Do mentoring, coaching or high ticket items actually work? Do people actually buy these things?
A lot of people are interested these days into getting into higher ticket items. Yes, if you make one big sale, it seems like a big lump of money. Although that does sound great and fantastic, there are many more pitfalls behind it that you need to understand.
Can you actually sell high ticket items even if you’re not like the top one percent of YouTubers or people in the world?
The answer is yes.
Here’s a screenshot of my stripe dashboard from some of the past paid invoices.
You can see there’s there’s a mixture of invoices. A lot of it is for the mentoring because we only send out invoices for mentoring.
What I will tell you is that everybody’s a little bit customized in their mentoring. So, I typically run an investment mentoring service.
Basically, we teach people how to trade. If you haven’t seen my other trading video, it’s on my tradersfly website. We set up spreads with options. We have kind of like four total strategies. If you go to my website there, people can purchase four main strategies that you really learn and go in detail. And that program costs $8,000.
To you, that might sound like a lot but remember I’m dealing with 30 to 60 one-on-one sessions and group sessions mixed in on average. It averages out anywhere between $150-250 per hour by the time you look through things.
They also get access to my courses and many other things that we offer.
It’s really a good way to connect with people who are highly motivated, highly dedicated. Yes, it is cheaper. Just like when you buy 5000 business cards, it’s a lot cheaper than buying 100 business cards per business card. Per hour it is a lot cheaper for people but it is a bigger sum of money.
That also means they’re committed.
Most people that get into this program is actually through one-on-one coaching session.
Most people do a coaching session where we spend an hour of time. It could be a couple of hours of times. They get three sessions or five sessions and then eventually they may decide to buy mentoring.
Some people just buy a single session. Like coaching for an hour or they might get two or three sessions and then they’re done. I don’t hear from them again because we’ve covered what they wanted. I’ve answered their questions and we’re done.
But most people that do get into the mentoring program, they go through the coaching part.
Don’t assume that people are just going to jump up to your high ticket item.
In my case, here’s my eight thousand dollar program. What happens is it’s a stair step thing. So before they get to this mentoring program, what happens is they might do some coaching. Coaching could be 300 a session.
They might also do a video course before they even get to the coaching. And again, video courses could be also 300 to 500.
Before that, they might get into membership, like a monthly membership program.
Before that, they might get into my ebooks or books.
Before that, it’s the free videos — this could be the YouTube videos that we have.
You can see it really just stair steps people forward.
People go from one to the next and then eventually they get to the mentoring program.
Some people will hop from the free videos to the video courses and then maybe to the mentoring.
Actually, they’d have to hop to the coaching and then they hop to the mentoring because it’s very rare to see people not do the coaching before the mentoring.
This is almost like a mandatory step in a way. It almost has to happen — at least in my business.
Other times, I’ve seen people go from the free videos to just coaching and then hop to the mentoring. I’ve seen various steps. But the coaching part it has been kind of key or critical.
Does it work?
The answer is yes.
You can sell coaching and mentoring but remember I’m spending time six to eight months with people, working with them giving them homework, interacting with them from group coaching to one-on-one sessions. And we’re dealing with a good high-end high quality service.
If you’re trying to just collect high ticket items for like a course for eight thousand dollars, I don’t know if it’s possible. Because obviously then you have to have much more of a bigger base.
You have to pull from a bigger base from down under such as your free videos content. Like for me, our youtube subscriber base on that channel is around 160,000 subscribers. Then we’re getting traffic from Pinterest. We’re getting traffic from SEO and on the website.
If you have a bigger base, yes of course.
Maybe your video courses could sell higher end or webinars. There are people out there that do have quite a bit of money and they can pay for the service but are you giving them a high quality enough service or program or whatever it is to be able to handle that?
Because when I’m dealing with people, a lot of these invoices and things that I’m working with here, they have to be customized.
Some people want to only do the first half of the mentoring. They may only want to do just part of the mentoring. Other people want to do the full program, some people want to do three payments, some people want to do five payments.
Other people, they try to automate. I tried to do that in the past but I find everybody’s a little bit different when they’re paying a little bit higher. If you can work with them, you’re much more likely to land the clients.
Whereas, in some mentoring programs, they’ll say this is our payment terms, you got to make it work. It just becomes such a big stretch. It becomes so difficult for other people that are trying to pay and buy your high quality program. Especially, if they’re going to build a relationship with you. If you’re not willing to bend a little bit for them, then I just feel like it’s not a win-win relationship.
You have to really work with people as you’re offering higher end services. In your case, you might be offering even more higher-end services like $50,000 for coaching, mentoring, evaluations, whatever it is because maybe you’re dealing on a corporate level, I’m dealing here with individuals.
A corporation can afford a fifty thousand or a hundred thousand dollars for services, whereas an individual may not be able to stretch things that far. And I have to customize things just because this is the industry I’m in.
It depends on the industry. Over the last few years, I’ve tried different things and I think it really depends on your clientele and you have to cater to the customer.
Because if your customer base doesn’t have that kind of funds or money to pay, then obviously it’s not just not gonna work — that’s number one.
Number two, you have to be a little more flexible.
Number three, you really have to put hard work and effort into it.
For me, I can only handle three or four mentoring clients per month because otherwise it just spreads my attention. I have to put the time into it. It’s not something I can outsource to my team with the exception of maybe some onboarding.
You have to really put the time into it.
But can you make it work? Can you make it work as a one-person team?
Absolutely but you have to have a big enough base here to be able to make it work, such as enough free videos or blog posts or content or books, to be able to funnel people into that.
How are you going to funnel people?
Every industry is a little bit different. I can tell you that because when I deal with the coaching and the mentoring for business one-on-one, it’s a whole different ball game than when I’m dealing with investors.
Because as i’m dealing with investors, we’re dealing with all these strategies. They’re so different. They’re more technical. And all these business people are more creative. They have ideas flowing and some of them are a little bit more more tech savvy whereas some of the investors, might be even old school. More math-based. So, it’s a whole different ball game.
It’s just about understanding your customer.
But does the mentoring thing or high tickets items, can it work?
Absolutely. You just have to structure it accordingly and tweak it to your audience.