Adapting to Buyer Behavior: Building a Resilient Offer Stack that Builds Client Loyalty & Growth

Tracie: 00:00:48

Hello.

2

: 00:00:49

Hello and welcome to cocktails,

coffee and conversation.

3

: 00:00:51

Tracie here.

4

: 00:00:53

And today we're continuing our

conversation on what we can

5

: 00:00:56

do as business owners when we

notice changing buyer behavior.

6

: 00:01:01

Because remember, it's not that

people aren't buying at all it's

7

: 00:01:05

that they're buying differently.

8

: 00:01:06

Yeah.

9

: 00:01:07

So how you can set your business up to

be ready for these economical cycles.

10

: 00:01:13

Because they will happen at various times

to various extents in our businesses.

11

: 00:01:17

Especially since we do business

internationally, it's really important.

12

: 00:01:22

Right?

13

: 00:01:22

And it sets you up for that

longevity and to make you a

14

: 00:01:26

sustainable and a viable business.

15

: 00:01:29

Back in episode 14, I talked about

how this is a natural evolution

16

: 00:01:33

of a growing market and how using

details' differentiators and

17

: 00:01:37

loyalty markers can breed longevity.

18

: 00:01:39

And set your business apart

in the long run for success.

19

: 00:01:42

But what about your offer structure?

20

: 00:01:45

What can or should you do

about your offer stack?

21

: 00:01:49

Especially if you keep hearing

trendy ideas around offer

22

: 00:01:52

types or prices to charge.

23

: 00:01:55

Remember in part one, when I asked

to what degree are you truly spending

24

: 00:01:59

less versus paying more attention to

what you are spending your money on.

25

: 00:02:03

Both in your business and in

your personal life like chicken

26

: 00:02:07

example, buying that at a store.

27

: 00:02:10

It's not that you aren't

buying a source of protein.

28

: 00:02:13

It just might look different than

it did before you might be buying

29

: 00:02:16

a different cut, a quantity brand.

30

: 00:02:19

You might be going to a different

store, getting it from a different

31

: 00:02:21

source or just buying a different

type of protein altogether.

32

: 00:02:26

Regardless.

33

: 00:02:26

You're still getting something.

34

: 00:02:28

Yeah.

35

: 00:02:29

Well, in addition to that example, helping

you draw on daily life to see into your

36

: 00:02:34

business, it helps ground your experience

with business emotions and decisions.

37

: 00:02:39

And also serves as a tangible

way to see all the different

38

: 00:02:43

ways you can buy chicken.

39

: 00:02:45

Or, you know, fill in the blank

on your protein preference.

40

: 00:02:49

Think about the different packaging

brands, the cut mixes fresh

41

: 00:02:53

versus frozen whole versus parts

value packs and on and on and on

42

: 00:02:58

that, you know, protein comes in.

43

: 00:03:00

It's a lot.

44

: 00:03:01

Right.

45

: 00:03:02

And like protein, you to have many

different ways you can package up

46

: 00:03:06

what you sell and how you do it.

47

: 00:03:09

Where you compromise, it's

a signal to your audience.

48

: 00:03:12

So let's talk about the three pieces

to look at within your offer stack.

49

: 00:03:16

One would be diversifying

your offer suite.

50

: 00:03:19

Another one would be the sale and

pricing options you have to play with.

51

: 00:03:23

And the third we'll talk about

today would be how are you keeping

52

: 00:03:26

the people that you currently have?

53

: 00:03:28

So this first one,

diversifying your offer suite.

54

: 00:03:31

This may or may not be how you've

heard this phrase before, but to

55

: 00:03:35

jargon bust, you want to have more

than one way to bring in money.

56

: 00:03:39

So you aren't reliant on

one way people can pay you.

57

: 00:03:42

Yeah.

58

: 00:03:43

This can be different product types.

59

: 00:03:45

That's digital product service packages.

60

: 00:03:47

Coaching offers.

61

: 00:03:49

This can also be different pricing bands.

62

: 00:03:51

That's where you hear the

low, the medium, the high.

63

: 00:03:53

And w what that number ends up being

that's determined by the market.

64

: 00:03:57

You're in.

65

: 00:03:58

Right.

