Oli says these three steps will allow you to transition from business owner to expert empire:
- Select the right model
- Package, position and market it correctly
- Monetize it by selling high-ticket.
ON THE FLY
Some information-based models work better than others. Oli says you need one with a flywheel effect.
With a flywheel business, we can focus on client attraction and conversion in a systemised service delivery (rather than time-consuming human-to-human delivery).
The more people we add into the online leverage coaching program, the better results we have for more people. That’s because the faster and wider the flywheel spins, the more we can continue to iterate the process to improve it for those who come later.
Oli says the aim is to create a $2000-$3,000 online digital program, a $5000-$12,000 online leveraged group coaching program, and an $18,000-$50,000 mastermind.
SWATTING FLIES (ANTI-FLYWHEEL)
The first mistake people make when creating their coaching or a consulting model is one-to-one coaching or consulting. You don’t want to be doing time-for-money work. You can have much greater impact on more people through the online leverage approach.
The next mistake is done-for-you agency work. Running an agency with more than 10 clients, charging retainers, is largely an unscalable business model that can slip back very quickly.
Another anti-flywheel business model is the $400-a-month membership. Oli says the Player’s Club he developed within his Carvotion business – despite being a million-dollar-a-year success – came with its challenges, including: attrition, chargebacks and declined cards, plus voluntary and involuntary churn.
“A nine-month membership… we may bank $397 a month for, say, 10 months – $4,000 – but that’s if they stick that long,” Oli says.
“Whereas with a high-ticket online leveraged program approach, we’re actually getting all of that money upfront.”
Another mistake lies in defining your high-ticket model.
“Maybe somebody’s told you, ‘Actually, a high-ticket information product is like $97 or $997’. The fact is, it’s so impossible, virtually, to make a lot of those products work with paid traffic because of the costs involved,” Oli says.
“We want to create a $2-3000 online digital program, or we want to create a $5-12,000 online leveraged group coaching program … and a $18 to $50,000 mastermind. These price points … are the only three that you should focus on, and quite honestly, the bottom one is where most people go.
“I always tell people to start between $5-12,000. The unit economics make a lot more sense.
“If you’re looking to build a seven-figure business, there’s lots of ways to be able to do that if you look at the maths of the transaction size.”
MIND THE GAP
Knowing what prospective clients want – the transformation gap between their current and desired situation – is the key to creating the program curriculum.
So ask them.
This is not a case of “build it and they will come” (like in the Kevin Costner movie Field of Dreams).
Oli says a charter program needs to be created first to ensure, 1. it can be sold to five or 10 people and 2. the content is what those five or 10 people desire (the program can be sold before any slides have been made).
“For the few calls that we do with them, we can actually get feedback from them after going through live calls, and those first live calls can be part of the program,” Oli says.
“You can actually create the program as you go, or you can use some live calls to diagnose these things, and then start building the program.
“Either way, it’s great to then start marketing the program and then be always one week ahead of where they are.
“Generally, you will want to distribute over six to eight weeks.
“That’s a good time period to be able to take your knowledge and be able to put it through a program, and it gives them enough time to be able to create that transformation, and they’ve got plenty of time to, obviously, work on it and start getting results.”
Oli recommends six to eight steps/lessons for clients to achieve the results they want.
The goal each week should be to complete four to six modules, with the help of a video, cheat sheets, worksheets, fill-in-the-blanks templates, for example.
But along with information, these “students of business” need the coaching support of one to two Q & A calls each week (depending on time zones).
Oli says some educators offer their clients a one-time purchase to be able to buy access to these Q & A calls for life.
“What I say to most people is, when they first launch their charter program … ‘Look, if you come into this program, it’s $5800 and I will give you lifetime access to the program curriculum. Well, I’ll actually give you lifetime access to our coaching calls as well’.
“Knowing you’re only going to do that for the 10 people, they’re overwhelmed with having that support, and they’re going to be part of a much bigger community in the long run.
“That is absolutely critical to do that and to offer that incentive in the early parts, and for other people that take this on, they then wouldn’t get lifetime access to the program, but they would get 12 months of those Q & A calls each week.”
A LIFE-LONG JOURNEY
Giving participants lifetime access to the program, as well as 12 months access to the coaching, Q & A calls and the learning community, means they will become students for life and no doubt advocates for the program.
Unlike a membership – where participants are gated and ungated, we can just provide great value and build an amazing program, continue to iterate on it, create that flywheel effect, and we can create customers for life,” Oli says.
“There’s no membership cancellations or anything like that … what that also means is, that at the end of that 12 months, generally, they’re either going to renew for another 12 months into another $5-12,000 or they may even ascend – they may actually go up to the next level.”
Don’t need to over-think this program.
You don’t need any expensive equipment or fancy software to create the content.
This is where all the learning will be done, and where all the curriculum will be held.
So Keep It Simple, Stupid. The list above will do fine.
BUILDING A COMMUNITY
Any program must include coaching as well as information within a curriculum.
The client wants proven tools, systems, and resources that lay the path to achieve the results they need.
But on-demand mentorship is a big part of the model.
That could be an app for the phone, or a Facebook group for daily proximity to network other people in the community, helping each other.
The elite community that is built as a by-product is huge and they all take part in this transformative journey over the year and beyond.
It also gives them a structure in which to share positive results and keep motivated.
The expert educator can use the community to uncover what information the participants need to learn.
Now we’ve built this community, we need to manage it.
That will require one to two posts per week on the designated Facebook page and answering client’s questions on live Q & A calls each week to deal with any problems directly.
That will deliver daily support over a 12-month period.
Oli also advocates a self-service portal, where the educator has answered questions likely to crop up ahead of time.
So, launch your online leverage program without a product, bring in your first 10 clients, figure out what they want in the program, immediately start coaching them, and then create the curriculum around that.
“It’s self-service, and that’s the beauty of this delivery mechanism: it’s completely autonomous,” Oli says.
“They are learning at their own pace, they’re going through this, and it’s actually better than a done-for-you experience, because no real business is built on the back of an agency.
“An agency might be good to come in and fix some problems or be a specialist in certain areas, but real sustainable businesses aren’t built that way.”
Blog Post created from Oli Bilson’s DMDU Connect LIVE 2020 Presentation.
If you would like to watch the full presentation, CLICK HERE and start your FREE 7 Day Trial.