2. FEATURE: The Power of Packages

Scott Hallman REALLY knows business.

So in this issue of MentorMonthly I’m bringing you his article
on how to greatly increase your revenue with packages…..

How To Turbo-charge Conversion and Skyrocket Profits By Finding “Sweet” Spots in Your Product or Service Offerings

Recently we have been having enormous success with teaching clients how to use packages – that is a combination of products or services that create greater perceived value and allows you to reach different price points in the market place.

Here is one of the three ways we teach on how to use The Power of Packages to instantly increase profits without spending a dime.

Tony Robbins Gets it – To the Tune of $1.7M Per Event

My friend Chet Holmes invited me to attend a Tony Robbins Unlimited Power Weekend. To my amazement, there were 3,500 people there. I noticed that people had different colored name tags and quickly learned that that was based on the “package” they signed up for. The basic “package” seemed to include the right to sit 400 rows away from Tony and a free name tag holder for $995. Then you can upgrade to the Executive Package that cost $1,295 that gives you the right to wait in line for 45 minutes before you get to make a mad dash with 1000 other people to try to get the best available seat….and you get a free coaching session (another word for soft sales call)….and then the VIP…even closer seats and a few more slicers and dicers at $1,595…then Diamond at $2,095 which lets you sit upfront and includes several extra cool things…and finally Diamond Premier at $2,595.

Based on the seating chart I created a quick Excel chart and guesstimated that this “packaging” strategy adds about $1.7M in revenue to the event I attended!

It hit me that there are ALWAYS people that will pay for a premium service. Yet few businesses take advantage of this simple to use strategy.

Real World Example #1
Increased New Clients Revenue by over 325%

Derek Lee of betterHealth used packages to increase average client revenue from $450 to over $1,500 by offering a package of services that are delivered over a 12 week time frame. And the cool thing is they created it and tested it on 6 prospects in just one week….all 6 took the upgraded package at an average of $1500!

Real World Example #2
Doubled profits on 20% of the Customers

Pasha Lake Cabin’s income is limited by the available cabins to rent. So they recently decided to create special premium packages that include fishing guides, special meals and more. This is a new offering but they expect 20% of the lodgers to take the package upgrade.

Real World Example #3
Increased average patient income by 30%

Dr. Eric created premium packages for the purpose of making their standard package look like a great deal…but unexpectedly, over 50% of the people opted for the premium package that cost 60% more!

As with every strategy I share with you, the Power of Packaging costs virtually zero to create and test. So go for it and ProfitNOW™.

For coaching, you can use packages in several ways:

• Sell a “package” of months as opposed to month to month coaching. If you typically keep clients for 4 months, try selling a six month package at a discount. This can dramatically increase your income per client.
• If you provide more than one service or product, bundle these at a discount. For example, a Fitness Coach could have a Platinum Package that includes 24 training sessions, the supplement pack, and a body fat index test.
• A business coach could have an “upsell” package, four hours a month vs standard two, or a “downsell” package of two half hour sessions. This not only leads to increased revenue per client but also an increased client conversion as well.

So create a few versions of packages and test them out. You will be surprised how many people take advantage of them…and how your profits grow.

To Your Success,

Scott Hallman

www.smallbusinessgrowthclub.com

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Action

1. Brainstorm a list of packages you could offer your clients.

2. Choose one to test out this month. Share with the blog how the package works.

3. If you already use packages in your business, share with the blog your experience with them.

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