66

: 00:03:59

Now you don't have to have all of them.

67

: 00:04:01

And it doesn't have to be complicated, but

it does need to serve you and your people.

68

: 00:04:07

Because it's not about following

a trend when diversifying and

69

: 00:04:11

creating a product or setting a

new price, because it's popular.

70

: 00:04:14

It's about what sets you up to

showcase your work, to get results

71

: 00:04:19

for your people and to bring in

the money the business needs.

72

: 00:04:23

You have options here.

73

: 00:04:25

Some we have explored it even

on this show, like adding VIP

74

: 00:04:28

upsells or creating low tickets.

75

: 00:04:31

And some we haven't touched on

yet, but I cover all of this

76

: 00:04:33

extensively with my coaching clients.

77

: 00:04:35

But again, it's not about choosing

an $11 product because it's

78

: 00:04:40

popular or creating a mini course

because someone said to try it.

79

: 00:04:44

Okay.

80

: 00:04:45

When you're curious, and you do

want to experiment with something.

81

: 00:04:49

It's important to ground that curiosity.

82

: 00:04:51

In what is right for your business?

83

: 00:04:54

And looking at the cross section

of what your people need with what

84

: 00:04:57

you have the capacity for, then

you assign the dollar amount, or

85

: 00:05:02

then you assign the product type.

86

: 00:05:04

After you've created it

for your people first.

87

: 00:05:08

Along with your interest in your capacity.

88

: 00:05:11

Okay.

89

: 00:05:11

We flip it around.

90

: 00:05:12

Yeah.

91

: 00:05:13

We don't think about, I

want to make $11 products.

92

: 00:05:16

What should I make?

93

: 00:05:17

No, instead it's I want to make

this for the people to get this.

94

: 00:05:22

Now let's create it.

95

: 00:05:23

What should it be priced?

96

: 00:05:25

What should it be called?

97

: 00:05:26

What container should it be in?

98

: 00:05:28

Okay.

99

: 00:05:29

In my course, audience to client.

100

: 00:05:31

I walk you through all of this beautifully

and I will link to that in the show notes.

101

: 00:05:35

because it is available on demand.

102

: 00:05:37

In it, I show you how to apply the

framework for creating freebies,

103

: 00:05:41

but the guiding questions and

the framework itself is actually

104

: 00:05:45

for any offer at any price point.

105

: 00:05:47

So I'm going to talk about

a couple of those right now.

106

: 00:05:49

Cause the guiding principle to start with

is understanding whether you are helping

107

: 00:05:54

different people through the same stage.

108

: 00:05:56

Or the same person through all the stages

they go through during a single process.

109

: 00:06:02

Okay, sit with that difference for a bit.

110

: 00:06:04

Because this decision is key to creating

what your people need from you now.

111

: 00:06:09

And when you couple that with what you

have the capacity and the excitement

112

: 00:06:13

to create no amount of trendy ideas

off the interwebs will distract you.

113

: 00:06:18

Rather you'll be able to celebrate

others' abilities to experiment.

114

: 00:06:22

And you're like, oh, well, that's

so cool that they're trying $27

115

: 00:06:26

product or that they've decided

to do a whole bundle of workshops.

116

: 00:06:30

I'm going to stay over here where

I'm doing what I'm excited about

117

: 00:06:33

and I'm going to keep going.

118

: 00:06:34

Because as we know, consistency is

the real key to business success.

119

: 00:06:39

And having something you

love and are excited about.

120

: 00:06:42

That's that big win that's

that momentum builder.

121

: 00:06:45

That's giving you the opportunity to

get massive amounts of testimonials

122

: 00:06:49

and showcasing all of those results

and all those wonderful things.

123

: 00:06:52

Right.

124

: 00:06:52

Versus jumping from trend

to trend, to trend to trend.

125

: 00:06:55

Okay.

126

: 00:06:56

So, what do you currently have for sale?

127

: 00:06:58

And what products could be added that will

bring value and results to your people.

128

: 00:07:04

Then on the money side, let's talk about

sale and pricing options available to you.

129

: 00:07:09

Pricing inflation and personal

situations will always vary, but

130

: 00:07:13

ground in what you know about you.

