MBA1500 Q&A Wednesday: How do I sell a $10,000 program on a webinar?

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Hey O welcome to the $100 MBA show where great business questions get answered every day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online and today's episode is a Q and A Wednesday episode. On our Q and A Wednesday episodes, I answer a question from one of you, one of our listeners. If you have a question you want to ask, just email me over@omar100mba.net Today's question is how do I sell a $10,000 coaching program on a webinar? This question is from Sharon. Sharon is a business coach. She says, I'm trying to sell my business coaching package for the year and it costs $10,000. I normally would do this on a live event in a physical space. Can't do it anymore with what's going on in the world. How do I move this sales transaction onto a webinar platform in a webinar format? I'm worried because it's such a high ticket item. Love the show. Thanks for helping out Sharon. Thanks Sharon for the question. And there's been hundreds upon hundreds of people I've spoken to in the last two weeks that are in the same Exact position as you. And I'm going to give you the advice I give them. You can sell on a webinar just like you sell in an actual physical space. It just needs a different technique. There are people who are selling more than $10,000 programs. They're selling 20, 30, 50, $100,000 tickets, tickets to events, tickets to coaching, tickets to some sort of consulting package, high priced offers. How I'm going to explain in today's episode. So let's get into it. Let's get down to business. As a rule of thumb in sales, the higher your deal size, the price point of your product or service, the more time you're going to need to build trust, the longer the sales cycle. If you pop into a convenience store and see a Snickers bar for two or three dollars, you don't need much time to be convinced you want a Snickers bar. It's actually a very easy choice to make. If you're hungry and you're craving some chocolate especially and some peanuts, you pick it up and you buy it because of the low cost nature of this item. But if you're going to buy a car that costs 30, $40,000, you don't just on a whim, go to a car dealership because you're trying to kill an hour or two before your movie starts or something and buy a car. Most people do not do this. Even wealthy people, they spend more time kind of deciding what they want, doing some research on that car, doing some research on, you know, how they compare or that car compares with other cars, maybe even months of research if it's their dream car, maybe even years. The point here is, is that the higher the price tag, the longer the sales cycle. Now that just means you need a little bit more time with that lead to build trust, to educate them on this purchase so they can make the choice to go with you. So with a $10,000 price point for coaching, this is totally doable with webinars. Let me give you that process. I'm going to assume you have a lead, somebody on your email list, your CRM, and you want to convert this person into a buyer. Normally, Sharon would invite them to a live event. They would attend the live event. It could be a day or two or three or four. And they've built so much rapport with them, they fell in love with Sharon's coaching style. They really love what she does and how she can offer it. So, so at the end of the event, she's able to say, hey, I have this great coaching package to see you throughout the year for $10,000. And it's a whole lot easier to get a yes. Why? Because she built that relationship with that person during the live event. We're going to do the same thing throughout webinars. How you're going to invite same person or people to an automated webinar. First, this is a 30 minute webinar. It could be 30, 40 minutes where it's pure value on what you can offer and how you can improve their lives with your expertise. Now, this is obviously going to be tied into whatever you're going to be offering, whether it's, you know, a module or a lesson or an insight from what your training is all about. But you're going to invite them to an absolutely free automated webinar where they can choose the time where they can watch it immediately. And this could be a recorded video and they watch this webinar now. Now, if you get 100 people to come to this webinar, not everybody's going to take it to the next step. And that's okay because the same thing happens in a live event. Not everybody that attends a live event buys your $10,000 program. So your next step is going to be a live webinar. Now this is what you're going to do. This is the sales cycle. The automated webinar has a call to action at the end where you say, hey, I hope you loved what I just taught. If you're interested in learning more or getting more personal guidance and coaching to accomplish goals XYZ to get results like xyz, you can give some testimonials and some case studies. Register for my next live webinar. I'll walk you through what your options are. This is a very soft pitch. This is not a sales call to action. This is not asking them for their credit card or to pay for anything. This is you're only taking them to the next step, which is a sign up for a live webinar. Now this live webinar will explain what you offer, the packages, your coaching, what it looks like. Okay? So from there you're going to get a hundred people on the automated so that maybe you'll get people going to the live. Again, very low commitment. People that are interested. Now you're going to get people that sign up that are buyers are going to sign up for this live webinar. You can have 50, 60 people sign up. Great. You have 60 people on this webinar. You give your live webinar. This is interactive. You're Asking them questions. They're asking you questions, you're answering. And you're going through what it's like to be a client of yours to go through this program. You're giving them a demo, basically. And then at the end, you can reveal the investment, whether it's $10,000 or four payments of $2,500 or whatever it is, or maybe it's a monthly payment. But the call to action here is not to buy immediately. Okay, I know this sounds weird, but this is an investment. They need time to absorb and understand the benefits. So the call to action on this live webinar is to get on a call with you. One on one video call. It's a 15 minute consultation. You're gonna say, I'm giving you a 15 minute free consultation. I'm gonna give you a link. You're gonna, you know, choose a time off my calendar. You can use a calendar app like Calendly or Acuity Scheduling. There's a whole bunch of. And they can reserve a time to get on a video call with you. The point of this video call is say, hey, if you want to know exactly what my coaching can do for your business, the exact return on investment, book a call with me. Right? I'm not asking you to buy. You're not asking them to buy the program right away. You're asking to book a call. Now, what this does is it gives you another chance for you to earn their trust. You're going to show them straight up. You're going to learn about their business, you're going to learn about what they need. You can even have them fill out a form before the call so you have all the information, you're prepared, and it's only 15 minutes. And you show them, hey, this is your business. I have similar businesses in the past that had the same struggles. This is the results I got for them. This is what we can do for you. And you lay it out and here are your options. And on that call, one on one, this is a sales call. You can close that $10,000 program. I would say easier than in a live event. Why? Because now they have intimate understanding of what you can do for them. Exactly. On that call. Okay? And they've been on that live webinar and they've been on the automated webinar. So you're filtering people down to the those who really are interested and are serious in your program that are going to actually get you results and actually give you a great testimonial afterwards. That's the sales cycle. This takes a little bit longer, maybe three weeks or so, but you're going to close a whole lot more people because there's transparency, there's clear instruction on how they can move to the next step every step of the way. Automated Webinar Live Webinar one on one call and then lastly you cater the sales pitch the sales portion of it to them with that one on one call. We've seen this work for people that are doing training, the people that are doing high ticket products, whether they're like big industrial equipment. We've seen this work on doctors that are doing cosmetic surgeries. This works. But you gotta invest the time in building that relationship. I got more on today's Q and A Wednesday, but before that, let me give love to today's sponsor.

