Updated: Aug 22
This week we've teamed up with one of our members Shanti from Shanti Wilby Coaching a brilliant business coach, who explores how embracing change can be the key to achieving success in your entrepreneurial journey. Let’s jump right in…
If you’ve been in business for a few years now (or even if you’re new to biz life!), you’ve probably picked up on the fact that 2023 is a very strange year to be running a business…
We are recovering from a global pandemic, we’re kinda-sorta in a recession, and people’s spending habits are changing as the cost of living goes up.
As business owners, it can be really hard navigating what’s happening in the world right now, because let’s be real - we gotta make money to keep doing what we are doing! And if people are starting to move away from your higher priced offerings, then it’s time to sit up and pay attention!
Over the last 3-4 months, I’ve noticed that a lot of my new clients were moving away from my higher priced offerings and asking for something a little more simple and more cost effective.
I’m a big believer in continually assessing the needs of my ideal client and adjusting my offerings in response. So, I got curious and started thinking about how I could create simpler coaching offerings, at a lower price point. And I started asking questions to see what my clients really wanted right now.
Through having conversation with former clients and business owners, I learnt a few things:
People are still spending money and they still want to invest in coaching
Some industries are booming while other industries are struggling
Biz owners wanted 1-3 month coaching packages instead of 6+ months of support
People are being more intentional a
bout their business budget, and gravitating towards lower priced offerings (at least with my ideal clients!)
Once I had that valuable information, I created 2 x one month packages, which were essentially simplified coaching support, to meet specific needs at a lower price point (while still being sustainable for me to offer).
And all of a sudden… Everyone was signing up with me! My sign up rate doubled in a month because my packages were an “easy yes” - they met my client’s needs at an affordable price point! My clients were so thankful that I had created something that was instantly accessible to them, so that they could access the support they needed without breaking the bank!
If you’re reading this and you’re thinking “ooooh I’d love to explore something like this for myself” - then you’re in luck! Because I’m sharing the guidelines I used to adjust my offerings!
1. Are your current offerings meeting your customers/clients needs right now?
What your customers or clients needed last year probably looks different to this year - check in with your offerings and do a little self assessment! Are they still 100% relevant?
2. Do a little bit of market research
Check in with previous customers or clients and ask them what they want to see from you - listen to their feedback and gauge what they’re wanting / needing right now.
What did they love about your offerings?
Have their goals changed?
How could you refine your offerings to better support them in their goals?
Gather the data and start playing around with some ideas!
3. Consider creating an offering at a lower price point
Now, let’s be clear, what I’m NOT saying is squeeze a $500 offering into $100!
What I AM saying is; how can you create a simplified offering at a sustainable lower price point, to introduce more people to your business and keep your cash flow positive?
4. Get clear on your new offering
Don’t just create it and throw it out into the world. Really consider these things:
What is it?
Who is it for?
How does it benefit your people?
How does it add value to their life?
5. Recognise that everything is an experiment!
We’re not always going to know how well an offering will sell, sometimes it’s just about practising new things and learning as we go, gathering data and assessing things along the way! Creating a new offering is not going to guarantee perfect million dollar results (although it might!), but it WILL teach you more about what your ideal customer/client TRULY wants, how to stay relevant in your business model, and how to read the room as the economy changes!
6. Make sure any lower priced offering is sustainable
If you’re choosing to create a lower priced offering, you still need to make money off it - you need to cover your time, your expenses and make a profit! Make sure that the price point works for you and is supporting you towards your monthly income goals.
7. Don’t let your ego get in the way of pivoting
It’s easy to let your ego attach itself to your current offerings and assume that you can’t possibly offer something new at a lower price point, because that is somehow valuing yourself less. When in fact the opposite is true - you value your business and you want it to thrive - and sometimes that looks like assessing your offerings, adjusting as needed (whether that’s a temporary or permanent change) and maintaining relevance to keep momentum going!
Look at the Blockbuster franchise for example - when Netflix became more popular, people started moving towards streaming services and bought from Blockbuster less. In 2010 Blockbuster filed for Bankruptcy. They even had an opportunity to buy Netflix before closing their company but didn’t. Apparently Blockbuster “laughed the Netflix execs out of the room” - but while Netflix is now thriving, the Blockbuster franchise is dead. They didn’t read the room and adjust their business model to stay relevant to their customers' wants and needs.
Get creative in what it could look like for you to embrace a different way of doing things. Talk to your people, listen to their goals and desires, and give yourself the opportunity to thrive and grow in your business!
Embracing change is the cornerstone of success for modern businesses.
By assessing your customers' evolving needs, conducting market research, and creating valuable offerings at varied price points, you can navigate the ever-changing business landscape with confidence and you’ll have a better understanding of what your customers and clients need, so that your offerings will continually remain relevant and you can keep your business alive and well (and actually support yourself with a healthy income).
Shanti serves as an inspiring example of how adapting and thriving can lead to deeper connections with your audience and long-lasting success. Embrace change, be open to experimentation, and watch your business flourish in 2023 and beyond!For more content like this, head over to Shanti's IG! @shantiwilby_coaching