Are you struggling to generate leads and clients for your coaching business? If you answered ‘Yes,’ you are not alone. In fact, according to various studies, businesses worldwide have confirmed that lead generation and getting new clients is within the top 10 challenges they continue to face.
So, in today’s newsletter I want to introduce you to a tool that will help you gauge what you need to do in order to increase leads (and ultimately clients), and where the gaps are that could potentially be letting leads (and clients) slip through the cracks.
The tool is my ‘Pipeline Assessment’ tool.
I created this tool initially for my clients to be able to see a visual diagram along with the impact small changes can make in terms of growing their audience, generating leads, having sales conversations, and ultimately enrolling customers into their coaching programs.
I’m sure you’ve heard business mentors say that the way to increase sales is by increasing either one of these things:
- Stage 1: Exposure to a larger audience; [Awareness]
- Stage 2: Number of people who will show interest in learning more from you; [Leads]
- Stage 3: Number of people who then book a time to speak with you to find out more about your services; [Enquiries]
- Stage 4: The price of your programs. [Clients]
And, if you increase each of these stages by a small percentage, you can see an impressive increase in your overall business revenue.
The Pipeline Assessment Tool will help you pinpoint and track each of the stages.Let’s look at an example.
If you were to speak to a group of 20 people who are your ideal clients (awareness), then there is a likelihood of 40% of those people who will want to access further information to learn more from you. That’s 8 people.
Out of those 8 people who have been following you and learning more from you, you know that 20-30% of those people will book a call with you to find out more about your programs. That’s 2 people.
Out of those 2 people, you know that 50% of them will say ‘Yes’ to working with you. That’s 1 person.
If the investment of your current coaching program is $1497 – you have just generated $1497 in revenue.
Note: I’ve used average industry standards in the percentages.
Now imagine you increased the numbers in Stage 1. Instead of speaking to 20 people, you speak to 100 people. Let’s calculate what that would look like:
Stage 1: 100 people x 40% = 40 people
Stage 2: 40 people x 30% = 12 people
Stage 3: 12 people x 50% = 6
Stage 4: 6 x $1497 = $8982 in total revenue
Now imagine you increased the investment level of your coaching program to $2497 (because after working with multiple clients who are generating wonderful results, not only does your program become more valuable, your experience and value as a coach increases too), you’ve increased your revenue by $6000, with a total of $14982 as your overall revenue.
And, if you continued to improve the conversion percentage throughout each stage of the Pipeline Assessment Tool, that too will see an increase in your overall revenue.
Your next step is to go through the Pipeline Assessment Tool starting in the middle and following the arrows. Answer the question in each stage to determine whether or not what you are doing in that stage is working, or not. If it’s not, you know you have some work to do.
Overview to you – what do you think? Will you find this tool helpful?
One word of caution though – you can continue to increase your exposure and brand awareness to a number of people, however, if your message sounds like every other coach/consultant and is not unique and uncopyable, then you’re not going to build the momentum you need to get people through your pipeline.
My advice would be to focus on creating a unique and uncopyable message first. Then begin to increase your visibility in Stage 1.
If you realise you need to do some work on your message, but you’re not sure whether to start, book in for an Authority Audit so, we can pinpoint the best place for you to begin.