The Secret to VERY Profitable Coaching: Cost of Marketing or Cost of Acquiring a Client
When you start thinking about marketing or advertising your coaching business, is your biggest concern
- Cost of Marketing and keeping that low
- Cost of Acquiring a Client
Most coaches are more concerned about what this next marketing effort will cost. But imagine for a minute that if every time you spent $100 you would acquire a client that would pay you $1,000 a month, or about $12,000 for the next year. Isn’t that a 120 times Return on Investment?
Let’s take a look at what we can do with this new thought?Did you ever do some marketing/advertising and said to yourself, I can’t afford that, too expensive?
Most coaches do. In fact, they try to go for the cheapest marketing, and more often than not, FREE marketing. If, however, you aren’t looking into what it actually costs you to acquire an average client, and what that client returns to you on the average, you every well might be making the mistake that most coaches make that keeps them from making any money, or at least making what they’d like to be making.
Would you spend $100 if every time you spent it you’d acquire a $1,000 a month client? Or how about $500? Or maybe $1,000. Do you KNOW for a fact where your upper limit is, and why?
What it costs you to acquire a client is not limited by how much you spend on any particular type of marketing, such as newspaper advertising, paying for leads, websites, etc. What matters is the marketing message, what you say in that marketing, and what you promise as the results and value. It’s your marketing message that determines what it costs to acquire a client.
So, what do you say now when you meet someone in networking? When they come to your website? And what is your current return, how many clients for each one that sees or hears the message, and how many dollars return from that initial cost.
If you don’t know right now how to answer that question, then you’ve very likely been focused on the wrong things in your coaching, and marketing of your coaching. And once you know how many clients you get for how many dollars invested in marketing, do you know how to constantly acquire more clients, or even acquire more clients for less cost?
Now Let’s Look at FREE Marketing, and What It Costs You
Most coaches call networking free. But let’s say that you go networking 3 times a week, and each time takes up drive time to and from (45 minutes each way), plus a couple of hours at each event. That’s about 3 1/2 hours for each event, and 10 1/2 hours a week, or about 42 hours a month. That’s almost a week of work, right? So let’s say that you want to be making over $100/hour. So 42 hours is about $4,200 a month that it is taking away from your income.
Now, how many new clients do you get for every $4,200 you spend in that time? How many dollars do you get from those clients?
Most coaches, don’t measure this time because they consider it FREE. It isn’t.
Imagine that if you developed a marketing message that delivered one new client for $200 of advertising. Shouldn’t you just spend $200 to buy every client you wanted that would return $1,000 a month, or $12,000 a year?
And suddenly you free up 40+ hours a month that could be used for more clients, then just go buy them.
It’s important to realize that every marketing message, what you say in your marketing, has a constant average deliverable of number of clients every time you say it, and number of dollars return every time you say it. So, if right now you don’t know what your current marketing message delivers, it’s likely your focus has been on the wrong thing. but once you get a marketing message that delivers, then, it’s simple, the next step is acquiring more clients by saying that more often, or spending for that particular marketing more. And then focus on acquiring clients at even less cost by making that marketing message better and better
And that’s what I show coaches/consultants how to do, develop the marketing message that attracts clients to them, and even has the clients begging for your help.
Would you like to have people asking you to help them every time you shared a marketing message, a story, a speech, or the first time you met? If you’d like to develop a marketing message that would have your ideal client begging you to help, check out this video class where I’ll take you by the hand to help you start attracting them to you, to beg you to help them.
Check out Video Course at a significantly reduced price Get Coaching Clients Attracted to You — Have Them Begging You to Help