When Should You Actually Move From 1:1 to Group Coaching? | Matthew Davies

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Matt, what's the biggest thing holding your business back right now?
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I think like many founders who've come from a corporate background, it's a feeling of so many plates to spin, never knowing quite what direction is going to be the fruitful one to follow.
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And I think it's probably a little bit of ADHD thrown into that that confuses my sort of ADHD brain a little more.
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So it's yeah, it's a lack of clarity and clear vision to take action.
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Okay.
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Lack of vision.
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Tell us more about the business.
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So I'm a coach.
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I left the corporate world after many, many years in sort of uh banking and finance to initially coach solely in the health and fitness space from general personal training through to endurance events, like people to go and do marathons, ultramarathons, ironmans, that that kind of thing.
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Now I've branching out a little bit more into more general performance coaching.
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So helping people who are like I was five, six years ago when I realized I'd had enough and wanting to step out of the corporate world and really shake up their life.
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So it might mean going and doing some crazy event like the 12 hours of running in the night like I do, but not necessarily.
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It might just be taking whole of their life and changing a bit of a directional change.
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Okay.
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We'll do a deep dive on the business.
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Let's get the goals out of the way.
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So, what's a three-year revenue goal and what was the revenue last year?
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So revenue last year fluctuates seasonal, probably about 60,000 US dollars last year.
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Revenue goal is to get to 400, ideally quicker than three years, but that is the three-year goal.
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Okay, 400k.
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Okay.
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How big is your team right now?
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I'm the only one permanently on it.
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I use a number of kind of ad hoc independent virtual assistants and similar.
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I am in the process of bringing on two people on an advisory board.
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Okay.
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Advisory board for one is a go-to-market specialist and one is a AI and automation specialist.
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I found them on a platform where they give six months pro bono advice into helping me grow the business in the view or in the idea that if their advice helps me to grow and scale, that this is going to turn into paid board membership.
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So like a net position on the board for them.
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Okay.
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First was AI on automation.
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What was the second expertise?
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Customers go to market.
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So marketing.
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Oh go to market.
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Yeah.
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Okay.
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GTM.
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Go to market.
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Okay.
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So start with free six months, and then if it works, then you turn it into a paid okay exactly.
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How many active clients do you have right now?
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I currently have 24 kind of fixed monthly retainer type clients.
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24.
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Okay.
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Yeah.
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And you only do is that your model?
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You only do retainer style pricing?
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Until now, yes.
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I'm just in the throes of launching a certainly a high-ticket offer, but more of a fixed 12-month program, which will be small cohorts of people coming through in one go with one common fixed goal at the end.
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Okay.
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What's the biggest source of lead acquisition right now?
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Currently, all social media.
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Historically, through a number of opportunities, I was doing quite well at finding people in person at events, at trade show type events, at races.
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Networking.
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I'm not the biggest fan of social media, or I'm not the most comfortable person being on and being the face on social media.
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I find it quite a challenge for me.
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Those networking opportunities are slightly harder to come by now.
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So I've reverted and I'm getting some traction on social media, but I find it very painful.
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Okay.
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Last 12 months, I'm looking for a percentage.
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What percentage of the clients in the last 12 months came through social media?
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70.
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70 percent.
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Which social media?
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Largely LinkedIn, a little bit on Instagram.
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Okay, so mostly LinkedIn.
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Okay, so around 70% came through LinkedIn slash Insta.
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What is the second biggest source?
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Referrals.
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Referrals from existing clients or through affiliates?
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Existing clients?
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No, almost all of that will be existing clients.
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Yeah.
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What percentage?
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Of that 30, it's more than 25% of that.
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So the lion's share of that 30 by far.
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Okay.
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So 70% LinkedIn slash Insta, mostly through LinkedIn.
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I'm gonna cut off Insta, mostly through LinkedIn, and then second highest being referrals.
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Okay.
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What are you doing on LinkedIn?
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Currently, no paid advertising.
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This is all organic, and when I have time, a little bit of cold outreach.
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Okay.
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Is cold outreach is how you mostly get clients on LinkedIn?
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No, it's between inbound and cold outreach.
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But 50 is it like 50-50?
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Yeah.
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Okay.
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So 50% cold outreach, 50% inbound.
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What's the inbound strategy?
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You produce content and people just contact you?
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Yeah.
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Yes.
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Doesn't ever feel like a strategy.
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It feels like a lot of hard work of continually churning out the content and often long periods of not hearing of complete crickets, and then suddenly I'll get three or four inquiries in in one go.
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It particularly on the more endurance-focused stuff.
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So helping people to achieve something life-changing, like a marathon or an Iron Man or that type of thing, is very seasonal as to when people would be looking for a coach.
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So right now we're just about to start entering the time when that picks up.
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So in the last week or so, I've just suddenly had three or four inquiries all booking into my diary with no prior notice.
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So all genuine inbound unsolicited.
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But for example, over the start of the summer, most people already have their coach fixed and their season lined up and their year planned out.
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I was posting almost daily and not hearing a single thing.
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Right.
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What were you posting?
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So in it previously, solely occasionally I'd make it testimonial reviews from other from other clients, occasionally personal, occasionally hopefully educational, insight slash inspirational.
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So I had a rolling, I had a rolling pattern of a kind of a two-week rolling pattern of of producing stuff.
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I now in the last five months started producing a newsletter, which is gradually building traction.
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And I think some of the inquiries are coming from a growing readership on that.
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Still just under a thousand, but growing, growing every week with every edition.
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Okay.
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Are you talking about LinkedIn newsletter or email newsletter?
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No, LinkedIn newsletter.
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Okay.
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Do you have an email list as well?
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I don't know.
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Why don't we start one?
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Uh it I probably answered I mean it's absolutely uh I I'm very aware that I am currently, if my LinkedIn account got turned off, I'm I'm currently very heavily um snookered.
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Yeah, exactly.
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Yeah, I was gonna try not to swear basically, but yeah.
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Um so it's something I'm very aware of.
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And yeah, it's I guess it's one of those additional additional tasks that feel like a slight overwhelm of how do I add yet another thing into the mix.
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Um but yes, something I'm conscious of.
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It's on the very long to-do list.
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Right.
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I mean, the easiest way is through a lead magnet, right?
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So you could potentially say, well, there are seven things you need to do to make sure you don't get injured this summer while you're doing out and about doing exercising, uh, and then access this through, you know, this link.
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They click on the link, you ask for their email and then give them their free lead magnet.
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Yeah.
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Right?
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That would be like the easiest way to collect emails.
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Yeah, yeah.
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So I have just finished creating and about to launch a lead magnet that is aiming at slightly more corporate executive lifetyslash life coaching, still with very heavy fitness influence to it.
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Um, but I see it as a side-by-side, as a slightly different um market, uh talking to the exactly the people I was six, seven years ago before I turned my life around.
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So that is a that is an attempt or an or a or a plan to begin creating an email list and generating leads through that.
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I need to create something similar very specifically, the the pure fitness stuff, uh, and a plan to run the both of them kind of side by side.
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Okay.
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So you have two different ICPs essentially, ideal customer profiles, right?
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There's a huge crossover of who that person is, but yes, there's they're slightly separate um ideal ideal person.
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Yeah, so we'll we'll get into ICPs, but uh I wanted to cover the cold outreach as well.
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So inbound strategy is you produce content and then you get in in inbound inquiries.
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Yeah.
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Uh and you also nurture them through your LinkedIn newsletter.
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How often are you producing content?
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Is it daily, weekly?
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Con uh straightforward content is almost daily, uh, five or six days a week, and the newsletter goes out every Friday.
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Okay.
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And newsletter is getting traction.
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How do you get traction from newsletter?
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Are they do they leave comments, reply to you?
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Yeah, so some comments, likes the occasional share.
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Um I'm on LinkedIn Pro, whatever it's called.
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So whenever anybody follows me, they automatically get invited to subscribe to the newsletter.
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So it's growing, it's growing at a handful of people every week, but it's up to around 900 people from zero.
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Um, and it's gradually building some momentum.
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Right.
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I would heavily, heavily recommend to use you always want to own your own audience, right?
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Yeah, whenever you get a social media involved, you know, you are you're at the mercy of the social media.
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So I would find ways of how do we move that existing audience to to your own email list?
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Because email list is the only thing that you own.
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Right?
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That no one can take away from you.
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Okay.
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Um let's let's talk about the cold outreach.
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So half of your clients on LinkedIn are coming through cold outreach.
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What's the strategy there?
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So daily, I when I when I know my when I know my content is scheduled to go out, I'm I'm checking in or logging in twice a day, responding to those who are commenting on my on my content.
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And potentially when they look like they fit my ICP, then I'm then I'm reaching out to them with a direct message.
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I'm also spending that 45 minutes or so twice a day looking for people that look like the client that I'm wanting to coach.
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So people who've just done an Iron Man, just done a marathon, just done some kind of physical challenge, and I'm commenting on their post and sending them an um in mail andor reaching out to connect and then hoping to and then attempting to start conversation from there.
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Okay.
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What are you saying on your first message?
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Uh literally just making it about the post that they've written.
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So I've tried very hard to make sure it's not a copy-paste, very obvious.
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Um I'm sending this out to load.
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So it will be a direct comment on the post that they've just made or on the comment that they've left on my post.
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So um highly personalized, highly time consuming, um, but very, very personalized each time.
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Okay.
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And then what's your uh how many percent uh how many people are responding to that first message?
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Um 50% are connecting.
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So if it's a connection request, 50% are connecting and then big and they're falling into my world.
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Um as I say, the the challenge with what I refer to as the vanilla bread and butter part of the business, the straightforward Iron Man slash marathon coaching is so very cyclical.
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So I'm I'm I'm I'm consciously building that that network, knowing that for many, depending on where they are in the world, for many at the point when I'm making those connections, that they will simply they will not be in the market for a coach.
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Um but I'm building the network at so that when the when the time is right, and it's typically in the western hemisphere and the northern and the northern hemisphere, um, it's typically November, December, January that these people will be looking.
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So I've spent a lot of this year, has just been trying to reach out and create those connections and build that network and stay in contact with the right people, build that network up in the hope that, and like I say, in the last three or four weeks, I've almost out of the blue.
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We're just about to enter the start of that period, depending on when people have done their races this year.
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I've had three reach outs asking for a coach in the last week or 10 days.
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Where are you located?
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I'm UK.
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And you are you have clients in the UK or all over the world?
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All over the world.
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Okay, so all your coaching is remote.
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All bar about one or two people who uh happen to be close enough that I can see, but yeah, 95% of my business is remote.
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Okay.
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That's good because then we can target pretty much anywhere, right?
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What what what is the biggest percentage?
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Which country has the biggest percentage of clients?
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Uh just US is the largest single.
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Okay.
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What what percentage?
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Uh seven of the twenty-four, so about twenty-five percent.
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Twenty-five percent.
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What's the second largest?
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Next year's UK, but they're not local to me here.
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Okay.
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So around like twenty percent?
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That'll be about twenty, and then it starts to go down into yeah, I've got Hong Kong, Australia, uh most of the European countries, there's sort of one in each.
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Uh so after after you it's very much you US, UK.
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Okay.
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Uh all right.
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Um, so going back to LinkedIn, so you 50% of the connection requests are getting accepted.
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What is do are they responding to you as well?
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Yeah, they're getting into it's it's it's normally I'm normally able to get into some form of conversation.
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Um not many of them are turning into, well, why don't we have a call and talk about my services?
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They're just getting past that first stage, and they're then I would say then they're warm connections within my network.
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Um, but there's too many of them to then try to nurture them all individually uh through the process.
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So I think this is where I'm getting a little kind of bogged down, is that I'm I could go, I could walk into my wife always tells me I could walk into an empty room and make friends with people.
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I'm I'm great at kind of starting the conversation.
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Um and this is why I used to go to events and do very well being at an expo or a race event or similar, but great at at forming those conversations in the first place.
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But as I'm doing that daily and building up more and more of those people, it's it's it's it's having systems and an ability to follow that through and to and to start turning those successfully into paying clients is is probably one of my biggest hurdles, I suspect.
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Okay, let's fix that.
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So right now you're sending text messages, right?
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You send a message on LinkedIn chat and then they respond to the chat.
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Why don't you send them a video message?
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Because that will short shortcut your process, right?
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Because now you're acting like you're in the room, so you record a video for them, and now your response rate will go through the roof because no one does it, right?
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Very like a handful of people do it.
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And and now they will be come they'll feel bad not responding to you after you spend.
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I mean, it's it takes in fact, it takes less amount of time to record yourself than to actually write a thoughtful message.
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Right?
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Yeah.
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Very true.
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And I especially so I'll write it and then I'll read it and I'll reread it.
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And then you edit it and then you edit again.
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I think I'm mildly dyslexic, so I probably read it through three times before I send it as well.
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Yeah.
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I could probably send five times as many, and like you say, increase the response rate as well.
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By by probably like five times as well.
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Yeah, yeah.
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Yeah.
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So I mean, because that's what I do.
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So I have like, you know, like 10 plus clients, and if I were to sending text messages to them, my whole day is shot.
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Right.
00:16:53.279 --> 00:16:55.440
So I use Loom, Loom videos.
00:16:55.600 --> 00:16:55.919
Yeah.
00:16:56.080 --> 00:17:01.200
Um, so I have 10 clients, uh, 10 plus clients, and also I have a team of 20 people, right?
00:17:01.360 --> 00:17:05.599
So everyone I communicate with pretty much Loom.
00:17:05.839 --> 00:17:16.480
Uh so I record a video, you know, I just record my thoughts, hits, and record my thoughts, hits, and record my heart, and I can do like hundreds of these every single day in like a couple of hours.
00:17:16.640 --> 00:17:17.279
Yeah.
00:17:18.319 --> 00:17:18.640
Right.
00:17:18.799 --> 00:17:21.119
So I think that might that might be, yeah.
00:17:21.359 --> 00:17:37.200
Because then it's also more fun to actually, because then you're actually having an asynchronous more like just like we're having right now, but we're synchronous, but we're essentially having an asynchronous video conversation, which is like the next best thing to meeting in person.
00:17:37.759 --> 00:17:38.079
Right?
00:17:38.319 --> 00:17:39.519
And it's more convenient.
00:17:39.680 --> 00:17:44.079
You you respond when you have time, they respond when they have time.
00:17:44.640 --> 00:17:45.519
Yeah, exactly.
00:17:45.680 --> 00:17:46.559
Yeah, okay.
00:17:46.799 --> 00:17:47.680
No, I like it.
00:17:47.839 --> 00:17:48.160
Okay.
00:17:48.960 --> 00:17:49.279
Yeah.
00:17:49.440 --> 00:17:55.599
If you just make that change, it might just you know, you might have too many clients.
00:17:55.920 --> 00:17:57.279
That'll be a good problem to have.
00:17:57.599 --> 00:17:58.079
Yeah.
00:17:58.319 --> 00:18:04.240
Yeah, I it it's it's an easy problem to fix because most coaches in my space don't have any clients at all.
