A few weeks ago we discussed three scenarios where it may make sense reduce fees (you can read it here if you missed it).
And while they still hold as options, there are other incentives you can offer to convert prospects into clients besides reducing fees.
- I recently heard a radio commercial for a local internet company offering special pricing if you 1/ signed a 12-month contract and 2/ agreed to paperless statements. Makes sense. After all, if they don’t need to print, stuff, stamp, mail the statements plus pay someone to open and process payments, their cost for that customer is lower than those who do get paper statements. As a result, they can pass some of that savings along to the customer while being guaranteed the customer will stay at least a year.
- Have a membership program where you “snail mail” things out monthly? You could offer a “digital only” version of the program at a different price point as the digital version costs less to run/manage. After a few months, you could invite the member to join the “full” membership if it makes sense.
- What can you bundle or include as a bonus to incent prospects to become clients? There’s a storage company that offers complimentary day rental of a truck to move stuff into your unit and also gives you your third month free. This eliminates the “how will I get it all there” objection and ensures that the customer is with them at least three months.
And one more example, if you have a membership or subscription program with live monthly trainings/Q&A, what if you offered a version where members only get the recordings? How would that be different?
When it comes to designing your programs, products and services (PPS), the only limit is your imagination. What can you add? What can you take away? Does it make sense to offer a product or service in an ad hoc way so they pick and choose what they want?
Once you design your PPS, cost it out. What will it cost you to run/manage the program? Month 1 and ongoing. Note that Month 1 is often higher if you include on-boarding or special welcome kits/bonuses (we’ll cover this more in an upcoming article).