The 4 Product Levels of Coaching
by Benay | Jun 4, 2013 | Creating Coaching Products |
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Your Most Valuable Asset
Your absolute most valuable asset is your time. Unlike money, it’s something you can’t make more of.
No matter how efficient you are in your coaching business and no matter how many coaching hours you log, there are still only 24 hours in each day, 365 days per year and maybe 50 productive years in your life. This means if your coaching business is purely focused on selling one-on-one coaching (selling your time for money) there is eventually going to be a cap on your earning potential, not to mention, the high possibility of burn-out!
So, given the limited time you have to live a fulfilled life, it’s pretty important to set up your coaching business in a way that gives you more life and your optimal lifestyle. And NOT to create a JOB that sucks life away from you.
Make Money with Less Time
Fortunately, there is a practical and straightforward framework, us coaches can use to make money with less time (so we can enjoy our work while also enjoying all the other parts of our life too). We do this by creating products that fit within the 4 Product Levels of Coaching (see table below).
The first two levels (freebie and information products) are my favourite because you can work your butt off for a few weeks, build an awesome product and then sit back and make an income while you do other things that you love to do. Another great factor is that you can sell as many copies as you can find buyers for because sales and product delivery happen without you!
The final two product levels (group programs and one-on-one coaching) are also great to have in your coaching business. BUT, keep in mind, every time you sell one of these products, you’ll need to spend your precious time to deliver the product!
So, smart coaching businesses have products at two or more levels to best leverage their time and income. As every coaching business is unique, there is no one-size fits all approach to deciding what levels YOU need. So, you can relax – you don’t need all four levels if you don’t want them.
Think about what you want your business to give you. Then choose the levels that will get you what you want.
A Brief Overview of Each Level
Level 1: Freebie
A freebie is a product that helps someone take the first steps to solving a common problem in your coaching niche. It is available from your website in exchange for a prospect’s email address and should be extremely COMPELLING to your audience.
A freebie can come in many different forms. It can be a worksheet, workbook, eBook, email course, free video, template, etc. Choose a medium that you and your audience like and get crackin’!
Level 1 is the first serious touch point you have with many of your prospects. Then, once they are in your communication circle, you can build a trusting relationship with them (in a mostly automated way). As you give value to your subscribers, you become their go-to expert.
Level 2: Information Products
Information products are online resources that people buy. Your information products usually build upon your freebie or provide the next step(s) to solving the big problems in your niche. Information products can be Kits, eBooks, Video Series, Online Self-Study Programs, etc.
Level 2 is an amazing level because once you get the product set up, you can sit back and watch the sales roll in for years. This, of course, assumes that you’ve got the basic marketing structures in place!
As an example, I launched my very first product, The Coaching Starter Kit, back in 2009. I’ve made some minor updates to the product over the years, but it is still selling!
Level 3: Group Programs or Courses
Group Programs are about systematizing your coaching into repeatable processes. Your programs enable you to guarantee predictable results every time (providing the client does the work!).
You develop the course material once and over time, reuse it with many clients. You can and should especially run your program(s) with groups of people concurrently, as this is an effective way to maximize the financial return on your time.
Level 4: One-on-one Coaching
One-on-one coaching is when you coach one person at a time. It is your most premium service, and its price should reflect this.
Paradoxically, level 4 is where most coaches tend to start and where many coaches can get stuck (it almost caught me). If that’s where you are or where you are heading, beware! You’ve got all of your eggs in one basket, and it may be time to diversify.
Where Are You Now?
Looking back, if I were to do it all over again, I would start with level 1 and build my way up from there – selling one-on-one coaching last (if at all). However, to do this you may have to go against what you see most of your fellow coaches doing (i.e. being 100% focused on selling their time for money).
Remember that as a life coach, you have a responsibility to live a full and rich life yourself. This means being all that you preach, being smart in your business, and leveraging your time and expertise to have a successful business AND to live your dreams now – the 4 Product Levels of Coaching will help you.
So, think deeply about the business you are creating for yourself. Does your current business model help you build the life you want to live? And what new products can you add that will make the most difference?
I’d love to hear your thoughts and ideas in the comments box below.