00:18:04.400 --> 00:18:15.599
So it would be very easy for me to find good quality coaches who would jump on board if I was suddenly said, I've got 15 extra clients waiting for a coach I can't look after.
00:18:15.759 --> 00:18:17.680
Do you want to come on board and I'll take a cut?
00:18:17.920 --> 00:18:25.599
It would be I'd have a that would be an that would be a LinkedIn post that does get good engagement and and and I would get a lot of inbound then.
00:18:25.680 --> 00:18:27.039
I can guarantee you that.
00:18:28.559 --> 00:18:29.119
Yeah.
00:18:29.440 --> 00:18:33.359
So let's talk about the strategy uh on the first message, right?
00:18:33.440 --> 00:18:40.720
So right now you're sending a text message, you're starting a conversation, because you could actually make an offer.
00:18:40.880 --> 00:18:46.640
So when you do the Loom strategy, where you're actually recording a video, and it could be like a couple of minutes.
00:18:46.720 --> 00:18:48.799
It doesn't have to be like just a five-second video.
00:18:48.880 --> 00:18:52.079
It'll be weird if someone just received, hey John, how are you doing?
00:18:52.240 --> 00:18:53.759
Nice to meet you, and that's it.
00:18:53.920 --> 00:18:55.440
That would be a weird video.
00:18:56.160 --> 00:18:56.799
Yeah.
00:18:57.519 --> 00:18:57.759
Right?
00:18:57.920 --> 00:19:02.400
No, I I talk probably too much, not too little.
00:19:02.480 --> 00:19:05.519
So yeah, if I do it, it won't be three-second videos.
00:19:05.599 --> 00:19:07.200
I uh Yeah, yeah, exactly.
00:19:07.440 --> 00:19:09.920
So it'll probably be on the on the longer side, right?
00:19:10.000 --> 00:19:13.279
So which gives us an opportunity because first of all, no one does this, right?
00:19:13.359 --> 00:19:26.400
So it just seeing someone send you a video message, you can you can be almost guaranteed that they're gonna watch it because they're like, well, I never received like what was the when was the last time you received a video message?
00:19:26.720 --> 00:19:28.000
I don't think I ever have.
00:19:28.640 --> 00:19:29.119
There you go.
00:19:29.279 --> 00:19:33.200
So you can see how, you know, because you they know it's not AI, it's human.
00:19:33.680 --> 00:19:33.839
Right?
00:19:34.160 --> 00:19:40.880
Because most of the right now I get so many AI messages, it takes me like half a second to recognize this is an AI message, right?
00:19:40.960 --> 00:19:43.839
And I just ignore them or or just say no thanks.
00:19:44.160 --> 00:19:57.440
Um okay, so the cool thing about video messages is that you could not just introduce yourself, you with Loom, you're sharing, you can share your screen screen as well, in addition to showing your face.
00:19:57.599 --> 00:20:03.920
And then you can have their profile up or their post up and just say, Oh, by the way, John, I'm reading your post.
00:20:04.079 --> 00:20:07.759
Congratulations on whatever marathon, you just finished.
00:20:08.000 --> 00:20:10.319
Um, you know, my name is uh Matt.
00:20:10.400 --> 00:20:12.319
You know, I'm like blah, blah, blah.
00:20:12.480 --> 00:20:15.680
Um, and then so that now there are two ways to handle this, right?
00:20:16.000 --> 00:20:19.839
So either we can go in for this is how I help.
00:20:20.079 --> 00:20:20.880
Would you be interested?
00:20:21.039 --> 00:20:22.720
Which is more of a direct way.
00:20:22.880 --> 00:20:25.920
Uh the response rate would be lower to this offer.
00:20:26.240 --> 00:20:33.599
The other thing that that's been working really well for my clients is we asked for some sort of feedback.
00:20:33.839 --> 00:20:38.160
So I had a person on recently who's also using this strategy successfully.
00:20:38.400 --> 00:20:54.480
So she's actually, she has a very unique case where she's actually writing a book and she's she reaches out to people on LinkedIn and says, would you be willing to give me your feedback on this topic that I'm writing a book on?
00:20:54.559 --> 00:21:00.880
And a lot of people say yes to it because they, you know, there's an opportunity for them to be like be part of the book, right?
00:21:01.039 --> 00:21:01.279
Yeah.
00:21:01.440 --> 00:21:05.599
Or or be named as one of the you know contributors or whatever, right?
00:21:06.160 --> 00:21:07.359
So that's one strategy.
00:21:07.519 --> 00:21:12.720
We ask for some sort of feedback uh or or their opinion for for the book you're writing.
00:21:12.880 --> 00:21:14.640
So that could be potential strategy.
00:21:14.880 --> 00:21:29.119
Another strategy that works really well is um you could say, well, I'm developing a program, and clearly you are some someone who just who are my essentially my ICP, love to get your feedback.
00:21:29.279 --> 00:21:45.680
In return, I can give you my like free PDF of the book, or free PDF or my of my lead magnet, or like a free session, or or whatever you can give so that it it incentivizes them to jump on a call and and do like a feedback session with you.
00:21:46.400 --> 00:21:53.519
So that would be another strategy uh which will work really well because you know it's we're not asking for a sale.
00:21:53.680 --> 00:21:56.880
In fact, we're giving, we're offering, it's all leading with value.
00:21:57.200 --> 00:21:59.279
I'm asking for your feedback in exchange for value.
00:21:59.359 --> 00:22:01.519
So that would Be that would work really well.
00:22:01.839 --> 00:22:09.759
Third option is if you have a strong profile, you have lots of testimonials, then you could potentially basically say, Well, this is my offer.
00:22:09.839 --> 00:22:11.200
If you need my help, let me know.
00:22:11.440 --> 00:22:14.400
But just know that it's going to be the lowest converting.
00:22:15.200 --> 00:22:15.599
Right?
00:22:15.759 --> 00:22:19.759
Because we conversions happen over conversations, right?
00:22:19.920 --> 00:22:25.359
So if we can start a conversation, like a call conversation, we start, we lead with video.
00:22:25.440 --> 00:22:30.319
They already know you how you look, how you talk, they know you're not AI, you're genuine, right?
00:22:30.480 --> 00:22:32.000
And then it becomes very easy.
00:22:32.160 --> 00:22:36.160
If they respond, be like, oh, you know, I'd love to let's let's hop on a call.
00:22:36.319 --> 00:22:41.039
So you know we can actually have a live conversation instead of me just recording looms, right?
00:22:41.200 --> 00:22:44.400
And then once they're on a call, then you already know what to do.
00:22:44.799 --> 00:22:45.519
Yeah, of course.
00:22:45.759 --> 00:22:46.240
Absolutely.
00:22:46.400 --> 00:22:46.640
Yes.
00:22:46.799 --> 00:22:47.359
Yeah.
00:22:47.839 --> 00:22:48.160
Thoughts?
00:22:48.640 --> 00:22:50.319
Thoughts on these three strategies?
00:22:51.119 --> 00:22:52.000
Uh definitely.
00:22:52.079 --> 00:22:55.359
I think the Loom video just talking through one thing you've noticed.
00:22:55.680 --> 00:23:09.920
Look, normally what I do the ones I normally work best is when I've spotted something in their posts where I and I actually do what you're saying, but it's long and drawn out and written and saying, brilliant, well done on doing marathon, blah blah blah.
00:23:10.160 --> 00:23:14.799
But it you said you said you were doing 400 miles a week in your training.
00:23:14.880 --> 00:23:16.319
I really think that might be a little much.
00:23:16.400 --> 00:23:20.960
Uh yeah, I think there might be a way you could reduce that down and get better results, but but lower your injury.
00:23:21.039 --> 00:23:27.680
So I'm doing that kind of same approach, but all written and very slow and methodical and low response rates.
00:23:27.759 --> 00:23:29.359
I mean, let's face it, I said 50%.
00:23:29.920 --> 00:23:32.559
That's probably my optimism, thinking it's 50%.
00:23:32.880 --> 00:23:34.160
It's probably worse than that.
00:23:34.240 --> 00:23:36.960
Um, but I'm a glass half full kind of guy.
00:23:37.039 --> 00:23:49.759
But yes, this method of actually showing them with this with their post in front on the screen and saying, look, you you've put here that it, you know, you've said here that you're doing four million press-ups every week.
00:23:49.920 --> 00:23:53.839
And you know, I think that's probably three and a half million more than you need.
00:23:53.920 --> 00:23:58.720
So maybe we yeah, would you be interested in learning how you can do half a million instead and get better results?
00:23:58.880 --> 00:23:59.119
Brilliant.
00:23:59.200 --> 00:23:59.279
Okay.
00:23:59.680 --> 00:24:02.400
Yeah, and actually that would get a far better response rate.
00:24:02.640 --> 00:24:04.480
So, so Matt, let's improve that.
00:24:04.559 --> 00:24:05.920
So I think we can make it better.
00:24:06.000 --> 00:24:08.240
So instead of saying, would you be interested?
00:24:08.400 --> 00:24:12.960
say hop on a call with me and I will show you three better ways.
00:24:13.359 --> 00:24:14.319
For free.
00:24:15.039 --> 00:24:16.480
No, no obligation.
00:24:16.720 --> 00:24:17.599
Three better ways.
00:24:17.680 --> 00:24:19.279
I will literally just show you.
00:24:19.519 --> 00:24:24.480
And at the end, you can use these strategies yourself for free.
00:24:24.720 --> 00:24:28.559
If you need my help, like I'm give away the secrets, sell the implementation.
00:24:28.799 --> 00:24:30.799
You can use these just like what I do.
00:24:30.880 --> 00:24:31.680
That's my model, right?
00:24:31.759 --> 00:24:35.680
I just give everything away for secrets, and then I was like, well, would you like help in implementing?
00:24:35.759 --> 00:24:36.799
If not, that's fine.
00:24:36.960 --> 00:24:38.799
But you know, feel free to implement it yourself.
00:24:38.880 --> 00:24:42.079
So I think that works really well because we're leading with value.
00:24:42.960 --> 00:24:43.279
Right?
00:24:43.440 --> 00:24:45.440
We're not we're not holding back anything.
00:24:45.599 --> 00:24:49.839
We're saying this is how this, these are the three things you need you should be doing.
00:24:50.079 --> 00:24:50.880
And and lead it.
00:24:51.200 --> 00:25:04.400
And if you need my help, you know, obviously, because if you need accountability and all nutritional help and all that stuff that you know we didn't discuss, you know, I'm I would be happy to honor to be your coach or whatever, right?
00:25:04.640 --> 00:25:08.079
Let's hop on the next call so we can discuss the details.
00:25:08.240 --> 00:25:08.799
And that's it.
00:25:08.880 --> 00:25:14.799
So because then right, your conversion will go even higher because you're not selling.
00:25:14.880 --> 00:25:21.359
You're because right now you're saying, well, I can help you, as opposed to saying, well, let's I'll just show you three ways.
00:25:22.400 --> 00:25:22.880
Yeah.
00:25:23.200 --> 00:25:24.000
No, I like it.
00:25:24.160 --> 00:25:25.440
I like it a lot.
00:25:25.839 --> 00:25:26.319
Yeah.
00:25:26.559 --> 00:25:26.880
Okay.
00:25:27.599 --> 00:25:35.680
So yeah, so I think if you just tweak it to the video format and and lead with value, um, our conversion rate should improve.
00:25:35.839 --> 00:25:38.880
So that's the outreach.
00:25:39.039 --> 00:25:45.359
So the thing with outreach is uh outbound, is like you can do more.
00:25:45.440 --> 00:25:49.839
Like you literally, if you say, okay, so if I do 10, I'm getting one discovery call.
00:25:50.000 --> 00:25:52.559
Like if I do 10 loom videos, I get one discovery call.
00:25:52.720 --> 00:25:56.160
You say, okay, so I have room for five more this week.
00:25:56.240 --> 00:25:59.519
So I'll just do 50 kind of thing, right?
00:25:59.599 --> 00:26:01.920
Because it's it's like it's a numbers game.
00:26:02.079 --> 00:26:05.440
Whereas inbound, we don't have any control.
00:26:06.559 --> 00:26:06.880
Right?
00:26:07.039 --> 00:26:12.160
Where it's it's it's more of a background strategy because we we don't know how many people will come in.
00:26:12.319 --> 00:26:14.799
Whereas outbound, it's it's a math equation.
00:26:14.880 --> 00:26:16.559
We're solving a math problem.
00:26:16.880 --> 00:26:17.279
Yeah.
00:26:17.519 --> 00:26:22.640
Because once you do enough, you know what the conversion rate is, right?
00:26:22.799 --> 00:26:27.519
And then we just keep on iterating on the messages like A B testing, right?
00:26:27.759 --> 00:26:28.960
Test this, test this.
00:26:29.119 --> 00:26:32.799
This wins, so we're gonna double down on this, then come up with another idea.
00:26:32.880 --> 00:26:33.759
Test, test, test.
00:26:33.920 --> 00:26:36.240
This still wins, deep double down again.
00:26:36.480 --> 00:26:37.279
Test, test, test.
00:26:37.440 --> 00:26:40.480
Oh, this wins, B wins, so I'm gonna go down this road, right?
00:26:40.559 --> 00:26:41.200
That kind of thing.
00:26:41.279 --> 00:26:44.000
So we're always iterating and making the conversion rate better.
00:26:44.160 --> 00:26:51.519
But we but the uh the the reason I like outbound so much is because it's you can you're in charge of your destiny.
00:26:53.119 --> 00:26:53.759
Right?
00:26:54.000 --> 00:26:54.480
Yeah.
00:26:54.720 --> 00:26:56.160
Do you agree or disagree?
00:26:56.319 --> 00:26:56.559
Thoughts?
00:26:56.880 --> 00:26:57.519
Totally agree.
00:26:57.680 --> 00:26:57.920
Yes.
00:26:58.160 --> 00:26:59.680
Okay, but yeah.
00:26:59.759 --> 00:27:14.160
That the as we've discussed, the challenge has been time, but doing video absolutely will create uh the ability to massively ramp up how much of that outreach I'm so yeah.
00:27:14.400 --> 00:27:14.960
Right.
00:27:15.279 --> 00:27:16.400
Okay, all right.
00:27:16.640 --> 00:27:23.759
So now that we discussed the customer acquisition, let's talk about your ideal customer profile.
00:27:23.920 --> 00:27:27.519
So we discussed earlier that you have two slightly different profiles, right?
00:27:27.599 --> 00:27:29.039
Can you explain what those are?
00:27:29.440 --> 00:27:37.039
Yeah, so what I refer to as my vanilla coaching clients, they're probably already doing something in this space.
00:27:37.200 --> 00:27:42.319
They're already running marathons, they're already maybe they're doing half marathons and they want to go up to a marathon.
00:27:42.720 --> 00:27:45.680
Maybe they've tried triathlon, but they haven't done a full IMAN yet.
00:27:45.759 --> 00:27:47.599
But they're basically already doing it.
00:27:47.759 --> 00:27:52.240
I'm looking for clients who want to carry on doing what they're doing but get better.
