When starting your business, you cannot expect potential clients to come to you and ask what you have for them. You need to have a variety of offers available for them to browse and debate. In a previous blog post, we talked about the tiers of offers. Today, we are diving into refining signature offers to grow your business's profit.
The Point of Signature Offers
#1 Consistent, Predictable Income for You
Many entrepreneurs think that to make money, they should charge hourly. While this is a standard concept, it limits your capabilities. Most people end up stressing themselves out, constantly trading hours for cash. As an entrepreneur, this makes consistent income challenging to obtain and manage.
I heard my friend Tara Geraghty from the CH Hey Girl You Can Club say something to the effect that the financials in your business are not magical but mathematical. It is true! Let’s take a look at a quick example: If you want to make $100,000 in your business by working 50 weeks out of the year, charging by the hour looks like this:
$100,000 revenue goal divided by 50 weeks (assuming you are taking time off) means you need to make $2000 per week to produce that income.
If you charge $125 per hour, that means you need 16 clients per week to hit that target.
You will need 832 clients to make the desired $100,000 income goal in a year.
Yikes…am I right! That is an insane number of clients! Now, let’s take a look at a signature offer model instead.
$100,000 Revenue Goal
Signature Offer is $2,500 6-Month Coaching Program
Number of Clients = 40
Only 40 clients! So much better! Just thinking about the difference in leads you would need to generate in order to get 832 clients as opposed to 40 is mind-boggling.
#2 Providing the Best Service to Clients
Not only is the “trading hours for dollars” a broken financial model, but it does not serve your clients either.
Servicing clients with just one session is often more detrimental because they don't make progress and don't become super fans of your work. Just a bite of what you have to offer is not satisfactory.
The best mindset to have in creating a signature offer is to have the highest possible outcome for your clients as the end result. How do you do this? By creating solutions on pain points.
Creating Offers on Pain Points
Designing an incredible offer is nothing if it doesn't provide a solution to your desired clients' problems. There are two critical parts of that sentence to note. #1: “desired client” and #2: “providing a solution to a problem.”
Desired Clients
Let’s take a quick moment to talk about your desired client. You (at this point) likely know who it is you want to serve. For me, my desired clients are women between 35-55 who are in the process of building a business. So, you aren’t going to see me reaching out to teenagers ready to head to college or men who love the job they are in. Therefore, you must have a decent hold on who your desired client is before continuing. Not sure? Book an appointment with me to talk about it.
Providing a Solution to a Problem
The best selling products are those that solve a problem. So, I want you to imagine your desired client and ask yourself these questions:
What do they struggle with?
What causes them pain and stress?
What challenges, concerns, or frustrations do they have?
How long will it take for you to help them?
What level of commitment do they need?
What results will they get by working with you?
What goals can they expect to achieve by the end of what you offer?
Answering these questions helped me shift my mindset from offering one-off coaching sessions to delivering impactful results and programs. This led in more predictable income and profits for my company.
5 Steps to Creating a Signature Offer
Now that you know the "why" and the "who," it is time to start building your signature offer. I encourage you to follow these five steps.
#1: Market Research
As we said above, creating a signature offer is based on knowing the solution to your clients' problems. Start by doing some market research. Survey your current clients and ideal clients. What do they need, struggle with, and want? How can you help them achieve their goals?
#2: Define a Result
Not everyone will have the same results or wants it. However, when designing your signature offer, you must be clear on what they get from working with you. Not only can you provide them with “X” materials, classes, or whatever, but you should define a concise result like “25% increase in social media engagement” or “10% increase in lead generation.”
#3 Create an SOP
Next, you need to create a Standard Operating Procedure (SOP) to implement your offer. What days do you meet, what platform do you use, what do you teach? Is there homework? What resources do they need, or do you offer? Worksheets, videos, etc. Having it all laid out in advance prevents you from scrambling during the offer and makes it easy to adjust as you continue to learn and grow.
#4 Name It
Now name it! This will help to market it. Make sure it is a catchy name and that clients will resonate with it. Plus, make sure to be consistent with your brand as well.
However, while naming is essential, I want to caution that it should not halt progress for too long. Finding the PERFECT name isn't necessary; it just needs to be good enough to get going.
#5 Talk About It
Lastly, you need to develop a marketing funnel for selling our offer. How will you attract, engage, and nurture potential clients to get them to buy? In some cases, you can offer a free opt-in, introductory call, or mini-something that can give your clients a taste.
Think of Costco! They offer samples to entice customers to buy whatever they are selling. A funnel can also be a sales page you drive people to for them to purchase your Signature Offer.
Go Confidently with Signature Offers
Obviously, following a blog post can only go so far in helping you achieve your goals of refining your signature offers. I, personally, recommend using a coach or mentor who has been down this road before to help you get started and nudge you in the right direction.
This is something that I help my clients cover during our group coaching program. If you want to learn more, I encourage you to reach out about my group coaching program coming up!