Cash flow is a huge challenge for most entrepreneurs. That is why this month’s tip is an instant life-saver and game changer for so many entrepreneurs. I do not know of any other business tip more likely to get revenue (and I am talking big dollars, multiple thousands every month) flowing quickly and relatively easily into your business.
Interested? You should be! Read on…
The purpose of this month’s business tip is to help you:
Create a VIP offering that gets great results for your clients
Price it based in the value your clients receive
Implement it right away and get money flowing into your business fast
Why I love VIP offerings so much
Every entrepreneur has a special performance zone that combines their passion, experience, talent and skills best. We call this their genius zone. Your genius zone consists of tasks you love to do and are very good at.
Chances are very high that your business is already based around this genius zone you possess.
Now imagine what happens if you take all this special talent, and create a high intensity VIP experience for your clients that uses YOU at your best and gets THE CLIENT an amazing result… usually very rapidly. And imagine what your client would be willing to invest in getting this help, and then imagine banking that check!
Here is a good question to ask yourself to help choose what service to offer.
“What is the biggest problem that my target market faces that I have a great solution for?”
Ryan is a fabulous copywriter. However he finds writing exceptional copy time-consuming and a bit lonely. So he has developed a business where he teaching others to do copywriting by webinar, writes popular blogs about copy, uses his own copy in a number of his own ventures. He also has a few info products he has created on this topic and is hired for special one-off copy-writing jobs.
Ryan decides to use his genius zone to a client’s best advantage and create a VIP high intensity experience. He creates one amazing day experience where he and a special client will huddle up for the day in a delightful location, and revamp the client’s entire marketing campaign. All his ads, sales autoreponders, brochures and even his website page.
Ryan puts his inordinate talent to use and with the customer edits and spruces up all their marketing info in just 1 day.
This is a HUGE value to the client because copy is really hard to do well, and it is so expensive to hire copy-writers. The client sees high value, he LOVES that by the end of the day it is all done. He doesn’t have to spend weeks educating the copy-writer on his style or getting to know his business… they do it together. Wow!
The client is treated to a lovely location, a special lunch and he is really bowled over by this unforgettable day in his life.
Ryan finds this easy. Copy-writing is so natural for him it rolls of his tongue very fast and he doesn’t even feel nervous about this day, he is just excited. He has priced the day at a high price point, so he is happy to shower the client with a few luxuries to make the day even more special.
Ryan charges $7,000 for this day, paid up front, or about $1,000 per hour.
This example illustrates the typical elements of a VIP offering. You are working privately or semi-privately with your best clients, working hands on with their business and giving them the very best of you. You have imaginatively pulled out all the stops to create very high value and a totally unique experience.
Top 10 Reasons Why High Intensity VIP Offerings Rock
Here are the big reasons why VIP Offerings are so powerful and profitable. They have many benefits and plusses, namely:
Deep value for your clients
Fast results for your clients
Easy to execute
Easy to sell
Not much preparation
Original and unique means no competition
Excellent relationship builders with your clients
Minimum follow-up or customer service required
Great for beginners
Here are some tips for creating a unique VIP Offering
How to Price Your VIP Offering
The simplest and best way to price your VIP offering is this… Charge a fair percentage of the value you will provide. We suggest 10% of expected client value.
Most early stage entrepreneurs balk at creating high-priced offerings and spend a lot of time creating low-end, inexpensive offerings, thinking these will be easier to sell. This simply is not the case. (Remember most early stage entrepreneurs are still figuring out how to sell effectively, setting up a model where many sales is a necessity is a mistake.)
It is often easier and more profitable to start your offering line-up with your high-end offerings in early stage business, because they use your talents so well, but don’t need much setup or infrastructure. You can use your time and talent instead, and get much needed revenue flowing in your business. Plus some great testimonials too!
How soon can you set up your first VIP experience?
I am going to challenge you to design one this week, and sell it in the next 2 weeks and deliver it in the next 6 weeks.
Really? Yes! You don’t need much setup.
You know how to do this.
You need a little time to imagine and decide how to make the client experience special and extraordinary – be creative.
Call all your favorite clients and offer this to them. Also, offer this at all your next few strategy sessions with prospects.
Be prepared to have a little celebration when your next big check comes in.
I really love using this technique, particularly for entrepreneurs that are still in 5 or early 6 figures. Have fun using it!