EFT Secrets & Program Offerings

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Believe me when I tell you that you haven’t heard of these techniques before… I’m writing this post because I’ve seen this now on way too many CPT’s websites. I don’t care if you’re offering bootcamps, martial arts classes, or one-on-one sessions. You are literally throwing away cash if you do not follow this simple technique that at least 20% of your member’s will take you up on. Follow my sure fire method for more guaranteed cash per client package->

I was just looking over one of YOUR websites (the S3 Member will remain nameless to protect their identity; ) and I couldn’t believe that the largest option for purchasing a bootcamp package was 4 weeks!

I almost threw up a little in my mouth…

4 Weeks?!?

What happens after that? I didn’t see anywhere that new clients were automatically enrolled in a monthly EFT program… and since there was no mention of it on the PayPal tab to purchase it would be illegal to roll them into that type of a program without first stating it.

I don’t mean to come down hard on this person because I know it is their first business on their own and everyone (including me) needs to learn as you go.

But, school is now in session and it’s time to dish out a little tough love that hopefully everyone can learn from.

At my studio (and camps, clinics, etc) we offer single session pricing (inflated by $10+ a session) and then 12 week programs. You simply cannot purchase 4 weeks. We are letting our clients know that we mean business and that we’re serious about getting them results and because of that we need to make sure they are equally committed to us.

We also do NOT believe in discounting our session price the more sessions you buy. If you purchase 36 sessions (3x a week) it’s the same price per session as 1x per week (12 session package).

We’re not a discount, wholesale supplier – we provide a professional service just like your doctor, PT, therapist, lawyer, hair stylist, etc.

Isn’t that what you provide?

Okay, enough about that… this post is about creating and selling larger packages.

If you feel like you absolutely must offer a 4 week bootcamp price then I HIGHLY suggest you let people know that this will continue on every month until they cancel. Literally, after the new client decides on this option all you have to do on the order page (or on your invoice) is state that they will be paying the “discounted” price of “X” dollars (yen, pounds, etc) per month and they may cancel at any time before the next billing cycle (every 4 weeks).

If you don’t at least do that then you are throwing away cash.

Seriously, you’re flushing dollars down the drain.

The reason is that if people don’t show up their 4th week, they’ll get lazy (and think that they are not using their sessions enough) and not renew. BUT, if they know they are still paying for the classes/sessions they may as well go even if they can only make 1 or 2 of the 3 days, etc.

(for more information on online shopping carts and merchant accounts for setting up EFTs see the link below)
http://www.smartstudiosystems.com/fitness-business-resources/online-shopping-cart/
Now let’s move on to getting clients to purchase larger packages.

Here’s what I would do:

I would NOT discount my price for a 3, 6, or 12 month commitment (okay, maybe for a 12 month…), but what I WOULD do is offer a phenomenal bonus of some sort of they chose one of those upgrade options.

Here’s how to come up with your bonus – first, figure out what your average cost of acquiring a new client is and how long your average client stays with you.

Without getting overly complicated, if it costs you $100 to get a new client (ads, referral program, marketing pieces, etc) and they typically stay for 2 months (8 weeks at $197 a month for a bootcamp), then if you get a client to stay for 3 months you’re making and extra $100 and not having to pay the $100 on top of that to fill their spot for that month.

That means in essence you have $297 to play with ($100 in ad costs and $197 for the extra month they stay on over a typical client who signs up for a 4 week package).

What I would do is take $50 of that $297 and use that towards a GIFT if they sign up and pay in advance for a 3 month package (12 weeks). Let’s say you give them a free set of dumbbells for at-home workouts with a take-home sheet of exercises they can do with them on their off days… or it could be a “free starter” kit which includes a SIG bottle, t-shirt, towel, coffee mug, and $50-$100 in coupons from local business like spas, etc. valued at $100-$150 (you wouldn’t have to pay for the coupons either since you’d set up JV’s with those local businesses and “let them” offer your bootcampers or clients coupons to try out their services – this tip alone is worth the cost of your S3 License!)

For more ideas on “promotional items” see that post under the Resources category)

Okay, moving on to 6 month packages:

Using our last example of charging $197 a month if you get someone to stick for 4 extra months you are saving $200 in new client costs and you’re making another $788. That means if you sell someone a 6 month bootcamp at $ 197/mo you are REALLY making an EXTRA $988 in unfound money.

So, in this case I would offer a HUGE incentive to get people to commit to a “non-refundable” monthly EFT program or IDEALLY an upfront payment for the 6 months. Again, I wouldn’t discount the price, but I’d offer them a BIG GIFT package. Actually, I’d probably give them a FREE video iPod with my own prerecorded audio workout track (this is as easy as using freeconferencecall.com and recording a 4 minute Tabata where you’re talking them through 20 seconds of work and 10 seconds of rest – trust me, you can do this). You could obviously do this with video as well and drag it onto their iPod as an mepg.

