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Advice Pool - Building a Successful Coaching Business - Marketing Funnel - 20% to 70% Take the Next Step
I'm always amazed that most coaches really don't know how to market their own business. And I'll be the first to admit I can remember the time when I was there, and even when I started and THOUGHT I new how to market. But I keep finding more and more intricacies that work better and better. The step I am about to show you has gotten reports from some of
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
the coaches I have coached to build their business as hitting 20% to 70% of the prospects they touch.
A Marketing Strategy-They Will Beg You to Coach Them
There is more to marketing than just who you reach out to, how many you reach out to, and what you say when you do reach out. What we are about to talk about is just one strategy i
A Marketing Strategy-They Will Beg You to Coach Them
There is more to marketing than just who you reach out to, how many you reach out to, and what you say when you do reach out. What we are about to talk about is just one strategy i
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
a bigger strategy of how you lead those you do touch through the process of getting to know you and, eventually getting them BEGGING to do business with you.
Notice something here? I said BEGGING to do business with you. We could reach out to a cold market and say something that might get 1% to 5% of them to come to you with a little curiosity and you
Notice something here? I said BEGGING to do business with you. We could reach out to a cold market and say something that might get 1% to 5% of them to come to you with a little curiosity and you
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
d be able to start down the sales path to convince them to buy. However, if we take them through the process of getting to know you while experiencing the VALUE you provide, they will eventually be begging to allow you to take the next step. And you will be in control of whether they take the next step, and the next, and the next.
Marketing Fun
Marketing Fun
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
el
Let's talk about a marketing funnel. Imagine a funnel. It's wide at the top where it's open to the world, and narrows down at the bottom.
Our marketing funnel looks very much the same, except the funnel is divided up into steps or layers. At the top of the funnel, step 1 is wide, step 2 is narrower, etc. This represents that there are more
Let's talk about a marketing funnel. Imagine a funnel. It's wide at the top where it's open to the world, and narrows down at the bottom.
Our marketing funnel looks very much the same, except the funnel is divided up into steps or layers. At the top of the funnel, step 1 is wide, step 2 is narrower, etc. This represents that there are more
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
people at the top and fewer as we step down into the funnel, with your ultimate sale, your coaching at the very bottom.
I'm sure that you've walked along the aisle in your local grocery store and seen the little old lady at a cart, offering a sample of something. You take the sample, and, of course it tastes really good. So, you want to buy that packag
I'm sure that you've walked along the aisle in your local grocery store and seen the little old lady at a cart, offering a sample of something. You take the sample, and, of course it tastes really good. So, you want to buy that packag
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
to take home to the family that she has a special price on, just for this one time. And, she may even give you a coupon with a discount so that, after the family also loves the larger sample you just took home, you can come back and buy the even larger package the next time. And, you also just entered your name into the mail list so they can send you f
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
rther offers. You are 2-3 steps down into their marketing funnel.
Here's how a business coaching marketing funnel could look. What you use at every level of the funnel can be tailored to what you do, what your type of coaching is, etc.
At the very top you are reaching out into the world to touch your prospective client, and hopefully you are standing
Here's how a business coaching marketing funnel could look. What you use at every level of the funnel can be tailored to what you do, what your type of coaching is, etc.
At the very top you are reaching out into the world to touch your prospective client, and hopefully you are standing
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
here you can touch your IDEAL client.
The first step of the funnel is a freebie, a giveaway, but it has to have value, the more the better. You might be sending an email, or a direct mail piece to your ideal market with an article. You tell them "Here's something that has typically taken a company like yours in the ___________ industry up by ___times.
The first step of the funnel is a freebie, a giveaway, but it has to have value, the more the better. You might be sending an email, or a direct mail piece to your ideal market with an article. You tell them "Here's something that has typically taken a company like yours in the ___________ industry up by ___times.
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
'd just like to share it with you."
Some Ideas -- Coaching Marketing Funnel
You could also give that article away at a networking event, a speech at a trade show, etc. This is where you give your sample as they walk by.
After they have experienced it, always ask them to define how much value they got from that. You have to get their
Some Ideas -- Coaching Marketing Funnel
You could also give that article away at a networking event, a speech at a trade show, etc. This is where you give your sample as they walk by.
After they have experienced it, always ask them to define how much value they got from that. You have to get their
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
nswer because most will appreciate the offer, but not really connect with just HOW MUCH WAS THAT REALLY WORTH until you ask them to define it. Get them to put it into dollars and cents, or a multiplier of time or dollars or their business. After they have defined that, it becomes easier for them to realize that IF they got this much from the first, simp
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
le touch, that they just might want to find out more.