00:27:52.960 --> 00:27:53.279
Okay.
00:27:53.759 --> 00:27:58.480
That's been how the business has got from zero to where it is now, is looking for people like that.
00:27:58.799 --> 00:27:59.039
Okay.
00:27:59.440 --> 00:28:03.440
Where I want to take it and where I see much more opportunity to grow.
00:28:03.759 --> 00:28:16.240
Frankly, I would never get, I couldn't get to 400,000 coaching those sorts of people, not without building a team of coaches, and then I'm earning when they're earning because there's just it wouldn't be enough hours in the day to get to the to that size.
00:28:16.559 --> 00:28:36.000
Where I see there being more potential is people I started out, my journey was fat, middle-aged, overweight, drinking too much, disenfranchised, unhappy in work, very kind of um reached kind of middle-aged crisis point, and went and searched for a genuine transformation.
00:28:36.160 --> 00:28:43.359
Or uh for me, it was doing Iron Man without any knowledge or history in the sport whatsoever.
00:28:43.599 --> 00:28:48.720
It needed to be something drastic, and it was a genuine life-changing experience.
00:28:49.279 --> 00:29:03.039
So I'm looking for for this part of the business is to look for people who were like where I was and make small, very small groups of five, no more cohorts of people with a fixed destination.
00:29:03.839 --> 00:29:11.119
Marathon Dissar, Iron Man Wales, whatever the challenge, still a still very likely a physical challenge at the end of it.
00:29:11.359 --> 00:29:22.559
But people who are starting from zero, instead of people who are starting at 50% looking to try to get to 60%, I'm looking for people who are currently in zero percent great small cohorts, go on a journey together.
00:29:22.799 --> 00:29:28.799
I'll race with them, I'll we'll pick the event, and I I'm you know, I'm there at the start line, I'm there at the finish line.
00:29:28.880 --> 00:29:37.920
It's a real small group, but very bespoke coaching for uh almost exclusively.
00:29:38.000 --> 00:29:49.440
I think the market is people like where I was corporate, burn out executive, like just pissed off with life, basically, uh searching for something to create that spark.
00:29:49.759 --> 00:29:50.079
Okay.
00:29:50.559 --> 00:29:55.440
So the intermediate ICP and the beginner ICP, those are the two buckets, right?
00:29:55.599 --> 00:29:58.000
Intermediate, they're already know what needs to be done.
00:29:58.160 --> 00:30:02.400
You trying to make them an expert, the and the other ICP is beginners.
00:30:02.559 --> 00:30:05.680
You just want them to get to intermediate level, right?
00:30:05.920 --> 00:30:06.400
Yep.
00:30:06.720 --> 00:30:07.519
Oversimplified.
00:30:07.920 --> 00:30:08.160
Okay.
00:30:08.559 --> 00:30:16.000
Um, so right now, the 24 clients that you have, are they all in the first intermediate bucket?
00:30:18.160 --> 00:30:25.440
They are in terms of how I found them, how they pay me, how I coach them.
00:30:25.599 --> 00:30:30.799
They're all on the model of bread and butter, vanilla, one-to-one clients.
00:30:31.200 --> 00:30:37.519
Actually, within there, if I look more closely, there are small pockets who could have been in the other version.
00:30:39.519 --> 00:30:45.119
Because of where they were on the journey, and because of the fact that actually, like I just had three all did the same race in Spain.
00:30:45.200 --> 00:30:48.720
I could have created this if I thought of this idea 12 months ago.
00:30:48.880 --> 00:30:57.839
I could have created this model 12 months ago and had them all working together and going on the journey together and doing the big complete beginner to finisher.
00:30:58.640 --> 00:30:58.960
Right.
00:30:59.200 --> 00:31:02.960
So I'm already basically doing what I want to do.
00:31:03.119 --> 00:31:12.480
It's just changing the marketing and who and who I'm looking for and packaging the whole thing slightly differently with a different price point as well.
00:31:12.960 --> 00:31:15.200
So, Matt, we're talking two different things.
00:31:15.359 --> 00:31:18.960
So there's one-to-one model and there's one-to-many model, right?
00:31:19.039 --> 00:31:19.839
That I understand.
00:31:20.000 --> 00:31:22.880
Let's let's not talk about that just yet.
00:31:23.119 --> 00:31:24.720
That we're gonna talk next, right?
00:31:24.880 --> 00:31:28.000
What I'm asking is we have two separate ICPs.
00:31:28.160 --> 00:31:30.880
The first ICP, what do you call the vanilla ICP?
00:31:31.119 --> 00:31:37.119
People who are not beginners, they're intermediate level that you're trying to help them get better, right?
00:31:37.279 --> 00:31:40.160
And the second ICP is beginner ICP.
00:31:40.319 --> 00:31:44.799
They're like, they have no idea what they're doing, and you're trying to get them to the intermediate level, right?
00:31:44.960 --> 00:31:52.880
So what I'm asking is out of those 24 people, how many are in the first ICP versus the second ICP?
00:31:54.480 --> 00:32:00.720
At the moment, two-thirds to three quarters are already doing it.
00:32:00.799 --> 00:32:02.240
They're the intermediate ICP.
00:32:02.480 --> 00:32:02.720
Okay.
00:32:02.960 --> 00:32:03.759
Okay, perfect.
00:32:03.920 --> 00:32:10.160
So 75% are intermediate ICP, 25% uh are beginner ICP.
00:32:10.319 --> 00:32:10.960
Okay, perfect.
00:32:11.440 --> 00:32:13.440
And what is your positioning statement?
00:32:13.599 --> 00:32:21.519
Like what is so the positioning statement is I help my ICP achieve XYZ results through a unique mechanism.
00:32:21.680 --> 00:32:23.680
So we already know who the ICP is.
00:32:23.839 --> 00:32:25.839
What are you helping them achieve?
00:32:27.039 --> 00:32:38.160
Uh I'm I'm helping them achieve uh better results in less time with lower injury risk is the kind of I guess it is trying to sum it up in one simple sentence.
00:32:38.960 --> 00:32:42.400
Better results, like better, what kind of results?
00:32:43.359 --> 00:32:45.519
So basically faster.
00:32:45.599 --> 00:32:48.799
So improve improve your ability in this sport.
00:32:49.039 --> 00:32:59.920
So get faster with less do better better output for lower input data backed with a with a three times lower injury risk.
00:33:00.319 --> 00:33:00.640
Okay.
00:33:01.119 --> 00:33:02.799
What is your unique mechanism?
00:33:02.960 --> 00:33:08.400
What is your like do you follow some sort of framework you have designed or something like that?
00:33:09.119 --> 00:33:33.920
It's not my software, but the the the coaching software I deliver their training on um has some very clever uh AI data sifting within there that helps me deliver them more tailored, more specific coaching for them and measures what they measures every single workout in far greater detail than any coach can.
00:33:34.000 --> 00:33:35.279
So but it's not my software.
00:33:35.359 --> 00:33:36.880
I just it's the platform I use.
00:33:36.960 --> 00:33:39.279
So there are other coaches with a similar message.
00:33:39.599 --> 00:33:39.920
Okay.
00:33:40.079 --> 00:33:41.359
Well, then it's not unique.
00:33:41.440 --> 00:33:47.039
So maybe the uniqueness can be tied to you because then no one can replace you, right?
00:33:47.519 --> 00:33:56.400
Do you have something we I mean, we can obviously keep using the software, but when we go to the marketplace, I rather have your positioning be unique to you.
00:33:56.480 --> 00:33:59.359
So no, we can say you are in a category of one.
00:34:00.079 --> 00:34:00.400
Right?
00:34:00.480 --> 00:34:03.440
And that will allow us to charge you, charge more as well.
00:34:04.640 --> 00:34:17.199
I think for the for the searching for the beginner ICP, particular with the market I'm going for, then again, it doesn't make me unique as one, but it brings me into a much smaller pool.
00:34:17.440 --> 00:34:30.400
It's the fact that I genuinely was there and walked that walk and talk a lot on my socials about where I was when I began the journey, and now and and this is the journey I'm going to replicate for you.
00:34:30.639 --> 00:34:49.199
So uh it doesn't make me unique, but it if you were to take the 10,000 triathlon coaches out there in the world, there would there would be there would be, I suspect, very few who were managing director, lived in, lived and worked and breathed the corporate world and did all of that stuff.
00:34:49.599 --> 00:34:59.039
No, but the the your method, I'm sure there's like something that's mat specific than that no one else is teaching, right?
00:34:59.360 --> 00:35:01.679
Uh there's only a few hundred coaches on that.
00:35:01.920 --> 00:35:11.119
So out of 10,000 coaches around the world, there's only a couple of hundred coaches globally that use that the particular tool that I use, but there are uh 199 others.
00:35:11.360 --> 00:35:24.000
Um like all coaching, my my I would say my uniqueness is my ability to form and build very strong relationships with my clients.
00:35:24.079 --> 00:35:25.679
My retention rate is very good.
00:35:26.320 --> 00:35:26.719
Yeah.
00:35:26.960 --> 00:35:48.480
So relationship-based coaching, something like that, that you you can if when you on your landing page, because we need because the the reason the problem is that if you do not have a unique angle in your marketing positioning, then the offer that you're making is is not it's not decommoditized.
00:35:48.559 --> 00:35:52.719
Because say say I'm your potential ICP, right?
00:35:53.280 --> 00:35:59.360
I if I talk to you and I talk to Coach John and I talk to Coach Sarah, right?
00:35:59.840 --> 00:36:10.480
Yeah, and if I feel that all three of you are providing more or less the same coaching, you know what I'll do in my head, I'll be like, okay, so who's the cheapest?
00:36:11.119 --> 00:36:11.440
Right?
00:36:11.679 --> 00:36:17.920
Which you and and so then you be your offer became a commodity, which we never want.
00:36:18.639 --> 00:36:18.960
Right?
00:36:19.440 --> 00:36:23.360
So we want your positioning and offer to be decommoditized so no one can compare.
00:36:23.440 --> 00:36:34.000
Because you'll be, if you say you came up with whatever, like do you know, like P94 have their own thing, just like you know, like you come up with like, oh, this isn't this is the relationship-based framework.
00:36:34.159 --> 00:36:38.320
It's called the Mat framework, like obviously, you know, whatever you can come up with.
00:36:38.400 --> 00:36:40.000
I'm just making things up now right now.
00:36:40.159 --> 00:36:44.719
It's called the Mat framework, and I'm gonna have all my clients go through the mat framework.
00:36:44.800 --> 00:36:50.960
So, relationship-based, you know, we use this specific software, uh, we use these techniques, blah, blah, blah, blah, blah.
00:36:51.119 --> 00:36:53.760
Uh, derived from here, inspired from here.
00:36:53.840 --> 00:37:03.920
You know, so it's it's obviously you can still get if you hire 10 different coaches, you can still construct this piece, but I'm like kind of like picking and choosing and constructing it custom for each client, right?
00:37:04.320 --> 00:37:05.920
That's how we position you.
00:37:06.239 --> 00:37:14.239
Then we can charge premium prices because they can't compare your framework to anyone else because that's your proprietary framework.
00:37:14.559 --> 00:37:14.880
Right?
00:37:15.119 --> 00:37:17.760
So I've I've done some work on this.
00:37:17.920 --> 00:37:23.920
Um, and I've and I've actually and I have started building a lead magnet for this new stream.
00:37:24.239 --> 00:37:25.679
Uh, and I've actually given it a name.
00:37:25.760 --> 00:37:31.360
I've called it the Astute Performance Framework, and and I help identify where that where they are on their journey.
00:37:32.159 --> 00:37:34.480
Are they heading the clouds?
00:37:34.559 --> 00:37:36.159
Are they beginning to form ideas?
00:37:36.320 --> 00:37:37.760
Are they beginning to form action?
00:37:37.840 --> 00:37:39.039
Are they getting into momentum?
00:37:39.119 --> 00:37:41.360
Are they are they or actually are they quite on way down?
00:37:41.679 --> 00:37:49.920
Are they have they already built an astute identity and know what they're doing and need to re-go back to so I've begun working on a lot of that?
00:37:50.000 --> 00:37:52.239
So yeah, that would fall into what you're talking about.
00:37:52.559 --> 00:37:52.639
Yeah.
00:37:52.960 --> 00:37:53.440
Okay, perfect.
00:37:53.599 --> 00:37:56.480
Yeah, so that will help us distinguish from other people.
00:37:56.639 --> 00:37:56.960
Okay.
00:37:57.199 --> 00:37:59.360
So we really want to be in category of one.
00:37:59.599 --> 00:38:07.760
Because if you say, Oh, I have like 90 other people in my category, then your only distinguishing thing becomes how cheap are you, which we never want to be.
00:38:07.920 --> 00:38:08.559
No, right?
00:38:08.719 --> 00:38:09.119
No, no, no.
00:38:09.360 --> 00:38:09.599
Okay.
00:38:10.079 --> 00:38:11.199
Okay, perfect.
00:38:11.519 --> 00:38:21.920
So um we have 20% of people in the beginner ICP, 75% of people in the uh intermediate ICP.
00:38:22.239 --> 00:38:25.760
And now let's talk about one-to-one versus one-to-many.
00:38:25.840 --> 00:38:33.760
So you're saying you're you right now you have been doing exclusively one-on-one and you're trying to transition to one-to-many, right?
00:38:35.199 --> 00:38:36.079
Uh yes.
00:38:36.320 --> 00:38:43.360
I uh I built a loyal customer base of those vanilla clients that I talk about.
00:38:43.440 --> 00:38:59.199
So I I I I don't envisage moving away from one-to-one, and I don't envisage moving away from those clients, but I do envisage moving my marketing and all of my all of my efforts to finding new people that are going into very small group cohorts.
00:38:59.440 --> 00:39:12.719
Like I say, five, we pick when I each time I go live, it's an event that's 12 months down the line, maybe 15 to give me three months lead time to find the right people.
00:39:12.960 --> 00:39:15.679
That's the event, and I look for people for that event.
00:39:15.920 --> 00:39:20.400
Once that group's rolling, then I can look for what's the next event, what's the next thing.
00:39:20.639 --> 00:39:29.039
So I envisage having five or six small groups of five people plus me.
00:39:30.079 --> 00:39:30.719
Why?
00:39:31.360 --> 00:39:33.440
Why are you moving away from one-to-one model?
00:39:33.760 --> 00:39:35.199
Are you running out of time?
00:39:36.079 --> 00:39:39.599
Yes, I would I won't ever reach anyone.
00:39:40.079 --> 00:39:43.760
I I couldn't possibly reach my income goal.
00:39:44.639 --> 00:39:49.440
The price point is really a couple of hundred, a couple of hundred a month.
00:39:49.760 --> 00:39:55.039
The very best coaches in the world, maybe it's four hundred a month, um, but they've got 15-20 years experience.
00:39:55.119 --> 00:39:56.320
I've got five or six.
00:39:56.559 --> 00:40:03.679
Um well to reach the income goals, I would like Matt, you have a unique framework.
