If you run a coaching business where you do something virtual like let’s say somebody books a time slot with you.
Then you meet up with them and you give them some sort of service, advice and brainstorming session.
All that kind of stuff where you’re connecting with them and you give them a service.
I’m going to share with you some insight on how you can increase this especially for those of you that are doing virtual meetups ,virtual sessions for coaching and virtual sessions for teaching things.
This is going to be really beneficial.
Typically, the approach that you take is: a client reaches out to you. Maybe they saw your blog, video or podcast. They love to discuss some things about their business, they want you to take a look at, let’s say, their diet and health routine. You could give advises and you might meet them up for 30-50 minutes and share some insight with them.
This is a time-consuming approach.
For everybody that comes in, you have to do the scheduling even if the scheduling is automatic.
You have to meet up and there’s always like a little bit of buffer in between: the ramp.
The ramp up of getting started, right?
You have to either change, prepare and look at your notes. Then you have to close things down, send them the video and that kind of stuff.
So there’s always that getting started hump: the initial buffer time and the afterwards, as well.
One-to-one sessions is very time-consuming
How do I know this?
Well, I actually do one-to-one coaching.
So if you look at the stock market and investing here that I deal with on the options side.
People pay for a session and then they schedule the time.
There’s different sessions. You could buy one session, three sessions, five sessions and it’s cheaper if you buy a bulk.
Basically, I work through it and I send them the the video recording once we’re done. But this does get time consuming.
How do you ramp these things up?
The way to do that is to transition from one-to-one to one-to-many and then a hybrid.
So, one-to-one is basically you and then you’re catering to one person.
This sucks up a lot of time. It’s time commitment. It just depends on your niche, your industry or your service. For me, that’s sometimes the best way to get to know somebody.
The next step with this would be the one-to-many.
This would be you catering to more people, like 10, 50 and so on. Think of this as like a webinar. But it could be a class.
Now what it allows you to do is if you sell this way, for example, you’re charging 300 dollars for one hour of your time. These sessions, if you’re doing 10 people, you might just charge them 75 bucks/session.
Well you’re still making more money than you would but they get a little bit less attention but they still get your time .
When you’re doing 500 people, you might be able to charge 20 dollars per attendee. Now you can cater to more people, but it’ll be less connected, right?
Because in one-to-one, it is high degree of connection.
Whereas when you’re doing one-to-many, there’s less connection.
You might need to lower the price a little bit, not necessarily that you always do but it depends on the niche, the industry and the level of service you want to provide.
Then the next step here that you could have is a hybrid.
So what is a hybrid?
I would say it’s a mix. This is where you have a one-to-one and you have some group sessions — one-to-many.
When you do this, it allows you to kind of handle some specific questions of the individual. It makes them feel a bit better from the service that they’re paying for — your time and your attention. You can really address any problems that they may have.
But for general concepts, you can also do the one-to-many. So it creates a little bit of a nice hybrid effect from your services.
If you look at my mentoring program here:
This is a much more expensive program. This is where I’m dealing with people on 6+ months. I’m coaching them in their investments option trading and sharing with them strategies.
What we do here is we do big meetups and training sessions and so on?
So there’s a lot of sessions involved because its six months plus. But the price tag is a bit higher
Now if you’re really, really big and popular, you may be able to justify this type of price tag and then still cater one-to-many.
But in my case, I prefer personal attention just because this is a much more difficult type of industry. It’s stressful for people — I want to give that personal attention.
So typically at the beginning, I will do a lot of one-to-one sessions. But then we might do periodically, let’s just say an 80-20 rule. We might do 20 percent group sessions periodically.
I typically would want to keep it less than 10 people. Now in general might be five but I might pull in like 3 or 4 other people that are just kind of listening in and maybe not asking questions.
So in general, like 5 to 10 people is kind of the sweet spot because that way people are still getting that one-on-one feels.
They’re paying a larger price tag but they also get some group sessions and maybe hearing other people That’s a nice balance for me.
Now in your case, you might be running your business a little bit different. You might be catering to more and more people. Just the way that you operate, things could be different than what I’m doing.
So in that case you might decide to always go one-to-many or, in your case, you might decide to always go one-to-one.
What I would really advise you to do is, if possible, to slowly start transitioning from one-to-one to one-to-many even if you go ahead and do something once a month like
For example, a lawyer always need to do one-to-one but there are some general questions that a lawyer might do a once a month Q&A session for, let’s say, 10 people and they pay x amount of dollars.
Again, just a thought or idea. But the point is, now you’re starting to move and save some time.
For people that are okay with a group session, you can move them into this basket and allows you to just focus in on one single session and make either a little bit more money or just save some time.
So that way you have more time available for you to cater towards other opportunities.