So basically, you spent $150, or so, on an iPod to get $988 extra dollars… sounds like a fair trade right?

Okay, now for the big boy…

What to do about incentivizing someone to sign up for a full year when they’re skeptical if you’ll even be around then… First, you must overcome their fear and let them know that “if the bootcamp/studio ever ends/closes for any reason they’ll will receive an immediate refund for any unused months/sessions, plus $50 for as an apology (this will set them more at ease – it’s called a “Better than Risk-Free Guarantee”).

Now for the cash breakdown.

At $197 a month and an extra 10 month stick rate by purchasing the 12 month package you will make an EXTRA $1,970 + $500 in new client spending. That’s $2,470 cash in your pocket.

Wow.

So, now we need to figure out how we can sweeten the pot enough to get a few clients to go for this option (remember, there will always be clients who will take your highest priced package and best offer if you show value).

What I would do is offer them a crazy bonus if they pay upfront. But, remember, all these gifts should tie into health & fitness in some way.

I would probably buy them whatever is “hot” at the moment. For example iPads are all the rage right now… yes, they’re $499, but if a client pays you $2,364 up front and you’re used to getting just a 4 week payment with a 2 month stick, you best believe that trading $497 for $2,364 is a great deal…

Trust me, it is.

No business owner likes to part with money, but technically you’re not parting with YOUR money… it’s theirs. And they’re only willing to give it to you upfront if you give them a good enough reason.

If you’re not up for giving away a BIG BONUS then offer them a 10% discount for signing up for 12 months (savings of $236.40 a year at $197 a month).

There’s a million different ways to incentivize clients to sign up for larger packages – you just need to show them the light and make it an option. Get creative… it doesn’t have to be an iPad or anything technology related. It could be a spa package, monthly messages you get a discount on, or maybe even through in a few one-on-one sessions when a client buys a large package.

It’s really up to you and what you feel comfortable with…

Also, be sure to let them know that they do not get these gifts after their 3rd, 6th, or 12th month of training if they are paying every 4 weeks… they MUST PREPAY in order to be eligible to get these fantastic gifts. (However, you could give out other bonuses for monthly EFT clients – like supplements, JV coupons, etc).

Lastly, allow your current bootcampers a ONE-TIME ONLY OPPORTUNITY to “upgrade” their current package to a larger one to take advantage of these great gifts and new package upgrades. Set a date as to when they must upgrade by (usually within 30 days of your new announcement.

Also, offer this opportunity to everyone who opts for the 4 week only package exactly 3 weeks after they sign up (1 week before renewal). Let them know it is a OTO (one time offer).

Create a 7 day expiration on that upgrade offer. This will get people to respond!

Typically, the only reason why someone would opt for a 4 week package (besides the less money upfront) is that they don’t know if they’ll like or want to tick with the program. After 3 weeks of dazzling them with your skills hopefully you’ve made them a believer and they’ll now be willing to upgrade.

By the way, you can use this trick in any aspect of your business whenever you create a new program, etc.

All you have to do is make the announcement to your current member’s about this new upgrade offer that expires on X (date).

If you can’t see how that last method alone will make you an extra 1-10K this year you need to take a deep breath, spin around in a circle, exhale, and reread those last few sentences. I don’t say that to poke fun (okay, maybe a little), but I just can’t believe when people tell me they can’t make an extra $497 a month using any of these techniques…

It’s like shooting fish in a barrel with a shotgun.

Plus, I used a $197 a month program example. Can you imagine using these techniques selling a $297 or $497, or $1,200 a month package?

Yes, you’d be making a whole lot more money…

How do you think we retain clients here so well at my studio and do over 50K a month?

I can tell you it’s not by looking for 30 new clients every month… it’s by selling new and current clients on recurring larger packages.

If there is a secret to long term success, this is it.

I want everyone to implement at least one of these EFT techniques or package upgrade secrets in their business. It will work for dance studios, martial arts dojos , bootcamps, one-on-one studios, athletic training centers, powerlifting dens, etc. etc. etc.

Also, I’d LOVE to hear your success stories using these techniques and the others listed in this membership site. Just post your success story in any of the comment sections and I will read it and then shower you with adulation and praise – are you ready for that ; )

Now, reread this post with a piece of paper beside you jotting down ideas and notes on how you can create upgrades and incentives in your business. Then immediately (if not sooner) put those package and EFT upgrades into place.