00:40:03.760 --> 00:40:05.679
Why are you comparing it to other coaches?
00:40:06.320 --> 00:40:18.639
Well, because the market for for pure endurance coaching in this purest form, there just isn't a very big market of people paying for that.
00:40:19.360 --> 00:40:33.519
And there's a the if you just looked at Triathlon, and I and I don't only coach in Triathlon, but if you just looked at Triathlon, there's probably only 25,000 people in the world who pay for a triathlon coach, and there's 10,000 triathlon coaches.
00:40:33.599 --> 00:40:35.920
So on average, there's two and a half athletes per coach.
00:40:36.079 --> 00:40:42.000
A lot of those coaches are rubbish, they're registered, they did an exam, they're not coaching, so the number is skewed heavily.
00:40:42.480 --> 00:40:42.800
Okay.
00:40:43.519 --> 00:40:46.239
But it's a but it's a fair, it's a pretty small market.
00:40:46.320 --> 00:40:54.320
Now I do run coaching, I also do some other forms of coaching, so it's not quite that small, but that's the kind of the market itself is is quite niche.
00:40:54.880 --> 00:40:55.280
Right.
00:40:55.519 --> 00:41:00.480
And within that, there are some really well-known names who who definitely are already charging at the higher end.
00:41:00.719 --> 00:41:11.039
And I think with the experience I've got, it would be much more difficult to jump straight in and say I'm charging what the the the world famous coaches are charging.
00:41:11.519 --> 00:41:27.360
That's what that's the biggest reason why I want to branch out into a different form of coaching, which underneath it all isn't that dissimilar, but it it's the people I'm looking for and the way the coaching is packaged is is slightly different.
00:41:27.760 --> 00:41:29.360
I think it's a mistake.
00:41:30.079 --> 00:41:32.800
So let me let me explain.
00:41:33.039 --> 00:41:37.519
So price is always tied to value, right?
00:41:37.840 --> 00:41:40.159
Price is always in relation to value, right?
00:41:40.239 --> 00:41:43.199
If, for example, I'm gonna give you a ridiculous example.
00:41:43.519 --> 00:41:52.320
If you say if you buy coaching from me, I'll throw in a Ferrari and I'm gonna charge 10k, will people pay 10k or not?
00:41:52.639 --> 00:41:54.000
Yeah, of course they would, yeah.
00:41:54.320 --> 00:41:54.639
Right?
00:41:54.880 --> 00:41:59.119
So, I mean, obviously that's a ridiculous example, just to make a point, right?
00:41:59.199 --> 00:42:02.159
So, how do we create a Ferrari's worth of value, right?
00:42:02.400 --> 00:42:15.039
So, another ridiculous example, but more towards what we're doing, is if you said if your client is in Australia, you are in the United Kingdom, you say, I will fly to the UK every single day.
00:42:15.440 --> 00:42:26.400
I will fly to it and I'll show up at your house every single day, get you out of the bed, and we're gonna go for a run together, and then we're gonna do workout, and then I'm gonna drop you back home, right?
00:42:26.639 --> 00:42:28.559
Ridiculous amount of wide glove service.
00:42:28.719 --> 00:42:30.639
Would you be able to charge 10K or not?
00:42:30.880 --> 00:42:31.199
Right?
00:42:31.440 --> 00:42:32.079
Yeah.
00:42:32.559 --> 00:42:40.880
So how do we construct an offer where maybe we're offering some sort of accountability?
00:42:41.039 --> 00:42:50.480
We're offering like a nutritional plan, we're offering unfettered access to uh through like a chatting, like Discord or Slack, right?
00:42:50.559 --> 00:42:53.920
So how why don't we come up with an offer, like a premium offer?
00:42:54.079 --> 00:42:59.119
So it's not just coaching, but it has like five different components.
00:42:59.679 --> 00:43:08.320
And all those five components are essentially guaranteeing as long as they follow everything, almost guaranteeing that they're gonna reach their goal, right?
00:43:08.480 --> 00:43:19.760
And then also that big that might become your distinguishing factor because yes, you can hire a premium coach, like a quote unquote celebrity coach, but you're not gonna get full access to them.
00:43:19.920 --> 00:43:33.840
They're gonna not gonna be doing your meal plans, they're not gonna be, you won't have their phone number or uh their Discord account for accountability and if you have questions between sessions, and you'll probably be one of the 20 people in the cohort.
00:43:34.079 --> 00:43:36.800
Whereas with me, you're gonna get one on one time.
00:43:37.360 --> 00:43:37.679
Right?
00:43:37.840 --> 00:43:42.559
So we can construct a premium offer for the premium client, right?
00:43:42.800 --> 00:43:45.599
And then and then have like say three tiers.
00:43:45.760 --> 00:43:50.960
So we can have the platinum tree tier, we can have the gold tier, and we can have the bronze tier, right?
00:43:51.039 --> 00:43:54.000
So people obviously who can't afford can go to bronze.
00:43:54.079 --> 00:43:56.400
We we don't promise them then the moon.
00:43:56.559 --> 00:43:59.679
Uh, people who are like kind of like a mix, we can promise that a silver.
00:44:00.079 --> 00:44:06.400
But people who are like top tier, who are like CEOs, they can afford to throw like 5k, 10k per month.
00:44:06.639 --> 00:44:08.800
They can they can go to the platinum plan.
00:44:08.960 --> 00:44:17.519
So I think it should be like a tiered structure as opposed to like I feel like there might be a limiting belief that like, oh, this premium coaches cannot charge, so I cannot charge.
00:44:18.320 --> 00:44:21.599
So that's that's basically what I've done.
00:44:21.760 --> 00:44:38.480
So I've I've come up with a with a package that isn't that isn't just coaching, it's it's the full 12 months coaching, it's um small cohorts, so going in a group and doing it together, it's one in-person training camp that they get.
00:44:38.719 --> 00:44:46.400
It's race kit, so everybody races together, and its coach turns up and flies to whatever in the world the event is and races with them.
00:44:46.559 --> 00:44:51.599
And I've modeled it out and costed it out, and that's six grand for a year rather than£200 a month.
00:44:51.760 --> 00:44:57.679
So it's double the value for me, and I believe it's easily double the value for for them.
00:44:58.079 --> 00:44:58.400
Okay.
00:44:58.719 --> 00:45:00.159
And have you sold any?
00:45:00.880 --> 00:45:04.559
No, literally, these these these are these are all the things I'm currently working on.
00:45:04.719 --> 00:45:16.400
This is this is what I want to, this is this is the but I but I genuinely believe there is a market for people who want this approach to code.
00:45:19.679 --> 00:45:22.480
So I I'm building this and putting it together.
00:45:22.559 --> 00:45:26.880
The the first race I want to use is in 13 months from now.
00:45:27.119 --> 00:45:31.760
So that's the that's the first one I'm going to kind of launch and do.
00:45:31.840 --> 00:45:35.440
I've I've done a lot of work and built virtually all the assets I need.
00:45:35.519 --> 00:45:41.039
It's it's basically ready to go, and it will go when that race happens this year.
00:45:41.199 --> 00:45:46.639
That's when the interest is at its highest for oh, I've seen that on Instagram or whatever.
00:45:46.800 --> 00:45:47.840
That looks cool.
00:45:48.000 --> 00:45:58.559
That's the time to launch to say you've seen it, you'll it'll be all over LinkedIn, people saying they've done it, it'll be all over Instagram, that people saying they've done it, there'll be all the official marketing of it.
00:45:58.639 --> 00:45:59.280
That's the point.
00:45:59.440 --> 00:46:08.559
Okay for me, that's the point to launch and say, I'm looking for five people who want to go on that same journey together with me, and I'm gonna race it with you.
00:46:08.800 --> 00:46:10.880
Who wants to come and join my gang?
00:46:11.280 --> 00:46:20.400
And then it's they're still getting one-to-one coaching, but they're really getting one to one in one-to-one coaching within a group of just five.
00:46:20.719 --> 00:46:23.920
Okay, so Matt, how much what is your capacity right now?
00:46:24.079 --> 00:46:28.159
Like in terms of like you have 24, these are 24 one-on-one clients, right?
00:46:28.239 --> 00:46:28.480
Yes.
00:46:28.719 --> 00:46:29.039
Active.
00:46:29.599 --> 00:46:34.320
How many more can you like if I just like one-on-one, how many more can you handle right now?
00:46:35.519 --> 00:46:39.840
Once I got to 40, I would never, I would not be able to do any more things.
00:46:40.159 --> 00:46:40.320
Okay.
00:46:40.639 --> 00:46:45.119
Okay, so you are you're at 58% capacity right now.
00:46:45.360 --> 00:46:45.840
Yeah.
00:46:46.079 --> 00:46:46.559
Right?
00:46:46.800 --> 00:46:50.639
So you still have you, you're not even close to fully booked.
00:46:50.880 --> 00:47:08.159
Because I feel like the the problem right now, and tell me if if I'm wrong, that we just don't have enough demand at the moment where if you put out this messaging, I'm looking for a group of five and you're building cohorts, it's possible we might not be able to fill the next three cohorts.
00:47:09.360 --> 00:47:11.039
Uh it's possible, yes.
00:47:11.199 --> 00:47:12.159
Absolutely.
00:47:12.480 --> 00:47:15.280
And and that's like a terrible position to be in.
00:47:15.360 --> 00:47:25.920
I would never want to be in a position where I'm actively soliciting um people for group coaching and my groups are not filling because then it sends the wrong message to the marketplace.
00:47:26.079 --> 00:47:26.639
The right way.
00:47:26.719 --> 00:47:32.400
The the coaches that I've seen who have pulled it off successfully, they usually start off with one-on-ones.
00:47:32.639 --> 00:47:34.400
They go to at capacity.
00:47:34.559 --> 00:47:39.360
They go to 100% capacity on one-on-ones, and then they start a wait list.
00:47:40.400 --> 00:47:44.800
And then when they see the wait list, okay, I have a wait list of 10 people.
00:47:44.960 --> 00:47:50.559
Now I'm going to start a cohort of five because I know five out of those 10 will say yes to me readily.
00:47:50.800 --> 00:47:53.199
All I have to do is send one email out.
00:47:55.199 --> 00:47:55.519
Right?
00:47:55.760 --> 00:47:57.360
And then, but here's the cool part.
00:47:57.440 --> 00:47:59.280
So, Matt, you might be thinking, oh, yeah, okay.
00:47:59.440 --> 00:48:05.280
But here's the here's the psychological that that's how we like mess with our uh our ICP.
00:48:06.000 --> 00:48:08.320
Then we say, Oh, I'm sorry.
00:48:08.480 --> 00:48:10.079
So the rest of the people on the waiting list.
00:48:10.159 --> 00:48:11.440
You say, Oh, I'm sorry.
00:48:11.519 --> 00:48:15.920
Uh, my first cohort is already filled, but you're still on the waiting list.
00:48:16.159 --> 00:48:19.199
I will be reaching out when the next cohort opens up.
00:48:19.360 --> 00:48:25.599
Because now, when the next cohort opens up, there'll be a fight of people trying to get in.
00:48:26.239 --> 00:48:26.559
Right?
00:48:26.719 --> 00:48:29.360
Because you send an email out and say, okay, this is open.
00:48:29.440 --> 00:48:32.320
The Sarah, John, Joseph, blah, blah, blah.
00:48:32.480 --> 00:48:33.760
You guys are up next.
00:48:33.840 --> 00:48:39.760
But if I don't hear from you within the next 48 hours, I'll reach out to the sixth person on the list.
00:48:40.239 --> 00:48:41.599
And so on and so forth.
00:48:41.840 --> 00:48:52.880
That's the right way of transitioning from one to one to one to many, because right now you're forcing it, and you're like, oh, I'm just gonna double down and triple down on marketing and get those five people.
00:48:53.039 --> 00:48:58.239
But the problem is it's just so much easier when there's existing demand.
00:48:58.480 --> 00:49:08.000
You're trying to manufacture demand, and then you'll be like, you know, you you're what's gonna happen is like you might not be able to fill five, and then you have four, and then you're desperate.
00:49:08.079 --> 00:49:11.679
Now you're reducing prices, and now you're like chasing people.
00:49:11.920 --> 00:49:18.559
And we rather focus, just focus on the highest value activity, which is taking care of our clients.
00:49:18.719 --> 00:49:26.320
And instead of getting into all these marketing, I'm just gonna like triple down on my posting, I'm gonna do more outreaches and all that.
00:49:26.559 --> 00:49:26.800
Right?
00:49:26.960 --> 00:49:42.880
So I feel like we should focus on fixing the offer, fixing the unique positioning, um, having these premium services on one-to-one level, fill up the calendar where it becomes the natural next step to open one to many because you just don't have enough time.
00:49:44.880 --> 00:49:45.679
Thoughts?
00:49:48.639 --> 00:49:57.679
Yeah, when I say my capacity is 40, my capacity would be 40 if I didn't then have to spend time doing the other stuff, the marketing and all the rest of it.
00:49:57.920 --> 00:50:04.239
If I got to 40, I'd have to be outsourcing a whole load of other stuff because that would be very time consuming.
00:50:04.480 --> 00:50:11.679
So I'm probably I I agree with everything you said, but it's a chicken and egg thing.
00:50:11.760 --> 00:50:21.440
It's uh it's a relative reasonable success, but to get to the next level, I almost need to go over over success, bring in people to help.
00:50:21.599 --> 00:50:26.159
Um, I feel like this is the the kind of circle of of that I'm in.
00:50:26.320 --> 00:50:29.360
But I not necessarily agree with your right.
00:50:29.599 --> 00:50:33.920
No, but Matt, I don't think it's chicken or egg problem because you can just raise prices.
00:50:34.079 --> 00:50:48.000
Because if the if right now people are paying you 400 per month and you have like more people in the wait list, and say, say we drop the one to many model, just for hypothetical thought process, right?
00:50:48.159 --> 00:50:49.920
Uh or a thought experiment.
00:50:50.000 --> 00:50:53.679
Let's say we're never gonna do one to many, just for the sake of it.
00:50:53.840 --> 00:50:58.400
If you're just doing one to one to one, what would be the next obvious step, right?
00:50:58.719 --> 00:51:03.119
You get to 40, you're out of, you're out of uh time.
00:51:03.679 --> 00:51:10.719
So you're gonna go back to your existing clients and say, all right, guys, uh next starting next month, my my rates are going up 25%.
00:51:11.840 --> 00:51:13.039
Couple people might drop.
00:51:13.119 --> 00:51:16.000
And if they drop, you just go to your wait list and pick more people.
00:51:16.239 --> 00:51:19.679
And then, you know, a few months, a quarter later, right?
00:51:19.760 --> 00:51:24.159
If someone drops, you pick the next one at the higher price, next one at the higher price, next one at the higher price.
00:51:24.320 --> 00:51:26.800
So you gradually keep on increasing your prices.
00:51:27.119 --> 00:51:36.880
So you don't necessarily, because I I know people who charge like 250,000 for the year and they just take like five clients or four clients.