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To wrap up today's Q and A. Wednesday's question from Sharon I need to sell my $10,000 coaching program. How do I do it on a webinar? Well, I just laid it out for you step by step building that relationship. And the thing about this is that you can continue to have this running on autopilot, meaning your automated webinar is on all the time. You have a live webinar ready. So as soon as the live webinar that you have gets done, you just exchange that link with the new live webinar. So on the automated webinar they sign up for the new one and then your calendar is there available for the future for people to book you for time when you're on the live webinar. And that's the call to action this is once set up and this is very easy to do and you can do this all with webinar Ninja. Nice and easy if you're interested. Or you can use another software but use this strategy for selling high ticket items. It's going to allow you to build the trust you need to make the sales you want. Thank you so much for listening to the $100 MBA show. Speaking of sales, if you're looking for a way to make more revenue to make a new revenue stream or new way to make more money to give you more cash flow in your business, especially during this time in the world, I'm running a free webinar, free live webinar, free workshop, totally free. Okay, over at 1000mba.net workshop. Sign up right now and I'll show you some options that you can take on to build a brand new revenue stream to bring in new revenue for yourself within weeks so you can start using that revenue to grow your business or at the very least keep your business going so it can push through this tough time. Hope to see you at the live webinar over at 1000nba.net workshop. Sign up. Because spots are limited, do that right now. Before I go, I want to leave you with this. The bigger the price point of your product, the more time you're gonna need to convince people of the value. People only buy once they see the values more than the price. And the bigger the price, the more time you need to do that. I gave the example with the Snickers bar and buying a car, but it applies to any type of price point for any product and you could see it in your own shopping. How much time does it take for you to decide to buy a can of soda or soft drink or a cup of coffee versus a pair of sneakers? Okay, one is $2 or $3. The other one is $100 or $150. Maybe a few more minutes, right? Maybe even 30 minutes before you decide, hey, these shoes are nice. I need new shoes. I'm going to wear them. And you can go down the whole line and see that this is applicable in any line of business. Thank you so much for listening and I'll check you in tomorrow's episode. I'll see you.

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