not really planning on scaling yet or spending any marketing budget just yet, that's okay. You don't have to have price to allow for this yet. Because basically what you are right now is you are in what we call either a beta or a testing phase with your product. And beta products are never full price because they, you know, they haven't been perfected yet. So if you were sort of in that stage, that's okay. It's okay to price for that stage for what feels easy for that stage and what feels suitable for a product that is still being tested, still being fine tuned, that's totally fine. But I still think it is a really valuable exercise for you to have that at the back of your mind that down the track you're going to be adding 30, 40, 50% to your price. And is that new price still going to be, you know, feel like a good hells yes. For your target market? Because that's where you're going to find that sweet spot. So that's it guys. Three things that you need for a profitable offer. Number one, I said it has to be an easy hells yes. For your market and for you. Two, it has to cover the cost and that is like the energy as well as any other physical costs of how you deliver it. Three, it has to allow for a margin for marketing or you have to plan that it will when the time is right. And for anyone right now who is thinking, oh gosh, I'm not ticking every box right now, there are a couple of things that you can do. So first of all, you can look to offer the same thing to a different market rather than adjusting your price. A market that is happy to invest a bit more or one that maybe better values what you are teaching. This is quite often how people are able to increase their prices, offer a more premium product. But you know, if you are wanting to offer a premium product, you have to go and target it towards people who are going to value a premium product and be able to invest in a premium product. So if the market that you're targeting right now is kind of mass market or people who budget is, you know, kind of a high priority for them, the premium product is price is probably not going to fly and you have to make sure you price it accordingly.

Or you can look to change up how you deliver it. So maybe, you know, as is quite often the case, maybe what you have right now is what I would call a kitchen sink course. And this is what most people do with their very first course or even their first couple of courses. And that is that you try and solve every problem anyone has ever had about a certain topic. And it's this really broad, really valuable feeling because you've just jammed so much stuff into it course which means that to, for it to feel good, for you to put that out to the world, you have to charge a certain price. But maybe the market isn't ready for that price or maybe it's not meeting the market where it's at. And maybe also the market would be a bit more excited about the offer if it was niche down a bit more. So an example of this could be, you know, so maybe you have a how to grow your online business course. Maybe that's what you have right now and that is a kitchen sink course because that's going to have to cover so many things. So you could chunk that down to be just maybe it's just marketing for, you know, you teach people how to market their online business or market their startup business or chunk down even further and maybe just Instagram marketing for a certain type of business. Can you see how now suddenly what you have is probably a smaller, easier to deliver offer. As in it probably won't require as many much Q and a time or one on one time or anything like that as well. And it's also just as an extra bonus, probably going to be even more valuable to the right person. So that's one thing you can do is you can, you can chunk down to something a bit smaller, a bit simpler to match what is, you know, a market appropriate price. If you don't want to change your market, another thing you can do is you can remove and this is, you know, this might shock some of you, but As I said before, you can remove a lot of the contact with you, make it more DIY style. That's what we did with my client is, you know, she went from high touch to almost fully diy. She just now does a monthly group call and she has a VA who has an awesome list of, you know, common FAQs and is able to actually answer 99% of the questions that get asked in her Facebook group. People are still getting great results. They are still just as happy as when they were doing the one on one, but the price is now, you know, less than a quarter of what it was before and it's much, much easier to sell. So those are just some examples, guys. There are so many different levers and pulleys that you can play with here when it comes to how you package up your and how you price it. And personally, this is actually one of my nerdy superpowers, being able to help my clients to really figure and not this stuff out. But for everyone who is listening, if your offer is not flying off the shelves right now, I would say that one of these boxes is not being ticked and it is so worth it to stop and have a think about where you can make an adjustment or two. And if this has sparked an aha for you guys, make sure you let me know by tagging me on Instagram. It's Akemckibben. I would love to hear all about it and make sure if you haven't already, go and hit that subscribe button so you you don't miss out on tomorrow's episode, which is actually one of my favorite topics to geek out about. And it is going to help you skip so many of the sucky first steps of getting your course business to that much coveted five figure months. I can't wait to share it with you. I will see you guys all then. Bye.

Thanks so much for listening to the Doing It Online podcast. If you love this episode, don't forget to subscribe and leave us a review. And if you're ready to take your honor online course sales to the next level with your own six or seven figure funnel, let Kate show you exactly how today@Stealmyfunnel.com.