131

: 00:07:16

And your people to make decisions.

132

: 00:07:18

There's nothing wrong with flash sales or

creating light versions of your packages,

133

: 00:07:23

as long as they're still a result to

point to that people actually want.

134

: 00:07:28

Yeah.

135

: 00:07:29

And there's nothing wrong with

trying something new as long as

136

: 00:07:32

you do it from the right place

and not out of a fear response.

137

: 00:07:36

Think of pricing and sales

mechanisms and categories.

138

: 00:07:39

Okay.

139

: 00:07:40

A price has set market.

140

: 00:07:42

Value.

141

: 00:07:43

And an introductory pricing.

142

: 00:07:45

You have a set price for your offer?

143

: 00:07:48

This is the advertised price based on the

built in value of what you were selling

144

: 00:07:53

and often changes over time, then settles.

145

: 00:07:57

Meaning, it stays that way

for a long period of time.

146

: 00:08:00

This is when you create something new.

147

: 00:08:02

So you sell it at an introductory

low price to get people in, to

148

: 00:08:06

prove the concept, to refine it,

gained feedback testimonials.

149

: 00:08:10

Then raise the price

and repeat that process.

150

: 00:08:13

Until it.

151

: 00:08:14

Gets to it's a settled price point.

152

: 00:08:17

Where the value built in based on

the results people are actually

153

: 00:08:21

getting matches its market value.

154

: 00:08:23

Yeah.

155

: 00:08:24

At that point, the price

typically doesn't increase again.

156

: 00:08:28

Unless the value built into the offer.

157

: 00:08:31

Increases as well.

158

: 00:08:33

Right.

159

: 00:08:34

So unless you're adding more to it,

unless you are updating the material,

160

: 00:08:37

unless you're changing, what's in it.

161

: 00:08:40

Then typically you don't actually

change the price once it hits that,

162

: 00:08:45

that sweet spot, that match to match.

163

: 00:08:47

Okay.

164

: 00:08:48

Whereas the other category that's

sales mechanisms, that's your flash

165

: 00:08:52

sales, your bundles, your bonuses,

your giveaways, all of those kinds of

166

: 00:08:56

temporary ways to entice urgency and

give people a reason to jump in now.

167

: 00:09:02

They create excitement.

168

: 00:09:03

They build momentum and

noise around an offer.

169

: 00:09:06

They show off the amazing results

past clients have gotten and gives

170

: 00:09:10

people a great opportunity to join.

171

: 00:09:13

And I include bonuses in this

list because you don't have

172

: 00:09:16

to decrease what someone pays.

173

: 00:09:18

To entice them to buy now.

174

: 00:09:20

Right.

175

: 00:09:21

Let's go back to that chicken example.

176

: 00:09:23

And thinking about the packets of

meat at a store, have you seen those

177

: 00:09:27

wrapped fresh cuts that say extra 20%?

178

: 00:09:30

It's the same price as a regular pack.

179

: 00:09:32

Well, which one do you choose when

you're looking for a value by.

180

: 00:09:36

The one where you get more for the same

cost that you would already budgeted for.

181

: 00:09:41

As opposed to just the one

where you get what you were

182

: 00:09:43

expecting, but it costs less.

183

: 00:09:45

Yeah.

184

: 00:09:46

And think about which

one seems more exciting.

185

: 00:09:49

And also think about

at which time does one.

186

: 00:09:53

Mechanism matter more than the other.

187

: 00:09:56

Right, because there's some times

when you wish that you could get in

188

: 00:10:00

on that 20% extra, but you have to

go for the cheaper option regardless.

189

: 00:10:04

And this is why we look at all

of these separately and we plan

190

: 00:10:10

out these opportunities and we

list them out in our business.

191

: 00:10:12

And we think about

where are our people at?

192

: 00:10:14

Where are we at in our business?

193

: 00:10:16

And where does that match

with what we've got going on?

194

: 00:10:19

Because it's important

to keep these ideas.

195

: 00:10:21

Of our set price.

196

: 00:10:23

Versus our sales mechanisms separate

because when we worry about revenue

197

: 00:10:28

being low and we think about the ways

to get people, to buy, reducing our

198

: 00:10:32

prices, often that initial idea, right.

