There’s a big misconception that new consultants and coaches have about social media that stops them from becoming successful. I’m going to tell you what it is today, and three steps that you can take to fix it – so that you can start making an income with what you already know! This big misconception is that you need an audience of thousands and thousands to make money from online consulting.
This couldn’t be further from the truth. My students have collectively generated over £670,000 from Instagram – and none of them had more than 10k followers at the time. Most of them had just over 1k. How did they do it? I’m going to tell you now. Let’s talk about three things that are going to help you to monetize your Instagram with less than 1000 followers.
Step 1: Start with something you know
The first is to start with something you already know. There’s absolutely no need to reinvent the wheel when you’re starting online consulting. You just need to be a couple of steps ahead in order to help someone else in your audience with an existing skill or expertise that you already have. With online consulting, you don’t need to know absolutely everything there is to know about your niche. It’s more important that you can hold someone through a transformation, and you learn to do that from working with real clients.
So have a think:
- What method/way/framework has had a big impact on your life?
- What’s a transformation that you’re excited to share with others?
- What’s a personal transformation that you’ve recently gone through that you could support someone else with?
Remember: People in your audience aren’t going to buy from you, because they’re going to get “eight calls” with you, or a “weekly check in”. They’re going to buy from you because of the result that you’re going to help them achieve.
There are people in your audience right now who are at their Point A (their current reality), and they aspire to get to their Point B (their desired outcome). If you can help to get them to that outcome, then you’ve got yourself some clients! The key here is taking your existing expertise, knowledge and experience and packaging it all up in a way that’s going to help your audience get to that desired outcome.
Step 2: Design one high-ticket offer for online consulting (£2k – £5k)
The second step is to have one high ticket offer. A mistake that a lot of new coaches and consultants make at this point is creating a low ticket offer, or an online course. That doesn’t work because with a lower price point, you need far more sales – and therefore far more people and a much larger audience. In order to hit your revenue goals, if you have a small audience, then your offer must be high ticket. The only time this wouldn’t be true is if you had £0,000s to spend on paid advertising. But even then, I would always advise testing and refining your offer organically and selling it organically to your audience first, before you plough lots of money into paid advertising.
Low ticket online consulting offer
The reason a high ticket offer is effective is because of pure maths. So let’s just say that 1% of your audience becomes your client (this is in-line with the industry average). That’s 10 people if your audience is 1000. Now if your offer is priced at £300 (so it’s a low ticket offer), then the amount of revenue you’re going to create is £3000.
- Offer: £300
- Audience: 1,000
- Sales: 10
- Total revenue: £3,000
High ticket online consulting offer
Now let’s look at a high ticket offer. So let’s just say £3,000. With those 10 clients that you’re going to get from your audience, you’re going to make £30,000:
- Offer: £3,000
- Audience: 1,000
- Sales: 10
- Total revenue: £30,000
So as you can see, the higher ticket online consulting offer is far more profitable. And being profitable isn’t the only reason. There are so many other reasons why charging a high ticket is actually way more beneficial for both yourself and your clients.
Will people pay £5k for online consulting?
You may be wondering whether people will even pay that much money. And the answer is yes! Because if your offer is compelling, then you are essentially helping to solve your audience’s deepest problems. They really want to get to an outcome that they can’t get to on their own, and you are providing that solution to them. It’s super counterintuitive, but from my experience in online business, it’s actually so much harder to sell a low ticket offer than it is a high ticket one. This is because, typically, you will be attracting a “lower-calibre” of clients with a low ticket offer. They are usually very price conscious. Not only that, but because they are not “losing” as much money if they don’t follow through, you’ll typically find that completion rates are lower. And so is the level of transformation created.
Step 3: Do what isn’t scalable
The third step when it comes to monetizing a small audience with online consulting is to do what isn’t scalable. A mistake that a lot of new entrepreneurs make is to completely remove themselves and to automate absolutely everything. The reality is, when you automate things and remove yourself from the equation, you’re actually taking away the very thing that gives you the competitive advantage and makes you stand out when you’re small. When you have a small audience, it’s far easier to keep track and to get to know the individuals that are actually in your following. You can use all of the features of Instagram like polls to get to know people, and you can engage with them in the DMs.
Using Instagram DMs to sell online consulting
The DMs are literally a goldmine where you can get to know people in your audience. In the DMs you can just have a natural conversation and transition that to your online consulting offer if that person is a good fit. The beauty of social media is that you don’t even need to do sales calls – you can actually close high ticket clients in your DMs! So do this as a bonus because as your audience grows, you will see that you actually lose track of individuals who are in your audience, and your sales conversions naturally go down because of that.
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