Are offline businesses dead?

 What services should you be selling during a pandemic?

Should you really be thinking about creating a new business model? 

Today, we are going to find out as I breakdown our newest client and how she sent 1 email and created $4K in less than 2 hours… from her 1st ever online offer.

Ready?  Let’s Go!

Two weeks ago we welcomed a new Operations Consultancy client, we will call her Harriet.

Harriet was referred to me from a current client, who has worked with The CEO Partner for 3 years to streamline and optimize her online business processes.  They were having a conversation and Harriet mentioned that she was tired of doing everything in the business herself.  Things like:

• Creating & executing the strategy to fill in-person retreats
• Setting up weekly newsletters in Mailchimp
• Integrating the technology for client onboarding
• Resolving client questions in the support email

Harriet knew there was more for her business, but couldn’t visualize growth while running the business herself.  One of her 2020 goals is to create a book by Dec 31st.  But with the way she was currently working there was no space to write.

In addition to being Chief Everything Officer, her current business model is 75% in-person retreats, which is in jeopardy due to COVID-19.  All of the second quarter retreats were cancelled and needed to be refunded or rescheduled.

As we started to work together our biggest concern was how this business was going to make consistent revenue without filling the calendar with 1:1 coaching clients.  That goes against the goal of making space to write a book this year!

Our agreement was signed on April 6th.  Every client project starts with a Supercharged Productivity Audit.  This allows the team to deep dive into the business as it exists today and have a view of where the CEO wants to take it in the next 2-3 years.  After our review session, we develop a playbook that lays out an implementation plan the next 90 days.  

On April 28th after 2 sessions, we reviewed the Supercharged Productivity Playbook.  This process provided us a ton of strategies and processes to bring this in-person retreat business online and profitable.  Firstly, just visualize all of that retreat overhead (hotel, food & beverage,  & travel)… GONE!

Let’s break it down…

I am going to show you how we moved Harriet’s business online and made $4K+ in less than 2 hours from 1 email.  (Final results are not in…we are still launching as I write this.)

Create a new business model.

Many times we build a business out of necessity.  

You use the skills you gained in your corporate career to grow the business and then a major change in the world or life happens.

Having a model where your main revenue comes from offline / in-person events is not sustainable post COVID-19.

Now is the time to start thinking about how you can replace that income.

These changes leave you looking to create new solutions to make consistent money.

(A snapshot of a few life-changing events for me.)

In 2020, the new normal has changed the way everyone will do business forever.

People will no longer buy services without having a complete understanding of what the real results will be.  You will need to clearly express the value of the service and return on investment for the client. 

I’m sure you’ve heard, “A confused mind doesn’t buy.”

The sales journey may take having two phone calls, replying to three emails, and sharing two testimonials before you get a yes!

Take the time to redesign your business model so it fits your new life.  

Here are a few things to think about: 

• how much revenue do you need to bring in.
• how you want to work with clients (1:1, large or small groups, products, intensives, etc).
• what your goals are and how you will make time for them.

Harriet decided to take her business online by offering a 1 Day online retreat.  She loves the in-person interactions and was not a fan of online activities, but realized that her audience needed something to get them through the current times.

Know your audience

The days of creating an offer blindly are gone.  

They should have never existed, to be honest. 

Take the time to get to know your audience.  Talk to them and find out what they are struggling with, what ways they can see you supporting them, and how much they are willing to pay for services.  These will give you a head start shifting your business and creating a new model.

I asked Harriet to reach out to a group she offered free training to and find out if they would be interested in receiving more of this information in a program and how much they would pay for it.  This gave us the feedback and opportunity to create an offer from people that are already invested.

For years Harriet had past clients asking how they can continue to work with her after returning home post-retreat.  This was another opportunity.

While talking about the options we considered two key factors, how much effort and how much time it will take to create & launch the offer.

Harriet and I talked about a few options for her online offers:

1 Day writing retreat.  

Delivered in a 6 hour session with the promised outcome of creating a refuge for writing.

?Effort: Low. Create an agenda and promotional materials. 

⏳Time: Medium. Full business day to deliver, half a day to write the sales page and promotional email, and half a day to prepare.

6 Week online program.  

Audio and worksheets created from already existing content.

?Effort: High. While the content is signature and second nature, it needs to be created in a format for this course and built out on a learning platform like Teachable or Podia.

⏳ Time: High. 5-7 full business days to write, record and produce the program assets. 2 days to set up, test launch sequences and build the program fulfillment.

Membership program.  

A longer term offer that would provide ongoing support & training to members.

?Effort: Low. Create content 1 month at a time. Focus on launching to past clients to start. 

⏳Time: Medium. Spend 2 days a month creating and finalizing content to launch and fulfill the program.

After we reviewed the options, got the feedback from past clients and the beta group we put together a launch for a 1 Day Writing Retreat.

Use the Pay What You Can Offer

Harriet felt strongly about doing a give back to her community in the time of COVID-19.  We swiftly created a Pay What You Can offer for the 1 Day Writing Retreat that would be held 2 weeks later, giving us 1 week to get ready & 1 week to launch.

A pattern we noticed in the audit was that the majority of people who joined an in-person retreat came from Harriet’s newsletter.  She was diligent about sending a newsletter twice a month to nurture them.  This is excellent as they were used to hearing from her.

This offer assets included:

• a simple sales & thank you page
• 2 promotional emails
• 2 fulfillment emails
• an order form that allows clients to put in varying numbers. 

Pricing is always an interesting exercise for clients. The biggest thing I notice with female CEOs is standing for their rates and just simply making the offer.  

#guilty  

I always have to remind them that offers are to serve and support your clients.  No one knows what you have unless you talk about it.  They won’t buy from you unless you offer it.

To support Harriet’s give back, we priced the 1 Day Writing Retreat at $395 with a minimum payment of $25.

It was so amazing to see the different numbers start to roll in from $25, $145, 250, and even a few $395.

The Goal.

As of writing this post we have sent out 1 email and converted 1% of the mailing list.

Our goal is to convert 3%.

To get the last minute buyers there is a last chance email going out the day before the retreat.  Social media posts will start shortly as well.

Creating a new business model will be challenging, but necessary at different stages of your business journey.

I invite you to explore the options, get to know your audience and make an offer.  #don’tbescared.

If you are looking for new ways to grow your business in the new normal?  I’d love to support you.  Send a note to team@sonayawilliams.com and let’s have a conversation.