00:51:36.960 --> 00:51:37.840
That's it.
00:51:39.119 --> 00:51:44.320
So I don't, I don't think it's true that you cannot get to 400k with one-to-one.
00:51:44.880 --> 00:51:45.679
It's possible.
00:51:45.920 --> 00:51:47.760
It's just it's just a different game.
00:51:47.920 --> 00:51:55.679
And it's it's it's a game you might actually prefer because when you start one to many, there's a lot of more complexity that comes into play.
00:51:56.000 --> 00:52:03.199
And you're not able to provide as much value to each client because your attention is spread across five different people.
00:52:05.599 --> 00:52:06.000
Right?
00:52:06.239 --> 00:52:09.519
So it's not like there's a right path or a wrong path, right?
00:52:09.679 --> 00:52:16.159
Of course, you can make a ridiculous amount of money one to one to many, and you can make a ridiculous amount of one money one-to-one.
00:52:17.360 --> 00:52:18.639
Both models are legit.
00:52:18.800 --> 00:52:27.920
What I'm saying is let's not transition to a model, a one-to-many model when there's not existing demand, because then we don't wanna.
00:52:28.079 --> 00:52:39.119
The last thing you want is try the one-to-many and it didn't work as expected, and then you go back to one-to-one because you're losing all the progress that you have already made in one-to-one.
00:52:40.000 --> 00:52:41.599
That's what I'm worried about.
00:52:42.400 --> 00:52:43.760
That makes sense.
00:52:44.079 --> 00:52:45.440
Because right now you're splitting.
00:52:45.519 --> 00:52:58.079
Oh, I'm uh the marketing material will change, your the way you market will change, uh, you know, the the the way you do discovery calls will change, because now you're completely changing the offer, right?
00:52:58.159 --> 00:53:00.480
And now you are playing with two different ICPs.
00:53:00.639 --> 00:53:00.800
Right?
00:53:00.960 --> 00:53:17.760
That's actually another thing I didn't want to go into because technically you could just have one ICP and just focus on that, but you you kind of like split it into two, and then because the problem with two separate ICPs is because when you do marketing, you can only pick one ICP at a time.
00:53:18.000 --> 00:53:21.039
So when you have two, now you're splitting the messaging.
00:53:21.119 --> 00:53:22.800
And so it's becoming more dilute.
00:53:22.880 --> 00:53:25.119
Dilute you're diluting your messaging.
00:53:25.760 --> 00:53:26.079
Right?
00:53:26.320 --> 00:53:32.800
Because say you you have limited time, you can only do say 20 posts per month, right?
00:53:33.119 --> 00:53:45.280
And right now you can do all 20 focusing on the intermediate people, or you could do all 20 focusing on the beginner people, and that would be more effective than doing a split 1010 split.
00:53:45.599 --> 00:53:46.239
Yeah.
00:53:47.920 --> 00:53:48.559
I hear you.
00:53:48.880 --> 00:53:49.360
Right?
00:53:49.679 --> 00:53:50.159
Yeah.
00:53:50.400 --> 00:54:03.599
So yeah, so I diversifying it's it's you know, it works in investing, but when it comes to marketing, it actually hurts because our our messages get more diluted.
00:54:04.480 --> 00:54:05.280
Tell me your thoughts.
00:54:05.440 --> 00:54:08.320
Tell me your honest thoughts so we can we can discuss this.
00:54:08.960 --> 00:54:14.239
Yeah, I I I I everything you're saying is making absolutely perfect sense.
00:54:14.400 --> 00:54:30.079
I think uh I think I mentioned at the outset, I I didn't discover until much later in life that I'm wildly ADHD to the point where um it's the only test I've ever got 100% on, I think.
00:54:30.239 --> 00:54:48.960
Uh so it's um I I I've definitely found since leaving corporate and becoming an entrepreneur and trying to build a business from scratch that it's very easy for me to see this great shiny new idea and getting sucked into thinking small coop small groups, that would be great.
00:54:49.039 --> 00:54:56.079
Or I'm gonna branch away a little bit from triathlon only, and I'm gonna I'm gonna go back to coaching people where I was.
00:54:56.159 --> 00:55:15.199
And so uh I I definitely uh very consciously aware that I'm right now I'm in that space where I'm probably going maybe even backwards because I'm beginning to try to go in different directions and diversify, and it's clouding the message, it's it's diluting the message.
00:55:15.360 --> 00:55:22.960
So um a lot of what you just said in the final five minutes in particular really resonates a lot.
00:55:23.679 --> 00:55:24.159
Yeah.
00:55:24.400 --> 00:55:30.320
So if you were to pick one ICP, you're like, all right, Matt, you're not allowed to pick two ICPs, you only pick one.
00:55:30.400 --> 00:55:31.840
Which one would you pick?
00:55:34.880 --> 00:55:43.920
I probably get more personally, I I get more of a buzz and more enjoyment actually looking after the beginners who are starting the journey from scratch.
00:55:44.320 --> 00:55:44.639
Okay.
00:55:44.960 --> 00:55:56.880
Um but weirdly, I've got mu I've got three times as many of the ones who are two, three, four further steps down the journey who are doing it already and want to get better.
00:55:57.280 --> 00:55:57.760
Yeah.
00:55:58.079 --> 00:56:07.679
So the problem with beginners, I so so both obviously both paths could be successful.
00:56:07.840 --> 00:56:09.360
The pros and cons, right?
00:56:09.440 --> 00:56:11.360
On the on the problem we're trying to solve.
00:56:11.599 --> 00:56:20.719
So the problem with ICP1, or I wrote it down as ICP1, but intermediate ICP, is that they have more options in terms of coaches, right?
00:56:20.880 --> 00:56:25.840
And they already kind of are aware of what their journey is and what they're looking for.
00:56:25.920 --> 00:56:27.599
So they're more picky, right?
00:56:28.480 --> 00:56:39.679
The problem with ICP2 or the beginner ICP is that you will have to do more of the quote unquote motivational stuff because they're not really motivated.
00:56:39.760 --> 00:56:42.960
I think more it's more of the quote unquote inner game, right?
00:56:43.039 --> 00:56:58.400
Like the motivational game that you'll have to because like a lot of people will be like lazy, they will have bad habits, they watch Netflix for four hours, like and you will have to like untie one knot at a time, peel like one onion layer at a time.
00:56:58.639 --> 00:57:05.519
And yeah, you know, you might you might get frustrated, or maybe if you if that's what you enjoy, then then it's perfect.
00:57:05.679 --> 00:57:07.039
Like, so it it depends.
00:57:07.119 --> 00:57:09.440
What are what is the problem you like to solve?
00:57:09.599 --> 00:57:19.679
You know, do you want to be in a more competitive competitive space and try to be the best coach with like the best offer with the maximum amount of value and charge premium prices?
00:57:19.920 --> 00:57:27.440
You want to be in that game, or do you want to be in the beginner game where it's all about trying to motivate people to take the next step?
00:57:27.519 --> 00:57:32.159
So you'll have to put in more effort on the accountability part of your coaching.
00:57:34.400 --> 00:58:01.039
I I genuinely believe in this particular space uh that there is potentially a higher opportunity to charge premium prices in the people who buy into the dream and want to start from zero than there is for those who are already killing it and doing it and and and and want to get better because they're knowledgeable enough to know that they can go and get yeah, I agree.
00:58:01.360 --> 00:58:05.599
Six-time world champion Mark Allen can coach them for 400 bucks a month.
00:58:05.679 --> 00:58:19.280
So it's gonna be quite hard for me to demonstrate enough value to say, don't hire a six-time world champion, hire me who's done a handful of these events and never got near the front of the field.
00:58:19.519 --> 00:58:30.960
I'm gonna give you a better service or more knowledge than somebody like but but but the six-time world champion is he is he offering one-on-ones for 400 or is he offering group for 400?
00:58:31.599 --> 00:58:33.039
No, he's one-on-ones.
00:58:33.760 --> 00:58:34.079
Really?
00:58:34.480 --> 00:58:39.280
Maybe 500, 600, maybe, but he's it's not it's not tens of thousands.
00:58:39.760 --> 00:58:41.599
But how many one-on-ones can he do?
00:58:41.840 --> 00:58:43.360
Why is he not booked out?
00:58:44.480 --> 00:58:45.440
He's probably full.
00:58:45.519 --> 00:58:51.599
It's probably quite hard to get a space in his in his roster, so he's maybe got 40 at that rate, but yeah.
00:58:51.920 --> 00:58:53.440
Maybe 50 at a push.
00:58:53.519 --> 00:58:58.480
You you could you after that it's too diluted, you can't yeah, exactly.
00:58:58.960 --> 00:59:02.400
Is does he have a team of coaches or is he just coaching by himself?
00:59:02.800 --> 00:59:05.039
Uh not aware that he's got a team of coaches.
00:59:05.199 --> 00:59:08.960
Um he's doing it by himself.
00:59:10.559 --> 00:59:12.320
Is there not enough demand?
00:59:14.800 --> 00:59:22.880
Uh I just don't think I think he enjoys coaching Janet and John.
00:59:22.960 --> 00:59:30.960
I don't think he wants to find okay he doesn't do any kind of other relief or that.
00:59:31.280 --> 00:59:31.920
Yeah.
00:59:33.599 --> 00:59:34.639
It's possible.
00:59:35.440 --> 00:59:36.559
It's possible.
00:59:36.880 --> 00:59:38.480
It's possible he needs your help.
00:59:38.880 --> 00:59:39.760
Um yeah.
00:59:40.000 --> 00:59:45.360
He he he probably doesn't have a yeah, I mean it's pa I'm obviously I'm just don't don't sue me.
00:59:45.679 --> 00:59:49.840
I think he it it I've met him in person quite a few times.
00:59:50.000 --> 01:00:06.800
Um I believe he genuinely wants to give back to the sport and be able to coach people who from all walks of life and enjoys that rather than just surrounding himself with some of the best athletes in the world and charging them premium prices and and pushing the the elites on.
01:00:07.039 --> 01:00:07.280
Yeah.
01:00:07.760 --> 01:00:08.000
Yeah.
01:00:08.239 --> 01:00:12.000
But he should still run out of spots, is what I'm is what I'm thinking.
01:00:12.239 --> 01:00:15.760
Yeah, he's probably he's probably he's probably exactly where you were talking about.
01:00:15.920 --> 01:00:16.960
He's probably got a waiting list.
01:00:17.039 --> 01:00:21.840
So if he does get somebody finish or leave, he's he just picks up the phone and gets the next one in.
01:00:22.159 --> 01:00:22.880
Right, right, right.
01:00:23.039 --> 01:00:24.400
Okay, all right, fair enough.
01:00:24.639 --> 01:00:34.800
Um, okay, so yeah, so no, I I agree with you that if you are targeting beginners, you you should be able to charge more because the transformation you're providing is much higher.
01:00:35.119 --> 01:00:47.920
If you can literally take someone who just overweight, watches TV all day, and you're able to transform like a meaningful life-changing transformation, you should be able to charge 10 grand for that.
01:00:48.320 --> 01:00:53.840
Yeah, right, because it's you literally change their lives, right?
01:00:54.000 --> 01:00:55.119
So I completely agree.
01:00:55.280 --> 01:01:08.320
So so maybe we double down on beginner one-to-ones, build up your max 40, and then start a waiting list and then transition to one to many.
01:01:08.400 --> 01:01:09.599
That's how I would do it.
01:01:10.639 --> 01:01:10.960
Okay.
01:01:11.440 --> 01:01:21.360
I like the yeah, but then the messaging should be yeah, and the but the messaging should be 100% going towards beginners going forward.
01:01:23.360 --> 01:01:27.519
Because you we cannot dilute, we cannot be like if so.
01:01:27.599 --> 01:01:33.599
I'm not saying that if an intermediate person comes to you and wants to buy your question, we're not saying no to them.
01:01:34.000 --> 01:01:41.199
I'm just saying going forward, the messaging should be directed towards the ICP slash business we're trying to create.
01:01:43.360 --> 01:01:43.760
Right?
01:01:43.920 --> 01:01:45.599
Yeah, yeah.
01:01:45.840 --> 01:01:46.880
Okay, perfect.
01:01:47.280 --> 01:01:49.360
So that's the ICP.
01:01:49.679 --> 01:01:52.400
Um, let's talk about the offer.
01:01:53.440 --> 01:01:57.199
So, how much are you charging and what are you promising?
01:01:58.559 --> 01:01:59.199
And tier.
01:01:59.519 --> 01:02:04.079
So the new the new offer is five nine nine five.
01:02:04.960 --> 01:02:05.280
Okay.
01:02:06.239 --> 01:02:10.159
And it's basically you've heard of couch to five K, right?
01:02:11.519 --> 01:02:18.639
No, no, it's it's it's it's a UK thing, and it it yeah, I think it was launched by the National Health Service.
01:02:18.719 --> 01:02:24.400
It's encouraging people to get off the couch and run to the get to the point where they can run 5k.
01:02:24.719 --> 01:02:33.679
So it's kind of it's kind of like that, but it's couch to iron man, so it's it's like to do this journey, you will have to utterly change your life.
01:02:33.840 --> 01:02:39.039
So, yes, it will be delivering what you're talking about, it will be genuinely transformational.
01:02:40.400 --> 01:02:40.639
Yeah.
01:02:41.039 --> 01:02:42.480
So it's not just the coaching.
01:02:42.719 --> 01:02:48.639
Yeah, it's it the my intention was not just the coaching, but I I believe that people will see the value in a small cohort.
01:02:48.880 --> 01:03:05.599
If you can find enough people at the right time for the one journey, people will buy into the idea that it's not just me, it's five other CEOs, five other founders, five other people of a similar background to me who all wanna who are all on this same journey together.
01:03:05.760 --> 01:03:09.840
So group accountability go on.
01:03:10.400 --> 01:03:17.440
Well, so I I was thinking instead of like if you do want more than one person, why not why not target their spouses?
01:03:21.760 --> 01:03:22.480
What do you mean?
01:03:22.639 --> 01:03:23.039
Sorry.
01:03:24.000 --> 01:03:37.920
Target their spouses, as in like you bring your wife, bring your husband and train together, as opposed to bring other CEOs, because CEOs are busy, and then you know and and the accountability should come from you.
01:03:38.000 --> 01:03:38.639
You're the guide.
01:03:38.800 --> 01:03:41.840
We don't want other CEOs to be the guide for other CEOs.
01:03:42.159 --> 01:03:45.119
We want them to look up to you as the guide, right?
01:03:45.760 --> 01:03:46.639
Yeah, 100%.
01:03:47.199 --> 01:03:50.719
Um and I'm it's like creating a little pack.
01:03:50.880 --> 01:04:02.719
I'm the lead, I'm the lead of the pack, but people undoubtedly people feel and respond to additional accountability of knowing oh, yeah, yeah.
01:04:03.119 --> 01:04:03.679
Peer pressure.
01:04:03.760 --> 01:04:04.320
Yes, yes, yes.
