by Jonah Cockshaw, Founder of FITMEDIA
What We’ll Be Covering in This Session
In this session, we’ll be covering:
👉🏼 What is your ‘Offer’?
👉🏼 What is ‘Value’?
👉🏼 What is a ‘Commodity’?
👉🏼 Why you should have a ‘high-ticket’ offer
👉🏼 The 5 steps to create your high-value offer
What Is Your Offer?
In its simplest form, your offer is the product, service, package, program or membership that you sell to your clients.
You could also view it as the wider solution you’re bringing to the market, which could be broken down into multiple products or services.
For example, your offer could be your new 12 Week Transformation Program for Female C-Level Executives, or it could be your new ebook, or it could be your online course, or it could be all of these things at the same time. We’ll get into this in a moment…
What is Value?
Before we get further into this, it’s important to understand what value actually is, and to detach our understanding of value from things like price and time.
👉🏼 Value vs. Price
Remember this quote: “Value is what they get, price is what they pay.”
👉🏼 The Value Equation
The value equation consists of 4 key ‘drivers’. The top two want to be increased, and the bottom two both want to be decreased.
What is a Commodity?
“A product or service that is indistinguishable from ones manufactured or provided by competing companies and that therefore sells primarily on the basis of price rather than quality or style.”
Examples of commodities in the fitness industry include:
- Selling Personal Training sessions at £50/hr
- Selling a gym membership at £100/mo
- Selling an online coaching service at £150/mo
Regardless of the amount you’re charging, if your service is essentially indistinguishable from that of your competitors, then you’re a commodity. You’ll always struggle to charge significantly more than the market ‘average’, and instead, you’ll soon find yourself charging less in order to remain competitive.
👉🏼 Why do people end up with commoditised products?
You’ll quickly end up with a commoditised product when you do the same thing as 99% of the market…
- Look left and right
- Figure out what your competitors are doing
- Take the average
- Offer a bit more
- Charge a bit less
Doing this will enter you into the ‘race to the bottom’, and you’ll want to get out of this race… FAST.
In this training, we’ll be revealing how you can break out of this commoditised business model.
Why Should You Have a High-Ticket Offer?
First of all, the definition of ‘high-ticket’ will change depending on who you’re talking to. So, for simplicity, we’ll say that it’s anything north of £1,000 (or $ or €).
Great, so why should you have a high-ticket offer? Here’s some reasons to consider:
- You can immediately reinvest larger chunks of cash into your marketing and lead generation
- Bigger investment from the client means they’ll be more psychologically invested to (this generally leads to better relationships and results)
- Perceived value is much, much higher which makes it harder / impossible to compare with your competitors
- If you double your price and lose half your clients immediately, you’ll be making exactly the same amount of money as you are right now but with more time to invest into the growth of your business and your clients’ results
How Do We Actually Create This Thing?
Awesome, so now we know what an offer is, what value is, what a commodity is and why having a high-ticket offer is highly encouraged if you’re looking to grow your fitness business.
But how do we create a high-ticket offer that people will actually want to buy?
Well, here’s the 5 steps:
- Identify the desired outcome
- List the reasons they haven’t already achieved it
- List the solutions to those problems
- Decide on your delivery vehicle(s)
- Refine the deliverables
Step 1 – Identify the Desired Outcome
This step should be relatively straightforward, but it’s well worth thinking about and being clear on.
For example, your ideal client’s desired outcome could be losing a certain amount of weight, eliminating stress, getting stronger, running a marathon, fitting back into old clothes and so on.
This shouldn’t be overly specific, unless you’re confident that your further reduced market size will be viable.
Step 2 – List the reasons they haven’t achieved the desired outcome
This is where we dig a little deeper and list the reasons as to why your ideal client won’t have already achieved this desired outcome in the first place.
This is either going to be real and tangible reasons, or it’s going to be limiting beliefs and / or behaviours that they’ve picked up over time.
For example, these could be:
- Not knowing what to buy when they do the food shop
- Thinking that healthy cooking is hard
- Not knowing how to track their caloric intake on a day to day basis
- Getting to the gym and feeling uneasy / intimidated / not confident in their ability
- Thinking that the key to weight loss is endless hours of cardio and not being able to commit to that
- Unsure on how to start working towards their goal / first steps
Step 3 – List the solutions to those problems
Now we’ve got a (hopefully) long list of limiting beliefs and behaviors that have held your ideal client back from achieving their desired outcome, it’s time for us to list the solutions to these problems.
Here’s some examples of what this will look like:
- Initial goal setting session to clearly define your desired outcome and your most immediate next steps
- Access to my library of recipes and healthy cooking guides
- Full training on how to use MyFitnessPal to keep track of your calories, even whilst you’re away from home
- Mini-course on myth busting cardio and how doing too much will harm your results
- Access to a community of goal-focused women to keep you accountable
Step 4 – Decide on your delivery vehicle(s)
Now we get to decide how each of these solutions will be delivered. This is where we start to see this thing taking shape!
Here’s the key components and factors you want to consider when deciding how you will deliver your offer to paying clients:
- What level of personal attention will you provide?
- 1-on-1
- 1 to few (small group)
- 1 to many
- What level of effort is expected from them?
- Done for you (DFY)
- Done with you (DWY)
- Do it yourself (DIY)
- Where and how will this content be consumed
- Live content / real-time delivery
- Self-serve content portal
- Downloads
- What format will this content be in?
- Course content
- eBook / written guides
- Coaching calls
- What level of support will be offered?
- 24/7 text message support
- Weekly video check-ins
- Support via a group (Facebook Group, for example)
- Run the 10x / 1/10th test
The premise of this test is to take each component of your offer and think…
“If I were to charge 10x my price for this, what would I do differently?”
And then also ask yourself…
“If I dropped my price by 90%, and still needed to make this better, what would I do differently?”
Step 5 – Refine the deliverables
Now, at this point we’ll have a clearly defined list of problems, solutions and deliverables.
This is fantastic because we know exactly what problems our offer is solving for our ideal clients, and how it’s going to just about guarantee their success AND be worth every penny they’ve invested.
Our next and final step here is to refine our list of deliverables and actually throw out any that aren’t directly influencing our value equation in a positive way.
For example, if X is really time consuming and / or expensive to deliver but doesn’t provide much added value to the client, let’s throw it out.
OR
If there’s a better way of delivering the same / similar amount of value in a way that’s cheaper and / or easier, let’s do that instead.
We don’t want to be overly stingy here, but we also don’t want to create bottlenecks later down the road. We want to be able to truly serve as many people as possible with this and genuinely change their lives.
What’s Next?
In our next training, we’ll be diving into how you can begin generating your first leads through social media (without any ad spend!)
If you have any questions between now and then, don’t hesitate to let me know!
If you want to make that path quicker and easier to market to your clients, check out all the client management tools that we offer here at My PT Hub. Or, better yet, try them out for yourself with a free 30-day trial starting today!