199

: 00:10:34

It's kind of that, that panic button.

200

: 00:10:37

But we have to think.

201

: 00:10:38

Are you looking to mess

with your set price?

202

: 00:10:41

Or are you actually thinking

of a temporary change in

203

: 00:10:44

price to mess with urgency?

204

: 00:10:46

It's also important to make this

list of the right options for your

205

: 00:10:50

audience and your business when you're

outside the emotion of the situation.

206

: 00:10:55

So you can call on that

list when you're having.

207

: 00:10:58

All of the feels.

208

: 00:11:00

Now, if you're already in all

of those feels, I don't want

209

: 00:11:04

you to delay making the list.

210

: 00:11:06

Right.

211

: 00:11:07

But I will caution you to take extra

care and to review that list and give

212

: 00:11:11

it some space and time to breathe before

deciding what to act on right now.

213

: 00:11:16

Okay.

214

: 00:11:17

So that, that third mechanism that

we have, well, that's keeping the

215

: 00:11:20

people that are already with you.

216

: 00:11:22

Right.

217

: 00:11:23

So how are you wowing and celebrating

the people who work with you now?

218

: 00:11:27

Are you offering them loyalty offers

like alumni rates or private sales.

219

: 00:11:31

Invite only offers or

continuation bonuses.

220

: 00:11:34

This can be for clients, students,

people on your email list.

221

: 00:11:37

There's lots of exclusive groups you can

give special attention to and special

222

: 00:11:42

access to that will create loyalty.

223

: 00:11:45

And get them excited to

join your next thing.

224

: 00:11:47

Map out what you are doing

and where there are some gaps.

225

: 00:11:51

Look at what people are taking you up

on and what they're not bothering with.

226

: 00:11:56

What they do and don't know about.

227

: 00:11:59

Where there's opportunity to

give more and to ask them.

228

: 00:12:03

If there are some things

that people aren't grabbing.

229

: 00:12:05

Ask, what would =you

actually be interested in?

230

: 00:12:08

Do a survey, get some feedback, find out

their level of awareness and interest.

231

: 00:12:14

List out all the places people

can find out about these perks.

232

: 00:12:18

And how often you're

actually sharing them.

233

: 00:12:21

Not just in recordings or at the

bottom of an email or as a note in

234

: 00:12:26

a lesson at the end of a module.

235

: 00:12:28

But in all of those places,

And telling people that they

236

: 00:12:32

are in all of those places.

237

: 00:12:35

Okay.

238

: 00:12:36

Is it using diversity in your offers?

239

: 00:12:39

And the right pricing structure with

sales mechanisms and wowing, the

240

: 00:12:43

people who already work with you.

241

: 00:12:45

are key pieces to keeping your

offer stack, ready to respond

242

: 00:12:49

to changing buyer behavior.

243

: 00:12:51

And if you're wanting support, figuring

all this out, like naming the details

244

: 00:12:55

and how to share them, understanding

pricing, and seeing where you already

245

: 00:13:00

are, wowing people and where you

can, wow them more jump into boost,

246

: 00:13:04

the value of your offer in a day.

247

: 00:13:06

Boost is one of a kind program that

gives you a left-brained loving

248

: 00:13:11

workflow and structure to see

the ins and outs of your offer.

249

: 00:13:15

As it is now.

250

: 00:13:16

Plus what it can be.

251

: 00:13:17

And how to get it where you want it.

252

: 00:13:20

Then it kicks off your creative

right brain and get you writing

253

: 00:13:24

out the best sales messagings.

254

: 00:13:26

So you know exactly how to talk about

this offer to your dream clients.

255

: 00:13:30

So they're excited and asking to join you.

256

: 00:13:33

You get instant access to the

full program and you can use this

257

: 00:13:36

process over and over again on

any offer you want to supercharge.

258

: 00:13:41

It is worked for hundreds

and it can work for you too.

259

: 00:13:44

The link will be in the show notes, but

it's also Tracie patterson.com/boost.

260

: 00:13:49

Offer value.

261

: 00:13:50

You've got this, I believe in you.

262

: 00:13:53

And I'm also here for you.

263

: 00:13:54

Until the next episode be

well and have some fun.