01:04:04.639 --> 01:04:15.519
Competitive, yeah, competitive nature of the type of people I think this appeals to is they won't just want to prove coach right, they'll want to prove that they're the top dog in the small group, right?
01:04:15.760 --> 01:04:16.079
Right.
01:04:16.320 --> 01:04:21.920
No, no, Matt, I'm not disagreeing that peer peer group pressure will will not work.
01:04:22.239 --> 01:04:27.280
I I'm just saying that for us to transition, we need demand.
01:04:27.440 --> 01:04:31.760
And I don't want because I literally I have a I'll tell you a real story.
01:04:31.840 --> 01:04:35.920
So I have a client, and she did this thing.
01:04:36.079 --> 01:04:38.719
She's trying, she's like, oh, I'm done with one-on-one.
01:04:38.880 --> 01:04:40.880
I don't want to do one-on-one, I'm gonna do one too many.
01:04:40.960 --> 01:04:42.159
She didn't have enough demand.
01:04:42.239 --> 01:04:47.840
She sent out an email to all her the whole email list, whatever, 150 people.
01:04:48.000 --> 01:04:55.119
And she said, I'm looking for seven people to join my next um group event, right?
01:04:55.199 --> 01:04:57.519
And we're gonna do this, we're gonna do that, blah, blah, blah.
01:04:57.599 --> 01:04:59.760
She spent like so much time building this program.
01:04:59.920 --> 01:05:04.079
She booked, booked the hotels, booked the venue, and all that, you know.
01:05:05.039 --> 01:05:06.880
Only two people signed up.
01:05:09.360 --> 01:05:09.760
Right?
01:05:09.920 --> 01:05:16.000
And she's like, Yeah, I don't have time to keep chasing people, I don't have time to marketing people, so I'll just I'll just cancel.
01:05:16.480 --> 01:05:16.800
Right?
01:05:17.199 --> 01:05:19.920
And we never want to be in that spot, ever.
01:05:20.320 --> 01:05:22.000
No, no, right?
01:05:22.639 --> 01:05:24.000
So so that's what I'm saying.
01:05:24.079 --> 01:05:33.039
So if you are like we can, I think the best thing start with one-on-ones, but then if you really want some accountability, just let's just target their spouses.
01:05:33.440 --> 01:05:38.320
I'm sure you want your wife or your husband to also be healthy, right?
01:05:38.400 --> 01:05:46.800
And if you do it together, and if they live in the same household, so the chances of them keeping them, each other accountable is also much higher.
01:05:46.880 --> 01:05:57.280
Because the last thing you want is like your wife sabotaging all the good coaching that you're providing on the calls by saying, Oh, why are you leaving?
01:05:57.360 --> 01:05:59.360
Let's spend time with me, let's go out to dinner.
01:06:00.159 --> 01:06:01.280
All that crap.
01:06:01.440 --> 01:06:05.519
If both of them are doing together, they're all it's like a united front, right?
01:06:06.079 --> 01:06:06.559
Yeah.
01:06:06.880 --> 01:06:08.639
So yeah.
01:06:08.880 --> 01:06:15.760
So I would so if I'm doing this, by the way, if I'm if I'm met, the way I would do it is like I would offer some sort of discount.
01:06:16.320 --> 01:06:21.679
If you bring in your spouse, the spouse is 50% or whatever, 30% off.
01:06:22.239 --> 01:06:22.880
Yeah.
01:06:23.679 --> 01:06:24.719
That would be so cool.
01:06:24.800 --> 01:06:27.840
And it should be very effective because it's like, oh, you should join.
01:06:28.239 --> 01:06:31.840
If the wife is feeling lazy or the husband is feeling lazy, you should join.
01:06:32.159 --> 01:06:33.679
We're getting 30% off.
01:06:36.079 --> 01:06:38.960
I think that would be such a powerful marketing angle as well.
01:06:39.039 --> 01:06:43.039
From uh like a promo, you can run up run run a promo for a limited time.
01:06:43.199 --> 01:06:48.719
If you join with your spouse, I'm gonna give you X off or give you this amount of value or whatever.
01:06:48.960 --> 01:06:49.280
Okay.
01:06:49.920 --> 01:06:53.280
So anyways, going back to your offer, right?
01:06:53.440 --> 01:06:54.079
Current offer.
01:06:54.159 --> 01:06:55.679
So coach to Iron Man.
01:06:55.840 --> 01:06:59.119
Is this so is this offer live right now on your website?
01:07:00.079 --> 01:07:03.599
No, it's it's going live in the next couple of weeks.
01:07:03.920 --> 01:07:04.239
Okay.
01:07:05.199 --> 01:07:10.639
Um just first reactions to the name.
01:07:10.800 --> 01:07:15.199
It seems it sounds a little intimidating.
01:07:16.000 --> 01:07:25.199
Like, as in like if I'm someone on the couch, like I uh I hang out on the couch all day, and you're gonna make me run Iron Man or do Iron Man.
01:07:25.280 --> 01:07:26.719
That seems like a lot of work.
01:07:26.880 --> 01:07:28.480
That's that was my gut reaction.
01:07:28.960 --> 01:07:30.079
What do you think?
01:07:31.440 --> 01:07:32.400
I agree.
01:07:32.719 --> 01:07:42.000
Um if we were going with my with my idea and it was five or six cohorts of five people max.
01:07:42.480 --> 01:07:43.119
Yeah.
01:07:43.519 --> 01:07:46.480
That's that's to begin with.
01:07:46.559 --> 01:07:51.119
I need five groups a year of five people, and and that changes my business.
01:07:51.440 --> 01:07:57.519
The revenue like more than doubles it, nearly trebles it in one fell swoop.
01:07:58.559 --> 01:07:59.280
So I'm not sure.
01:07:59.599 --> 01:08:01.199
You have to find 25 people first.
01:08:01.360 --> 01:08:07.440
Yeah, it's that's I'm not suggesting finding 25 people is easy, but yeah, 25 people.
01:08:09.119 --> 01:08:15.440
I I feel like if I get it right, that finding 25 people it should be achievable.
01:08:15.920 --> 01:08:23.039
And there will be cancellations, there will be no shows, there'll be it's I'm telling you, you the complexity of group coaching.
01:08:23.279 --> 01:08:26.319
I I run a group coach, I can tell you from my own experience.
01:08:26.479 --> 01:08:30.159
It's just it's just the complexity part you're missing, right?
01:08:30.239 --> 01:08:33.119
Because people will literally cancel at the last minute.
01:08:34.239 --> 01:08:44.239
Like it's it's not like you you're expecting, oh yeah, 25 people sign up and 25 people will show up and they'll all come and all have the people get sick, people like literally.
01:08:44.319 --> 01:08:47.279
I had before our interview, I had another interview.
01:08:47.359 --> 01:08:51.520
The guy canceled five five minutes before the interview.
01:08:51.760 --> 01:08:52.800
Five minutes.
01:08:53.039 --> 01:08:54.720
And I have a warning on my forum.
01:08:54.800 --> 01:08:59.119
I don't know if you saw that, that if you cancel before 24 hours, you you're banned.
01:08:59.279 --> 01:09:00.880
And the guy still cancels.
01:09:01.680 --> 01:09:03.359
And I banned him, right?
01:09:03.520 --> 01:09:04.960
But that's stuff like this.
01:09:05.199 --> 01:09:06.800
This happens all the time.
01:09:07.199 --> 01:09:08.880
So there's complexity involved.
01:09:08.960 --> 01:09:12.239
I'm just saying, I'm I'm just saying that that's the reason why we need a wait list.
01:09:12.399 --> 01:09:14.720
Because imagine if you had a wait list, someone canceled.
01:09:14.800 --> 01:09:15.279
What do we do?
01:09:15.359 --> 01:09:16.960
We just go to the next person.
01:09:17.600 --> 01:09:17.920
Right?
01:09:18.079 --> 01:09:20.319
So it's it's a risky way of doing it.
01:09:20.479 --> 01:09:24.399
The way because right now you're gonna put go all in on the marketing.
01:09:24.560 --> 01:09:26.159
I'm just telling sharing the realities.
01:09:26.239 --> 01:09:27.680
I'm not trying to discourage you.
01:09:27.840 --> 01:09:30.239
I'm just giving you what's coming.
01:09:30.640 --> 01:09:32.159
I'm just telling you what's coming.
01:09:32.319 --> 01:09:37.359
If you don't follow the best practices and have a wait list, these are the stuff you're gonna deal with.
01:09:37.520 --> 01:09:42.880
And then what happens if one person, two people cancel, and now you're struggling to find replacements?
01:09:43.199 --> 01:09:43.520
Right?
01:09:43.840 --> 01:09:56.000
So, anyways, yeah, so it it if if I sold four places instead of five, if the thing would go ahead, it wouldn't, it wouldn't, it doesn't it doesn't have to have five to make it work.
01:09:56.319 --> 01:09:56.560
Okay.
01:09:56.960 --> 01:09:59.760
If if I only sold two, would it would work?
01:09:59.920 --> 01:10:02.880
I'm gonna go and race, I'm doing that race anyway.
01:10:02.960 --> 01:10:17.840
I'm like, there's not there's not really anything in the mechanics of delivering that other than feeling perhaps to the person who signed up thinking there were five and there's only two, maybe feeling like this isn't what I signed up for.
01:10:18.159 --> 01:10:18.399
Right.
01:10:18.960 --> 01:10:29.039
Well there's nothing in the mechanics or the or the financials that mean that oh fuck, if I carry on and do this now, I'm not gonna I'm gonna lose money if I continue with just two.
01:10:30.159 --> 01:10:36.720
Well, because because the your one-on-one prices are are low right now, and that's why in your head it's making sense.
01:10:36.960 --> 01:10:41.439
But when you're charging group, you'll probably have to give them a discount as well, right?
01:10:41.520 --> 01:10:47.920
So if if only two out of five showed up, you are essentially losing money because you will be doing more work.
01:10:48.079 --> 01:10:49.920
You just don't see the more work right now.
01:10:50.159 --> 01:10:54.960
Because when there are more people, there are more cancellations, more reschedules, more headaches.
01:10:55.119 --> 01:10:59.760
People want their money back more because you don't you're not paying them as much attention.
01:10:59.920 --> 01:11:04.399
The the rapport building gets divided by five, right?
01:11:04.720 --> 01:11:06.880
So the lot of like things.
01:11:06.960 --> 01:11:15.760
I mean, you try running it once because I know you right now you might just feel like I'm just complaining, but try running one group coaching session and then you'll see.
01:11:16.000 --> 01:11:18.000
Like I have because I run both, right?
01:11:18.079 --> 01:11:20.239
I have one-on-ones and I have a group.
01:11:20.479 --> 01:11:27.920
And and I look forward to the one-on-ones, and the one-to-many is like, you know, that people cancel this and that, like, anyways.
01:11:28.159 --> 01:11:35.680
Um, and I get to charge premium prices on on one-to-one, because it's one-to-one inherently is a premium offering, right?
01:11:35.920 --> 01:11:42.640
So, uh, anyways, going back to the earlier comment, couch to Iron Man, I just felt like it was too much.
01:11:42.800 --> 01:11:49.119
Do you think because it's how about like even if we say couch to Iron Man ready?
01:11:50.319 --> 01:11:54.319
Like, yeah, something like we're gonna get you.
01:11:54.880 --> 01:12:04.399
Like, are you basically is your promise that you're gonna have have them participate in Iron Man, or are we promising them Iron Man physique?
01:12:05.680 --> 01:12:11.119
No, I'm promising them I'm gonna get them to not just to the start line, but to the finish line.
01:12:11.520 --> 01:12:16.720
Yeah, I mean, that's a big uh that's a big uh deliverable for you.
01:12:18.000 --> 01:12:21.199
I mean, what what is what what do you think uh is the success rate?
01:12:21.279 --> 01:12:26.159
Like of all the one-to-one that you do right now, I mean they're all intermediates, right?
01:12:26.239 --> 01:12:28.800
What about the 25% of the people who are beginners?
01:12:28.960 --> 01:12:33.119
Were they actually successfully competed in an Ironman?
01:12:35.520 --> 01:12:42.960
Look, some give up along the way, no one has failed to do it when uh if they've stayed on the the course.
01:12:43.199 --> 01:12:47.600
So using the software tool, I can measure their compliance with sticking to the plan.
01:12:47.680 --> 01:13:00.159
So I can I can say in with confidence, if you stick to at least the 76% compliance throughout the training for the year, I will guarantee you you've you'll finish.
01:13:00.800 --> 01:13:09.760
What how many what percentage of people who paid you were able to participate in in an Iron Man event?
01:13:12.960 --> 01:13:17.920
I've only had one so far in this year who hasn't finished his race.
01:13:20.319 --> 01:13:22.479
How many total beginners?
01:13:25.520 --> 01:13:26.880
Over the whole year?
01:13:27.359 --> 01:13:28.000
Yeah.
01:13:29.840 --> 01:13:30.800
Fifteen.
01:13:31.520 --> 01:13:34.560
So fifteen beginners and fourteen of them completed?
01:13:35.199 --> 01:13:35.840
Yeah.
01:13:37.920 --> 01:13:41.520
And they were all beginners, like overweight beginners.
01:13:42.880 --> 01:13:51.039
Yeah, not not not all wildly overweight, but um completely big complete triath on beginners.
01:13:51.920 --> 01:13:52.239
Okay.
01:13:52.960 --> 01:13:56.239
And what was the main reason why they wanted to do Iron Man?
01:13:58.000 --> 01:14:03.199
Uh increasing popularity, especially amongst younger people.
01:14:03.279 --> 01:14:08.880
Um searching challenge, searching something life affirming.
01:14:09.600 --> 01:14:09.920
Okay.
01:14:10.079 --> 01:14:11.920
So they were committed, essentially.
01:14:12.720 --> 01:14:13.840
They were yeah.
01:14:14.079 --> 01:14:25.279
Um at least 50% of them, I wasn't having to wipe their backside and you know get them to do every single session and like encourage them along.
01:14:25.520 --> 01:14:27.119
They would do what I was setting.
01:14:28.319 --> 01:14:28.560
Okay.
01:14:29.199 --> 01:14:30.000
Okay, that's good.
01:14:30.720 --> 01:14:32.000
So yeah.
01:14:32.319 --> 01:14:32.640
Yeah.
01:14:33.279 --> 01:14:36.800
Fourteen out of people were essentially successful.
01:14:37.359 --> 01:14:38.000
Yeah.
01:14:38.399 --> 01:14:38.640
Okay.
01:14:39.039 --> 01:14:39.840
In one-on-ones.
01:14:40.479 --> 01:14:40.960
That's good.
01:14:41.119 --> 01:14:42.079
I mean that I like that.
01:14:42.239 --> 01:14:44.399
That's 99% or 98%.
01:14:45.199 --> 01:14:45.439
Okay.
01:14:46.560 --> 01:14:48.960
And the the name of your offer was the same?
01:14:49.119 --> 01:14:51.520
Coach to couch to Iron Man?
01:14:51.840 --> 01:14:54.000
No, that was that wasn't marketed as that.