If you come up with your plan this week and then implement next week you will most likely be able to upgrade at least 50% of your current clients… which will mean you’ll be swimming in cash by next Friday.

Seriously.

Success does not have to be a difficult road to travel so don’t make this more complicated than it needs to be.

Create even just 1 upgraded package (12 weeks if you don’t already have one) and then add a bonus gift for anyone who signs up for it.
You can do this… and when you do you’ll be making a boatload more cash. Keep your techniques a secret though, and let your competitors scratch their heads wondering why your studio and bootcamps are overflowing with members!

 

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5 – 6 – 10

Update on Studio Tour and Seminar Workshop:

We have just 2 spots left for this July 17th and 18th to come visit my studio in Boston, MA (named “The Most Profitable Studio in the World”) for 2 days of coaching in a small group setting. There will be tons of hands on workshops where you will be creating marketing materials to leave with, developing business systems, learning advanced selling techniques, as well as lots of private one-on-one attention.

For more details go to:

>>> http://www.smartstudiosystems.net/private-vip-event

This just might be a once in a lifetime opportunity to see my studio live and in person and sit down with me to work on your business. Plus, I’ll show you what you need to do to create a $10,000 pay increase in your business within 90 days of leaving this private event.

I have no doubt you will make 10x your investment back by coming to this small group tour and seminar workshop for S3 Members ONLY.

Plus, it’s backed by my own “Better than Risk Free Guarantee.”

If you’d like to be 1 of the 2 remaining attendee openings to come to this event don’t hesitate to see the rest of the details at the link below and take advatnage of this amazing opportunity:

>>> http://www.smartstudiosystems.net/private-vip-event

Once, these 2 spots are SOLD OUT that is it and unfortunately I will not be allowed to have any more S3 Members come to this event (The conference room I booked limits the # of attendees it can seat).

I’ll talk with you soon!

Comments

Comment on this Content

  • Jennifer Scherlizin

    When we first started offering training packages, it was all pretty short-term, but when depending on the income to make a house pyment, we started offering larger packages and if someone wanted to do just 12 sessions(1 month), fine, but it cost a lot more per session. I found most people were pretty comfortable after meeting with me a couple times to make a 3-month commitment.

    • Hi Jennifer,

      Thanks for the comment and I agree that you just have to do it. We make a 12 week commitment just part of how we do business. If you don’t want to be a member of our Studio you have to show your commitment to us if we’re going to commit our time and energy to helping you achieve your goals… it goes both ways.

  • Jeremie Guarderas

    Sorry for the delay…

    Great Post!

    I have thought of using the EFT payment method but I always thought it would be more of a headache then benefit.

    Clients constantly saying “I had the flu all last week, can you credit me” or “I was on a business trip for the past 2 weeks, can you credit me” or “I signed up for a year (and every 3 months) I am going on a vacation and need to know how I can get credited” This are some reasons why I opt not to do it.

    All these concerns over ruled the idea of EFT – BUT what you said makes TOTAL sense!!!

    In regards to gifts, I am big on that…. I announce for every “sold out” camp – I will have a raffle – This ensures them that I am not just out for their money, that I am willing to give back and to show how grateful I am for them and for their help spreading the word about my boot camp!

    3rd prize:
    Running Sock (valued $20)
    Hat (valued $18)
    Sneaker Balls (valued $5) (for stinky feet)

    2nd prize:
    Polar FT4 Heart Rate Monitor (valued $90)

    Grand Prize:
    Thunder Boot Camp Gift Card
    1 Free Month (valued $299)

    Thanks for the advice!

    Jeremie

    PS – I have a pretty good idea who you are talking about in this post – lol

    • Hi Jeremie,

      Thanks for the comment and I like the raffle idea!

      Maybe you could say to your clients they get 1 entry each time they show up over the course of 12 weeks. It would help with retention and consistency…

  • One thing to keep in mind is that there is NO downside to implementing the tips I gave in this post.

    You are literally just offering an “upgrade” or “deluxe” package that new (and current) clients have the ability to take advantage of.

    That’s why you shouldn’t hold back from doing this right away… the WORST that can happen is that no one takes you up on the offer. AND, what did you really lose out on if that happens?

    Absolutely nothing.

    Get to it!

  • Joel Gottehrer

    Amazing post! I am walking around my office taking deep breaths and getting ready to make this committment, I think I can make at least one change today to rock the business… Wooohoooo thanks a million

    • Hi Joel,

      I have NO DOUBT you can do this. Remember even small changes are really scary at first… it’s only because it’s new to us.

      Once you feel the fear and embrace it you’ll finally be able to open your business up to whole new levels of success.

      I want to hear how it goes and the success you had (even small ones!).