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Are you worried that your audience isn't large enough for you to really get traction and hit six or seven figures? Maybe you've been told you need hundreds of thousands if not millions of followers to be successful.
It simply isn't true. Now are there benefits to having a large audience? Absolutely, but don't let that hold you back from moving forward and establishing yourself as a six or a seven-figure coach or consultant. I've been helping entrepreneurs for over a decade and I’ve seem a lot of applications come through.
I've had people apply to work with me with half a million to a million followers that literally were earning less than $200,000 a year in their business! On the flip side I've had many people apply to work with me that had built successful referral based businesses and had virtually no social media presence (we're talking less than 1,000 followers!) and yet they have a high six figure business.
So if you're on social media and looking at your competition and fretting about your small audience, don't because in this month’s newsletter, I’m going to show you why you don't need a big audience to hit six or seven figures in your business. Let’s dive in.
How You Price Your Services
The first key to hitting six or seven figures in your business without a large audience comes down to how you price your services. Take the number that you want to make, say it's $250,000, and then calculate how much of your services you're going to need to sell in order to hit that number. Now if you're selling low ticket, you're going to be caught in a volume-based business. This means you will need more people in your audience to buy from you.
If you have an ultra high ticket business, you're not reliant on selling more and more of your services to hit your goals. Big results can be achieved with a fairly intimate size network. Say you are selling a $5,000 coaching program. You would need to sell 50 of them every year in order to hit a quarter million dollars in your business. That's a lot of volume and if you're not running paid advertising, you are going to need a fairly good size audience of your ideal client in order to hit those numbers.
Keep in mind that with a $5,000 coaching program, most of the time is going to require a sales call. The average close rate and the industry is about 20%. This means that about one out of every five people that will book a call with you will buy. So if you take that number of 50 closed sales and multiply it by 5, you would need to have 250 sales calls within a year! You can easily see why if you have a lower priced service, you're going to need to start to have a bigger audience to hit your goals.
Now let's say you have a $25,000 program. You're only going to need to sell 10 of those a year. If we use the same industry standard, it's only about four sales calls per month which is much more doable. Let's go even bigger. Imagine you have a $50,000 coaching program. You're only going to need to sell five of those per year which is only two sales calls per month. Or I've got many clients who come to me to help them sell six-figure packages. Then you're only going to sell one or two to hit your numbers. That's pretty incredible right?
As you can see, if you price your services high enough, you won't need a large audience to have a six or seven figure business. And it's easy to use the math to see how we can 4x those numbers across the board to get to seven figures.
Quality Trumps Quantity
The next key to making six or seven figures in your coaching or consulting business without a large audience comes down to exactly who is in your audience. This is where quality trumps quantity. I've worked with many clients with large audiences. If you were to look at their social media, you would think they were really successful but they're actual numbers do not align with that external “image of success.”
I've also worked with so many people who you've never even heard of because they don't have a social media presence. Yet these entrepreneurs are actually really successful.
They come to me because they want to tap into the power of building their influence online and generate revenue outside of referrals.
So as far as having a large number of followers, if your goal is to build an influencer style business then absolutely you need a massive following, however for most coaches and consultants, that is not their end goal.
They're in the business of making an impact. They are in the business to serve clients whether that is coaching them around leadership, making an impact with teams in organizations or helping someone land their dream job or grow their business. If this is the case, and again you structure your prices the right way, the next step is to focus on building a really high quality network. If you have a network that is large but it is not composed of your ideal client, meaning they will not be able to afford to pay you top dollar for your time, then you're going to have a really hard time hitting high six and seven figures in your business.
On the flip side, if you take the time to carefully curate a network of decision makers, then you won’t need a large audience.
It's important to know that four out of five users on LinkedIn are decision makers. If you want to sell six-figure engagements to organizations, curate an audience of decision makers and then create a relationship where you educate them on what you do and ultimately seal the deal on a six-figure package.
I had a client who was brand new to the coaching industry coming from corporate and really was struggling to get traction on his own. Following our system he landed his first six figure corporate contract and his audience was pretty small. I've had other clients that are more established come in and we make upgrades to their messaging and positioning and really start to leverage their existing network and they're able to bring in six figures where previously they heard crickets.
Having Messaging That is Relevant
The final key to earning six or seven figures a year as a coach or consultant without a big audience is making sure that your message is relevant. 90% of the coaches and consultants that come to me have a fundamental communication issue. You can go out and pay a digital marketing agency to create content for you and they'll charge you anywhere from $500 to $5,000 a month and it does absolutely nothing for your business. If you want to be successful, you have to have messaging that cuts through the noise. We live in a highly distracted society. Attention is the new currency.
It’s important that you have not only the right messaging but the right marketing strategy to capture that attention.
It has to go beyond vanity metrics. Some of my best content, meaning content that actually generated leads into my business that led to ultra high ticket sales, did not get a lot of engagement.
This is why it's really important to work with an expert strategist who understands how to unlock your genius. One who can help you create a powerful solution that you can then message and position in a way that attracts people that can invest in your services at the highest level. It goes beyond just posting random inspirational quotes or videos. It dives deep into really understanding the psychology of what your ideal clients are facing and how you can create expert authority to position yourself as the very best person to hire to solve these problems.
This wraps up how to make 6 or 7 figures as a coach or consultant without a large audience. Want our help? Watch our free training here.
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About Jessica
Jessica is a genius at showing entrepreneurs how to build an expert platform, rapidly raise their value, build their credibility online and attract high paying clients. She travels the world teaching and inspiring entrepreneurs and helping them grow their influence and make the income and impact they desire.