So, you take them step by step down your funnel. Each step requires more commit and some perceived risk on their part, but after they experience the results it is easier and easier for them to take a small step.
People hesitate taking a step to "coaching" since it can be perceived as risky and cost
So, you take them step by step down your funnel. Each step requires more commit and some perceived risk on their part, but after they experience the results it is easier and easier for them to take a small step.
People hesitate taking a step to "coaching" since it can be perceived as risky and cost
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
y. But once they have experienced the results at step 1, step 2 is easier, then step 3, etc.
Here is some possible steps
Step 1, top of funnel
Step 2 (free or low cost, $
Here is some possible steps
Step 1, top of funnel
- Free articles, handed out or sent to them.
- Articles in ezines.
- Meeting with you at a speech or networking event where you give them a hint or tip
Step 2 (free or low cost, $
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
0-$40)
Step 3-Low cost ($40-$90)
Step 4 - ($75 to $250
- E-book (free or low cost)
- Free hour with you
Step 3-Low cost ($40-$90)
- Low cost group coaching, intro to coaching
- Low cost, but larger E-book
- Teleconference on one area of coaching
- Introductory mastermind group
- 1-hour monthly event (group)
Step 4 - ($75 to $250
- <
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
i>1-hour one-on-one coaching, reduced price1 hour/month on special topic, group or one-on-one
Step 5 - your coaching fee
Develop Your Own Marketing Funnel
These steps are not cast in stone. They just represent a relative cost from step to step, and what you MIGHT offer. You s
Step 5 - your coaching fee
- Coaching, one on one
Develop Your Own Marketing Funnel
These steps are not cast in stone. They just represent a relative cost from step to step, and what you MIGHT offer. You s
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ould develop your own give-aways.
I'd also encourage you to think of your face-to-face marketing and sales process as a funnel. When you meet someone at networking, be prepared to give, give, give. Be an unlimited resource in your area of expertise. Give away leads, referrals. Always ask what the person you are talking to wants to make happen, and be p
I'd also encourage you to think of your face-to-face marketing and sales process as a funnel. When you meet someone at networking, be prepared to give, give, give. Be an unlimited resource in your area of expertise. Give away leads, referrals. Always ask what the person you are talking to wants to make happen, and be p
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
epared to help him in the few minutes you have. Then suggest that you set down over coffee in the next few days so you can help him further.
Then at that meeting, coach him for an hour or so toward his goals. When time runs out, schedule the next meeting. In the meantime, ask if he'd like to receive that article you've written on how to solve his very
Then at that meeting, coach him for an hour or so toward his goals. When time runs out, schedule the next meeting. In the meantime, ask if he'd like to receive that article you've written on how to solve his very
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
roblem.
I'm sure you get the idea by now. If you've helped him, and if you've helped him verbalize the value of each of those interactions, he will be begging for the next meeting, and the next. If you make those available in some way at stepped costs as well, starting at freebies, and moving up. He'll be ASKING YOU for the next meeting.
Is that diffe
I'm sure you get the idea by now. If you've helped him, and if you've helped him verbalize the value of each of those interactions, he will be begging for the next meeting, and the next. If you make those available in some way at stepped costs as well, starting at freebies, and moving up. He'll be ASKING YOU for the next meeting.
Is that diffe
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ent from how a prospect has responded to you before?
Results 20% to 70% Will Take the Next Step...and the Next
The reports I've been getting from coaches is that about 20% to 70% of those they have touched in some way wanted to take the next step, and the next, and the next.
Making More from Initial Offerings Than From Coachi
Results 20% to 70% Will Take the Next Step...and the Next
The reports I've been getting from coaches is that about 20% to 70% of those they have touched in some way wanted to take the next step, and the next, and the next.
Making More from Initial Offerings Than From Coachi
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
g
One coach reported that she is making more on her initial offerings than she is on coaching. She offered a $250 Intro to Coaching program that is filled at 100 people every month. That's $25,000 for 4 1-hour sessions, or $6,000/hour. Of course, she is also booked solid in her coaching now, where before she was having trouble selling coaching
One coach reported that she is making more on her initial offerings than she is on coaching. She offered a $250 Intro to Coaching program that is filled at 100 people every month. That's $25,000 for 4 1-hour sessions, or $6,000/hour. Of course, she is also booked solid in her coaching now, where before she was having trouble selling coaching
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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