01:14:54.079 --> 01:14:58.960
That was just marketing as Matt the coach and finding finding athletes.
01:14:59.600 --> 01:14:59.920
Okay.
01:15:01.119 --> 01:15:02.560
So this is okay.
01:15:02.800 --> 01:15:05.520
So how long would this program be?
01:15:05.680 --> 01:15:07.920
The the one that you're charging 6k for?
01:15:08.880 --> 01:15:10.079
12 months.
01:15:10.560 --> 01:15:11.520
12 months.
01:15:12.079 --> 01:15:14.640
Yeah, I feel like you're charging too little.
01:15:15.119 --> 01:15:17.520
That's a lot of work for 6k.
01:15:18.800 --> 01:15:19.840
Yeah, probably.
01:15:20.079 --> 01:15:20.399
Um.
01:15:23.600 --> 01:15:23.920
Yeah.
01:15:24.079 --> 01:15:31.920
So even on the flyer, I've got seven even on the flyer I've got 8k with a with a line through it and 6k underneath it.
01:15:32.159 --> 01:15:32.800
Yeah, yeah.
01:15:32.960 --> 01:15:37.199
We don't we don't yeah, you're you're discounting on the on the price.
01:15:37.359 --> 01:15:40.720
Instead of we in we keep the price the same and we increase the value.
01:15:40.880 --> 01:15:42.000
So let's let's discuss.
01:15:42.079 --> 01:15:44.479
I think that was the final thing I wanted to discuss.
01:15:44.640 --> 01:15:46.880
Um, because we have limited time left.
01:15:47.039 --> 01:15:48.000
So offer, right?
01:15:48.239 --> 01:15:53.920
So we ideally we want an irresistible offer that is decommoditized, right?
01:15:54.000 --> 01:15:55.520
We discussed this briefly.
01:15:55.760 --> 01:15:57.840
Uh something that people can compare, right?
01:15:57.920 --> 01:15:59.520
So there are seven components to it.
01:15:59.600 --> 01:16:03.520
I want to quickly cover them and then we can discuss how it applies to your offer.
01:16:03.840 --> 01:16:06.800
So uh acronym is called Fernbus.
01:16:07.039 --> 01:16:13.520
So fast, easy, risk-free, benefit-driven name, bonuses, urgency, scarcity.
01:16:13.680 --> 01:16:14.960
So, what does that mean?
01:16:15.119 --> 01:16:18.000
So let's start with fast and easy, right?
01:16:18.079 --> 01:16:21.359
So essentially, you're offering them an outcome.
01:16:21.520 --> 01:16:30.000
The outcome is I'm gonna help you participate and come successfully complete an Iron Man in Iron Man competition, right?
01:16:30.239 --> 01:16:32.960
And uh, you don't have to wait five years for it.
01:16:33.039 --> 01:16:35.840
I we can get it done within the next year, within 12 months.
01:16:36.000 --> 01:16:37.520
So we're making it relatively fast.
01:16:37.680 --> 01:16:41.520
Because if you do it yourself, it might take forever or you might never do it.
01:16:41.680 --> 01:16:44.079
But with me, I can get it in a year.
01:16:44.239 --> 01:16:47.439
I would ideally also see if we can make it shorter.
01:16:47.600 --> 01:16:50.239
Do you think we can come up with a six-month program?
01:16:50.960 --> 01:16:51.520
Yeah.
01:16:51.840 --> 01:16:58.079
So I I did it in six months, but I think I'm an outlaw.
01:16:58.319 --> 01:17:01.600
I don't think many people do it that quickly, but I you need four months.
01:17:02.000 --> 01:17:09.439
I believe in many cases it would be six six to twelve months.
01:17:09.600 --> 01:17:16.159
What I don't want to do is go out there and tell everyone they can do it in six months, because that would be that would be pushing it, and and then you would get a much higher.
01:17:16.560 --> 01:17:16.960
Yeah, yeah, yeah.
01:17:17.039 --> 01:17:17.680
Okay, fair enough.
01:17:17.840 --> 01:17:18.159
Fair enough.
01:17:19.039 --> 01:17:19.600
Yeah, yeah, yeah.
01:17:19.680 --> 01:17:20.159
Okay, fine.
01:17:20.239 --> 01:17:21.199
So you need 12 months.
01:17:21.279 --> 01:17:21.840
That's fine.
01:17:22.079 --> 01:17:24.319
So we say we also want to be realistic.
01:17:24.479 --> 01:17:30.560
Okay, so fast, relatively easy, relatively uh fast, as in you only you we only need 12 months.
01:17:30.800 --> 01:17:38.880
Um, easy, as in like I'm gonna give you steps to follow so you don't have to use your brain, right?
01:17:39.279 --> 01:17:43.279
Um, baby steps, uh, easy homework, that kind of thing.
01:17:43.439 --> 01:17:44.880
I'm gonna do the nutrition plan.
01:17:45.039 --> 01:17:46.800
I'm sure you do take care of everything, right?
01:17:46.880 --> 01:17:55.680
So you you take care of uh what exercises to do, what kind of things to eat, uh accountability, weekly check-ins and all that, right?
01:17:56.479 --> 01:17:57.119
Yeah.
01:17:57.439 --> 01:17:57.760
Okay.
01:17:58.000 --> 01:18:00.720
So fast, easy, uh risk-free.
01:18:00.800 --> 01:18:05.760
So right now, do you have some sort of guarantee or money back guarantee or anything like that?
01:18:07.199 --> 01:18:14.479
So I've toyed with the idea of giving them their money back with the caveat that they have to do that 76% compliance.
01:18:14.720 --> 01:18:21.680
Because if they do that, I'm confident that they that they should then do it.
01:18:22.000 --> 01:18:22.239
Okay.
01:18:23.359 --> 01:18:36.399
As in like if you show up to twenty or show up to 76% of the calls and do 76% of the of the homework that I'm assigning to you, and if you still don't successfully complete Yes.
01:18:36.720 --> 01:18:40.479
So every workout they do, you the software will score them.
01:18:40.640 --> 01:18:51.359
So if I tell you to do a one-hour run at this pace, and they do a one-hour run, but they basically walk it, then the software will score them as like 20 25%.
01:18:51.680 --> 01:18:54.960
So they're doing they're doing the workout, but they're not doing it how I set it.
01:18:55.039 --> 01:19:00.239
So I can measure how accurately they're going out and doing what I'm asking them to do.
01:19:00.479 --> 01:19:08.399
So as long as that number averages at 76%, then I guarantee that they will finish.
01:19:09.199 --> 01:19:09.520
Okay.
01:19:09.840 --> 01:19:10.479
All right, fine.
01:19:10.640 --> 01:19:16.159
So we can say, well, if for first 14 days, if you don't like what I'm teaching, you can get your money back.
01:19:16.479 --> 01:19:31.119
Or uh in the first 12 months, if you complete at least 75, 76% of the activities, or whatever, how you want to phrase it, then and if you still don't are not able to complete, I'll refund you everything.
01:19:31.359 --> 01:19:32.800
That's what you're saying.
01:19:33.760 --> 01:19:40.319
Um I don't think I can refund them everything because I will have incurred some costs along the way.
01:19:40.399 --> 01:19:41.439
But I could Right, no.
01:19:41.520 --> 01:19:42.239
So that's what I'm asking.
01:19:42.319 --> 01:19:44.319
What's the what's the guarantee right now?
01:19:45.359 --> 01:19:47.439
Yeah, right now, right now, no.
01:19:47.520 --> 01:19:51.840
I right now I don't give them any guarantee because they're right now they're paying monthly.
01:19:51.920 --> 01:19:54.079
But they right now they're paying monthly, right?
01:19:54.159 --> 01:19:56.000
This is the I'm talking about the package.
01:19:56.239 --> 01:19:57.680
Right now they're paying me monthly.
01:19:57.760 --> 01:20:01.600
If they get to a point where they don't like it, they just stop paying me and they disappear.
01:20:02.159 --> 01:20:02.479
Okay.
01:20:03.359 --> 01:20:06.560
I would so why don't we just change this to monthly as well?
01:20:06.720 --> 01:20:10.960
Just pay me$9.99,$9.95 per month and cancel any time.
01:20:11.680 --> 01:20:12.319
Yeah.
01:20:14.079 --> 01:20:16.960
That would be easier pill to swallow for them as well.
01:20:17.119 --> 01:20:19.039
You make more money over the 12 months.
01:20:19.199 --> 01:20:26.640
And for them, it's like, oh, okay, so these are like 12 easy payments as opposed as opposed to paying you 12 grand at once.
01:20:26.720 --> 01:20:29.840
And then if someone wants to pay in full, then you can give them a discount.
01:20:30.000 --> 01:20:32.880
Say, okay, if you want to pay in full, you can pay me 10 grand.
01:20:33.279 --> 01:20:37.520
If not, just pay me 9.95 or 995 per month.
01:20:38.560 --> 01:20:39.039
Yeah.
01:20:39.359 --> 01:20:40.000
Right?
01:20:41.039 --> 01:20:42.479
Yeah, give them two options.
01:20:43.199 --> 01:20:43.520
Yeah.
01:20:43.760 --> 01:20:44.880
And then say, yeah.
01:20:44.960 --> 01:20:48.079
So and then be risk-free, we can just make it first 30 days.
01:20:48.239 --> 01:20:49.119
We're not happy.
01:20:49.279 --> 01:20:50.079
Get your money back.
01:20:50.159 --> 01:20:50.560
And that's it.
01:20:50.640 --> 01:20:51.920
Maybe we can just keep it simple.
01:20:52.000 --> 01:20:53.920
We don't have to make it like conditional.
01:20:54.159 --> 01:20:55.920
Just say first 30 days if you're not.
01:20:56.159 --> 01:20:59.760
You will know if you're happy with my coaching or not within the first 30 days.
01:20:59.920 --> 01:21:01.920
If you're not happy, just take your money back.
01:21:02.079 --> 01:21:04.800
I don't want to coach you anyway if you're not happy.
01:21:05.600 --> 01:21:06.079
Right?
01:21:06.319 --> 01:21:06.640
Yeah.
01:21:06.800 --> 01:21:08.880
I think that that might solve it.
01:21:09.039 --> 01:21:09.359
Okay.
01:21:09.600 --> 01:21:11.359
So, yeah, something to think about, right?
01:21:11.439 --> 01:21:13.760
How you want to come up with a risk-free thing?
01:21:13.920 --> 01:21:14.800
Because we need that.
01:21:14.880 --> 01:21:17.760
Because if you don't have something, people were like, well, what if this doesn't work?
01:21:17.840 --> 01:21:18.640
What if that doesn't work?
01:21:18.720 --> 01:21:22.720
But if you say, yeah, first you have 30 days to try, it's free trial essentially.
01:21:22.880 --> 01:21:24.560
Because you get your money back.
01:21:24.880 --> 01:21:25.520
Right?
01:21:25.920 --> 01:21:30.319
Um and if you don't want to pay 10 grand, just pay the 995 per month.
01:21:30.800 --> 01:21:31.199
Right?
01:21:31.439 --> 01:21:31.760
Okay.
01:21:32.079 --> 01:21:33.439
So that's risk-free.
01:21:33.600 --> 01:21:35.439
Next is benefit-driven name.
01:21:35.600 --> 01:21:38.159
So right now you have couch to Iron Man.
01:21:38.560 --> 01:21:47.520
I feel like we can make it something like Couch to Iron Man in 12 months.
01:21:47.840 --> 01:21:49.520
Like some sort of program.
01:21:50.159 --> 01:21:50.399
Right?
01:21:50.479 --> 01:21:50.560
Yeah.
01:21:50.720 --> 01:21:55.199
Like with these words where you say you're getting to Iron Man within 12 months.
01:21:55.279 --> 01:21:57.680
So it it there's a time limit to it.
01:21:57.760 --> 01:21:59.920
So people, it makes it more believable as well.
01:22:00.079 --> 01:22:02.880
Because right now it says, oh, how long?
01:22:03.039 --> 01:22:03.520
I don't know.
01:22:03.600 --> 01:22:03.760
Right.
01:22:03.920 --> 01:22:05.840
And they have to read the copy to figure out, right?
01:22:06.000 --> 01:22:08.880
So if we can put it in the name as well, I think that would be helpful.
01:22:09.039 --> 01:22:11.199
Okay, so that's the name bonuses.
01:22:11.680 --> 01:22:14.960
So, you know, this is like the perceived value of an offer.
01:22:15.119 --> 01:22:20.319
Like whenever you split it into like bonuses, you know, like late night TV commercials, they do this technique.
01:22:20.399 --> 01:22:26.159
We're like, oh, well, if you buy a set of kitchens, you know, we're gonna throw in free shipping, free handling.
01:22:26.319 --> 01:22:38.640
We're gonna, if you buy within the next five minutes, we're gonna throw in uh the set cover and we're gonna offer this again, but uh uh this separate thing on top, blah, blah, blah, blah, right?
01:22:38.720 --> 01:22:41.199
So we're gonna, they have like, we keep on tacking the bonuses.
01:22:41.520 --> 01:22:50.880
Because when they make the core offer, that set of knives for$29.99, you in your head you're thinking, well, I can just go to Walmart or whatever and just get them there.
01:22:51.039 --> 01:22:52.560
What is the big deal, right?
01:22:52.640 --> 01:23:01.760
But then say, oh no, but you get free shipping and you get a set of this, and you get a set of this, and you get a set of this, but only if you order within five minutes, right?
01:23:01.840 --> 01:23:05.199
So they make the offer more compelling with the bonuses, right?
01:23:05.359 --> 01:23:07.359
So what bonuses can we offer?
01:23:07.520 --> 01:23:19.119
So maybe we can say, oh, you go from couch to Iron Man within 12 months, but you not only just get access to uh my calls, you get access to this software.
01:23:19.279 --> 01:23:27.279
You get access to my Discord, you get access to, you have the ability to book uh or or to book five additional calls.
01:23:27.439 --> 01:23:32.319
You get you get uh an in-person uh event that you get access to.
01:23:32.479 --> 01:23:36.560
Like so we can like break down your offer into like five, six, seven bonuses.
01:23:36.880 --> 01:23:38.800
So it the it increases the perceived value.
01:23:38.880 --> 01:23:41.680
And that's one of the reasons why we're able to charge more as well.
01:23:41.840 --> 01:23:44.720
And also helps us decommoditize our offer.
01:23:44.880 --> 01:23:52.880
Because even you might have a six-time uh winner thing, winner coach might have an offer, but his offer might actually be vanilla.
01:23:53.680 --> 01:24:06.319
Whereas our offer is like has fast, has easy, has uh risk-free guarantee, has a benefit-driven name, has like seven bonuses, and then has urgency, has scarcity, right?
01:24:06.399 --> 01:24:08.479
So the we're using marketing principles.
01:24:08.560 --> 01:24:19.199
Uh these are essentially based on human psychology to make the offer better and and um be commoditized, and and that's the reason that allows us to charge premium prices.
