How do you sell high-priced fitness programs?
For me, I usually have four mastermind programs, and one of the four is called the Empire Mastermind. It’s $50,000, paid in full.
Yet I have no problem filling it up.
Why? And how?
People Pay for Premium
There are always people out there who are willing to pay for the premium.
This is why GM has Chevy, GMC, and Cadillac. This is why Rolls Royce is Rolls Royce: even their lowest level Rolls Royce is $320,000, and then it goes all the way to 500, 600, $700,000 plus.
There’s always 8-10% of the market who are willing to pay more. Ironically what I’ve found in my experience, and what I’ve found through my clients’ experiences as well, is those who pay more play better.
How Do You Justify Your Price?
If you’re in the service industry, you can raise your price on a whim, right away. If on the other hand, you are not in the service industry, then you can add additional value.
So if the market determines the home value, therefore you can’t sell a $400,000 home for $600,000. But as a real estate agent, can you say, “By the way, when you go to sell your home, these are all the headaches you’re going to deal with. For an additional 1% commission—maybe that’s an additional $8,000—I’m willing to take away those headaches by offering these additional services as well.”
You can’t raise the price of the home, but you can raise the value that you deliver.
Case Study: First, You Qualify the Lead…
Let’s take my franchise, Fit Body Boot Camp, for example.
From the last person who bought into Fit Body Boot Camp at $10,000, to the first person who bought in at $27,500, we had to change things a bit.
We had to slip in a new position called BDM, business development manager. So when a Fit Body Boot Camp franchise lead comes through, they don’t speak to a salesperson anymore, they speak to a BDM, which is someone who qualifies them.
That person says, “Hey, our prices are $27,500. Build-out costs are about $50,000, equipment and all. Do you have at least $75,000 to put towards your future business?” If the answer is yes, then they’re moved on to a closer.
…Then, the Closer Pitches the Value Add
Now, the closer talks to them and says, “Hey, when we were at $10,000, we didn’t offer done-for-you marketing, we didn’t offer business coaching every step of the way, and we didn’t give you the mastermind included. Now that we’re $25,000 in, we do done for you lead generation, we give you business coaching every step of the way, and we put you in a mastermind where you can come three times a year and sit with us and the founder of the company.”
“This is why we’re at $25,000. It should be at $50,000, but we kept it at $25,000.”
So again, it forces us to increase the value and the quality of the service and the product. And people have no problems with that as long as you qualify them ahead of time.
Committed to your success,