On this week’s Dear Katie episode, I’m breaking down this question I received from a client: I have a decent close rate of 25% – 30%. For people I don’t close, it’s often a pricing objective. We have a high ticket offer, which isn’t a good fit for some. Any thoughts on what to do with those people who we’d like to work with but can’t afford us?
I really like this question because the firm has spent the time nailing down its high-ticket, high-value offer. The close rate is also in a good spot, so that’s really good news.
I always recommend that you nail down one offer, learn how to sell it exceptionally well, and then move on to other offerings. Too many firms make the mistake of trying to sell too many services to too many types of people that they never nail down their sales process.
Once this is nailed down, let’s talk about how you and my client can expand their offerings to serve those people who seem great on the discovery call but just aren’t quite at the level to invest in working with your team.
If you’ve been networking properly, you likely have a few connections that can become referral partners. This option is a no-brainer option, and a strategy that I’ve found to be under-utilized.
For example, let’s assume that you work with real estate investors who earn over $1 million per year.
You receive quite a few leads from clients who want to use your service but make under $1 million per year.
Why not refer these leads to someone else who can serve them?
You should also find others who can serve your same clients, such as:
You can work out your referral fee with each partner. Sometimes, you’ll be paid a percentage of the fee for sending the client over, or you will simply send referrals to each other. Find an agreement that works best for both of you.
And, once you do have a referral partner, why not consider a paid course?
Courses can be a great way to serve people who are open to taking a DIY approach to accounting-related matters.
Yes, courses take a lot of work to create, but once they’re created, they can be a great source of steady, passive income. Each time a person enrolls in your course, your revenue increases without you having to do any extra work.
One of my clients created a course that covers much of what they do for businesses day to day. Now, when their firm connects with prospects who don’t have the budget for their services, they can direct them to the course.
Courses allow clients to take a DIY approach until they’re ready for DFY. And when they are ready, they’re sure to think of your firm first.
Another way to serve clients and add revenue to your firm is to offer a paid community. One of my clients was in a similar situation to the client who asked this question.
They decided to launch a paid community. Clients pay a monthly fee and in exchange, get access to a variety of resources. For example, they may get monthly calls where they can ask the firm owner questions.
Their community has been a great way to pick up low-hanging revenue on discovery calls and serve more people.
Here’s another strategy that is a no-brainer, but so many firm owners don’t offer it. With a one-off paid consult, you can help business owners who aren’t ready to invest in your services yet. And believe me when I say that you can cover a lot of ground with a business owner in an hour or two.
One-off paid consults are ideal for prospects who:
When offering this service, make sure that it’s clear ahead of time what you’ll cover and accomplish during your meeting.
One tip here: make sure that the client pays for the consultation upfront. I learned this the hard way. Do NOT allow clients to schedule your paid consult without making a payment first. The last thing you want is for someone to take up space in your calendar and be a no-show without paying you.
How much do you want to charge for this session? That’s up to you. Maybe it’s a couple hundred dollars or maybe it’s a thousand dollars. Consider what value you provide and what feels good to you.
There you have it: four ways to add more revenue to your firm and serve more clients this year. But remember – before you start focusing on these offerings, nail down seling your high-ticket, high-value offer(s) first.
And, that’s a wrap on this Dear Katie question.
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Now I want to hear from you. Do you have a question?
Until next time, cheers to your success!
Katie
Consider offering alternative solutions like referral partnerships, paid courses, or one-off consultations to accommodate clients with budget constraints.
Referral partners can help you serve clients who can’t afford your services by directing them to other professionals, allowing you to maintain a relationship without losing potential leads.
Yes, once created, paid courses can provide a steady stream of passive income and serve clients who prefer a DIY approach until they’re ready for your full services.
A paid community offers clients access to resources and support for a monthly fee, generating additional revenue while keeping your firm top-of-mind for future services.
One-off paid consultations allow you to assist clients who aren’t ready for ongoing services. Ensure clients pay upfront to secure their spot and clarify what will be covered in the session.
Nail down your high-ticket, high-value offer first. Once that’s established, you can explore additional offerings to serve a wider range of clients.