#45 - Make money May: Challenge #1 - The power of a payment plan

You can have the best advice in the world, but when it comes to any sort of business, at the end of the day, you need to go and test things. You need to try them to know if they work.

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.

Hello. Hello, guys. It is Kate McKibben here from HelloFunnels Co and welcome back to the Doing It Online podcast. I hope you are having an excellent day so far today. I actually want to kick off something really fun, which is just a special little series of short little minisodes where I'm actually going to be setting you a little mini challenge every week for the month of May. And I'm calling it Make Money May. So these little challenges, they're totally optional, but they're all basically some of my favorite little, I call them marketing tricks, party tricks, whatever you want to call them. But they're just small little tweaks, little things you can go away and do. And none of them should take you a whole bunch of time to be able to go and implement. And they can, you know, really help to add in some extra sales. So if you right now are having a bit of a slow month or if you just want to have some tools in your arsenal, if you do have a slow month, or if you're just like, hey, I want to make, mix it up, I want to try something new. I want to, you know, optimize what I'm selling so that I'm making more profit or making more sales. That is what this month is all about. I said four really simple little things that I'm challenging you to go and try in your business. None of them are difficult. None of them require any crazy tech. You should be able to do all of these with this tech stack you already have. So it's really just about, you know, taking a strategy seems to make sense to you and trying it out. And like I said, these are short and sharp little episodes. This month, it's all about hearing an idea, seeing if it feels right with you and with your business and going out and giving it a crack, trying it out. Because, you know, with business, and this is one thing that, you know, even, you know, with my clients, like, you can have the best advice in the world. But when it comes to any sort of business, at the end of the day to, you need to go and test things, you need to try them to know if they work. You can definitely take the best strategies out there. They're going to have the highest likelihood of working. But everybody's business is unique, everyone's audience is unique, everyone's offers are unique. And the combination of all those three things together is definitely unique. So you gotta go out and test some stuff. So I'm giving you permission this month to be a little bit of a crazy scientist and go and have a play and I hope you have some fun and I definitely hope you let me know which ones you're trying out and how they go for you. Because yeah, I want to hear, I want to like, let's, let's create a bit of a, you know, a ripple that turns into a tidal way with everyone listening, going out, just trying a couple little things. Let's see how much money collectively we can make. I think that would be really amazing and I'd love to, love of love for you guys to let me know how they'll go for you. So without any more babbling because you guys all know I can talk underwater about this topic, let's dive into the very first challenge. And the challenge that I have for you today is I'm calling it the power of a Payment Plan. And again, this is just something that's really, really simple and it can be a really fun little mini promotion that you can run at any time. I wouldn't recommend running it a lot, but it's one of those things that you can kind of, you know, pull out of the back pocket. Like I said, if you've, if you're in between launches, perhaps and you need to get a little bit of an extra hit of revenue or it's been, you know, you had a launch, it didn't go as well as you'd hoped. Slow month, whatever it is. If you just need something that's kind of a quick and easy to get out there. Creating a special payment plan and offering a special payment plan in like as a, you know, limited time only offer can be really, really powerful. So what I mean by this is, let's just use a common example. Let's say you have currently, yeah, you currently have a course and it's $1,000 or 997 as most people are, if they're, if they're $1,000 and normally you might have a, you know, either a four part payment plan or a Three part payment plan, which still means that each monthly payment is, you know, around $300 or so to usually between $200 to $400 in that kind of bracket. And you know, for some people, that is, that is a bit out of reach. And also, particularly after last year, one of the things we saw was that all of a sudden people, they still needed the help, they still wanted to invest, but they suddenly just felt a lot more uncertain about what was happening. And when people are feeling uncertain or worried or, you know, they don't know what the future holds, you know, it's quite normal for them to then go, okay, well, I'm, you know, I'm not going to go out and make any big investments. I want to manage my cash flow. And. But then would, they would still often, like I said, they still want the help. They still know that they still want to keep either growing their businesses or working on their health or whatever it is that you help them with. Like, they still want to keep moving towards those goals. They still have problems that need to be solved, but they're just a lot more financially aware and conscious of the outgoings and wanting to have a little bit of a safety net or buffer for them. So one thing that worked really well for a lot of my clients was to offer a longer payment plan. So we have people who. And that was the only thing that they, you know, the only change they made to a launch. And they had some of their best launches ever. Even last year, when thing right at the start, when things really. Yeah, I think the, the level of uncertainty was probably at its highest. And the level of disruption to businesses, like people just went into pause mode like they hadn't. Which is again, another natural thing is when things happen, like a really big world event happens, everyone just pauses and freezes and they're like, okay, now what? And then people kind of, they acclimatize, they move forward, life goes on, you know, as much as it can. But that pause, that freeze, that's a really, really difficult time to be doing anything in business. And we had clients who were launching in that time and yeah, they had amazing launches because they offered a longer payment plan. But even in a non Covid, non pandemic world, it is just a, one of those things that is a great little mini promo that you can run or have in your calendar. It doesn't require a lot of setup. That doesn't need like a big crazy, fancy, you know, all singing, all dancing launch to make it happen. It can just. And it's another Thing for you to talk about, another way for you to come out and promote your program, another angle, another way of appealing to more people. And it's just limited time only. Hey guys, we're offering a longer payment plan, simple as that. And it could be that maybe it's going to be a 6 monthly one or maybe it's going to be a 12 monthly one. Now my only caveat here is obviously with the longer your payment plan is going to be, you know you are going to have drop offs. You also, you know, it does increase the amount of admin so you know, go into that being fully aware. But if it gives you another, you know, really big bump of sales, it's also going to almost act like a membership site for you because you're going to have these, you know, every month x amount coming in on these longer payment plans as well. So while you don't get that initial boost upfront, it adds to your monthly baseline. And if those of you who have been listening to me for long enough know what a financial freedom checkpoint is, that all goes towards that as well. So it's a win, win it. You just have to be aware of what the sort of the outcomes would be. But that's my, that's my little challenge for you guys. Like I said, it's short and sweet and if that feels like something that could be pretty easy for you to go out and do, go give it a try. Like I said, you don't need to do a big crazy launch around this. You could Simply have a 72 hour offer, send a few emails, promote pants offered on social media and that could be it. That could be your mini promotion, could get you a bunch of new amazing customers in could add to your monthly baseline. And yeah, if you do, if you give it a try, make sure you DM me at HelloFunnels so that I know because I want to see you know, which one of these strategies you guys have been using and which ones have been working the best for you as well. Now one of my other favorite ways to make money for your online business is of course through adding a, you guessed it, a funnel. And we actually have a pretty epic new free calculator you can go check out right now at hellofunnels Co Money which will show you exactly how much money in sales you are currently missing out on. Because you don't have a funnel. It only takes about 30 seconds and I think you're going to be really smart surprised by what you find out. So head to HelloFinals Co Money. Now pop in your numbers and check it out. And that's it for the first episode of Make Money May challenge. Guys, hope you loved it. Hope you're gonna try it. Make sure you let me know and make sure you check back in next week where I have challenge number two. Alrighty guys, until then, keep doing what you do and I'll see you all online. Bye.

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