01:24:19.279 --> 01:24:20.640
So let's talk about urgency.
01:24:20.800 --> 01:24:22.239
So urgency and scarcity.
01:24:22.399 --> 01:24:28.319
So urgency is is a function of time, scarcity is a function of uh quantity, right?
01:24:28.479 --> 01:24:40.319
So we can say, um, we're doing one-on-ones, and you can say, well, I literally have, I can only, since I'm a one-man company, I can only handle X amount of clients.
01:24:40.399 --> 01:24:45.279
And right now I only have seven spots or five spots or three spots open, right?
01:24:45.760 --> 01:24:51.279
So we're we're basically telling the truth that this is a scarce offer.
01:24:51.359 --> 01:24:52.880
They only have three spots left.
01:24:53.039 --> 01:24:56.399
And then urgency, as in like at this price.
01:24:56.960 --> 01:25:01.920
So you can say after this date, because you know, I I my prices only go up.
01:25:02.079 --> 01:25:04.000
After this date, the prices will be going up.
01:25:04.239 --> 01:25:08.960
So you can add like a time timestamp or a deadline to your offer, right?
01:25:09.039 --> 01:25:12.880
So this nudges people who are on maybes, people who are like on the fence.
01:25:13.039 --> 01:25:17.039
I don't know, maybe I'll do next year, maybe I'll do in 2028.
01:25:17.199 --> 01:25:23.520
You tell them like this price is only valid for by the end of the month.
01:25:23.840 --> 01:25:28.079
Because the next time I have this offer, the price will obviously be higher.
01:25:28.159 --> 01:25:29.840
Or price, you don't even have to say higher.
01:25:29.920 --> 01:25:32.479
You just say prices will be not the same.
01:25:32.720 --> 01:25:40.079
You send the message that it's obviously as you get more and more popular and you have more success stories, your prices will only go up.
01:25:40.560 --> 01:25:41.199
Right?
01:25:43.840 --> 01:25:44.159
Yes.
01:25:44.960 --> 01:25:48.720
Yeah, so this is so that's the furnbus uh principle.
01:25:49.039 --> 01:26:01.039
We want a landing page with your new offer to incorporate all these seven principles so we make it irresistible and juicy for people to take action fast, and you can charge premium prices.
01:26:03.279 --> 01:26:04.079
Perfect.
01:26:04.319 --> 01:26:06.399
All right, totally get the value.
01:26:06.560 --> 01:26:10.560
And yeah, it it it we all say it all the time, right?
01:26:10.720 --> 01:26:20.079
Like you say, those late night movie adverts where they where they they where the the bonuses end up looking like they're more valuable than the thing you're buying.
01:26:20.159 --> 01:26:23.279
I think, well, I'd be I'd be mad not to, right?
01:26:23.359 --> 01:26:24.239
So yeah, exactly.
01:26:25.520 --> 01:26:25.840
Right.
01:26:26.000 --> 01:26:28.479
I mean that that's where this came from, by the way, right?
01:26:28.640 --> 01:26:35.039
So they they have make it fast and easy, like, oh, free shipping will be delivered to you in the next two days.
01:26:35.199 --> 01:26:48.560
Uh they make it risk-free, we'll give you a 30-day money-back guarantee, and you get all these bonuses, and they include scarcity and urgency as in like only 20 units left, 50 units left, and you must order within the next five minutes.
01:26:48.800 --> 01:26:50.800
That's where it came from came from.
01:26:50.960 --> 01:26:55.039
The late night commercials, because they're using these seven principles, right?
01:26:55.359 --> 01:27:01.119
So um, and it's been you it's been going on since the 60s or even below before that, right?
01:27:01.199 --> 01:27:03.039
It's been going on for like 50 plus years.
01:27:03.199 --> 01:27:04.159
They figured it out.
01:27:04.239 --> 01:27:07.520
We we just need to incorporate the same principles in our offer.
01:27:07.760 --> 01:27:11.359
Um yeah, and I I think it'll it'll work.
01:27:11.920 --> 01:27:13.600
Uh on the pricing side, yeah.
01:27:13.680 --> 01:27:17.359
I feel like yeah, 5995 is is just, I think you can charge more.
01:27:17.520 --> 01:27:19.439
How much are you charging for your one-on-ones?
01:27:22.000 --> 01:27:26.079
I mean, they they vary depending on who who who or where they've come across.
01:27:26.239 --> 01:27:30.000
But um yeah, only 200 to 300 a month.
01:27:30.960 --> 01:27:32.800
200 to 300?
01:27:33.359 --> 01:27:34.000
Yeah.
01:27:34.560 --> 01:27:35.039
Yeah.
01:27:35.199 --> 01:27:38.000
I mean, you're you're massively underpriced.
01:27:38.239 --> 01:27:46.399
Once again, if we were to do the bonuses and all these things, we can charge more because we're we can provide a ton more value as well.
01:27:46.479 --> 01:27:49.039
And we can make our offer unique in the marketplace.
01:27:49.279 --> 01:27:51.680
Literally, no one will be able to copy you.
01:27:52.479 --> 01:27:52.880
Right?
01:27:53.119 --> 01:27:59.199
Because you'll say, Oh, you get access to my proprietary framework and you get access to the workbooks that I've created.
01:28:00.159 --> 01:28:01.840
Online exercises that I've created.
01:28:02.079 --> 01:28:03.279
No one can copy you.
01:28:03.520 --> 01:28:06.159
Because people don't even know what your online exercises are.
01:28:06.399 --> 01:28:09.439
They're like they're paywall, right?
01:28:09.520 --> 01:28:10.960
They people don't have access to it.
01:28:11.039 --> 01:28:14.319
You have to buy in to get access to your material.
01:28:15.119 --> 01:28:15.439
Yeah.
01:28:15.760 --> 01:28:16.399
Right?
01:28:17.439 --> 01:28:18.319
So yeah.
01:28:18.640 --> 01:28:20.880
Matt, that's how I'll design it.
01:28:21.600 --> 01:28:26.079
Um, I know we're out of time now, so let's let's think of action items.
01:28:26.319 --> 01:28:29.520
Tell me what you're thinking in terms of action items.
01:28:29.680 --> 01:28:31.439
We discussed a lot of things.
01:28:35.199 --> 01:28:43.039
Yeah, number one by far is to rethink rethink that offer of trying to launch one-to-many.
01:28:43.119 --> 01:28:45.600
Uh I hear you.
01:28:45.840 --> 01:28:50.159
I know what it's like when you're organizing a group for anything, whether they're paying or not.
01:28:50.239 --> 01:28:51.600
It's like herding cats, right?
01:28:51.760 --> 01:28:55.359
So I I hear you on that.
01:28:55.439 --> 01:29:02.319
So I think absolutely action number one is to rethink that offer how it can be re-jigged for one-to-one.
01:29:02.800 --> 01:29:02.960
Right.
01:29:03.199 --> 01:29:05.359
If five people sign up, yeah.
01:29:05.600 --> 01:29:05.760
Right.
01:29:06.159 --> 01:29:17.199
If five people sign up when they're doing the same race, we can still create a WhatsApp group as an additional bonus and say this is this is hey, look, four other people have picked exactly the same journey as you.
01:29:17.600 --> 01:29:20.000
We're gonna create this on the side.
01:29:20.560 --> 01:29:21.840
Matt, you nailed it.
01:29:22.000 --> 01:29:23.680
That could be one of your bonuses.
01:29:24.079 --> 01:29:25.520
That's genius.
01:29:26.479 --> 01:29:33.119
You can say, and the ability to be part of a WhatsApp group with other runners.
01:29:33.600 --> 01:29:37.680
You can leave it open, as in the quote unquote, the ability.
01:29:38.159 --> 01:29:38.479
Yes.
01:29:38.720 --> 01:29:40.159
As in, like they have an option.
01:29:40.239 --> 01:29:45.840
Do they want because I'm sure there's some people like, yeah, I don't want to like personally, I hate being part of WhatsApp group.
01:29:45.920 --> 01:29:50.560
So if you were to make me an offer, do you want to be part of a WhatsApp group or do you want to just one-on-one?
01:29:50.800 --> 01:29:51.680
I would pick one-on-one.
01:29:51.920 --> 01:29:54.239
So we keep we keep that as a bonus.
01:29:54.399 --> 01:29:56.560
So they they get to choose.
01:29:57.039 --> 01:29:57.680
Yeah.
01:29:57.920 --> 01:29:59.279
Instead of forcing them.
01:29:59.439 --> 01:30:01.760
I think that's a very powerful bonus.
01:30:03.439 --> 01:30:03.760
Okay.
01:30:04.720 --> 01:30:06.239
Yeah, that's that's genius.
01:30:06.399 --> 01:30:08.000
I didn't even think of that.
01:30:09.359 --> 01:30:10.319
Then there you go.
01:30:10.399 --> 01:30:11.520
You've learned something from me today.
01:30:11.760 --> 01:30:13.520
Yeah, I've learned thank you, Matt.
01:30:13.600 --> 01:30:14.640
That was appreciative.
01:30:14.800 --> 01:30:16.319
Very, very appreciative.
01:30:17.039 --> 01:30:25.600
And then I need to, and then I need I know I also then need to go and um rethink my price point.
01:30:26.159 --> 01:30:26.800
Um, yeah.
01:30:27.039 --> 01:30:43.279
This is come this comes up regularly in in my planning, and and yeah, it's it's a it's a yeah, it's it's a classic founder, relative, relatively new founder issue of not believing in pushing that to a higher higher price point, right?
01:30:43.439 --> 01:30:45.439
But yeah, I'm I'm offering a premium.
01:30:45.600 --> 01:30:47.359
I am offering a premium product.
01:30:47.600 --> 01:30:49.119
Um yes, exactly.
01:30:49.359 --> 01:30:59.760
You're I come from that world, I've been there, I've walked the walk, I've got 25 years of the of the war wounds and the experience of knowing what their pain points are, and not a lot of coaches have got that.
01:30:59.920 --> 01:31:09.760
So I need to yeah, I need to be clearer on that and more confident in pushing the fact that I've got that in my in my corner.
01:31:10.319 --> 01:31:10.560
Yeah.
01:31:11.840 --> 01:31:31.920
So, so Matt, one one thing I didn't cover, this is like more like quote unquote advanced strategy, but you could what you could do is if someone really doesn't have the money, you could say, and ethically, you could say, okay, I'm whatever, say you're charging 995 per month.
01:31:32.159 --> 01:31:40.399
You could say that if you if they say, oh, well, I the max I can do is 695, for example, right?
01:31:40.640 --> 01:31:44.800
You could say, okay, I can do 695, but I cannot make the same offer.
01:31:44.880 --> 01:31:48.800
I would have to take away this, this, this, and this.
01:31:48.960 --> 01:31:51.359
So it's called a feature down sell, right?
01:31:51.520 --> 01:31:54.319
You could take away the ability to Discord you anytime.
01:31:54.399 --> 01:31:58.560
You could take away the ability to uh be part of a WhatsApp group.
01:31:58.720 --> 01:32:05.600
Like, so you could still sell the cheaper version, but at like a more uh like a scaled down.
01:32:07.600 --> 01:32:08.239
Exactly.
01:32:08.479 --> 01:32:10.319
Rather than trying to go up.
01:32:10.479 --> 01:32:20.960
So we and the other thing is like you that and so you're making essentially custom offers, and that's the reason why I personally don't like publishing my rates on the website.
01:32:21.920 --> 01:32:27.039
This gets discussed over the call, over the discovery call.
01:32:27.279 --> 01:32:27.439
Yeah.
01:32:27.680 --> 01:32:37.279
I mean, we we didn't get a time, we didn't get time to actually go over how to run uh a pre like a discovery call that's set up for a custom offer, but you know, maybe part two.
01:32:37.439 --> 01:32:43.920
But yeah, but we want to have custom when we do custom offers, make sure we don't we're not displaying prices on the website.
01:32:44.079 --> 01:32:44.319
Yeah.
01:32:44.560 --> 01:32:55.439
Because especially we because it allows us to do feature downsell and do custom pricing, but it also allows you to raise your prices over time without a previous client.
01:32:55.600 --> 01:33:06.159
If a previous client sees, oh, you used to charge, like someone says, Oh, I've been on your website, you used to charge 695, and now you're charging 1295.
01:33:06.640 --> 01:33:08.079
I want the older rate.
01:33:08.399 --> 01:33:12.960
Then you get into uncomfortable conversations in those scenarios, right?
01:33:13.039 --> 01:33:20.800
So we just hide, we don't mention, we we bring them to a discovery call and build a custom plan for them.
01:33:21.520 --> 01:33:21.920
Yeah.
01:33:22.239 --> 01:33:25.199
That that way you you you're also more confident.
01:33:25.439 --> 01:33:26.960
Because it's totally possible.
01:33:27.119 --> 01:33:29.279
You might go too far on the premium side.
01:33:29.439 --> 01:33:33.920
For example, you might say, oh, well, it's 1995, and you get no, no, no, no, no.
01:33:34.000 --> 01:33:38.640
And then you can feature downsell and try to save that conversion.
01:33:38.960 --> 01:33:39.600
Yeah.
01:33:40.000 --> 01:33:40.399
Right?
01:33:40.560 --> 01:33:42.720
So it gives you more flexibility as well.
01:33:42.960 --> 01:33:43.279
Okay.
01:33:43.359 --> 01:33:47.439
So yeah, so one too many, rethink the uh the strategy.
01:33:47.920 --> 01:33:51.600
Um do custom pricing with feature downsells.
01:33:51.680 --> 01:33:52.800
What was the third thing?
01:33:54.960 --> 01:33:58.880
Uh the third thing is uh just sim just to simplify.
01:33:58.960 --> 01:34:02.399
I've got I've still I've got so many different assets and different things.
01:34:02.640 --> 01:34:04.399
I've just needed to get clarity.
01:34:04.560 --> 01:34:07.920
Um yeah, pick pick an ICP.
01:34:08.319 --> 01:34:12.800
Clarity on the ICP, clarity on the messaging, clarity on all the assets that I've created.
01:34:13.840 --> 01:34:14.319
Yeah.
01:34:15.199 --> 01:34:24.880
And and the I think the biggest one we missed was uh transitioning to video loom videos on the outreaches.
01:34:25.359 --> 01:34:28.560
I think that might that might be a game changer for you.
01:34:29.680 --> 01:34:30.079
Right?
01:34:30.399 --> 01:34:33.199
Because because then you can do so many more.
01:34:33.920 --> 01:34:36.560
All right, Matt, I hope this was valuable.
01:34:37.279 --> 01:34:38.560
Absolutely, brilliant.
01:34:38.720 --> 01:34:39.119
Love it.
01:34:39.199 --> 01:34:40.000
Thank you, Abby.
01:34:40.159 --> 01:34:41.439
It it really has been valuable.
01:34:41.600 --> 01:34:43.279
My head's spinning now, so yeah.
01:34:43.359 --> 01:34:47.840
I need to take a little, I need to go and have a coffee and take a five and let my brain settle.
01:34:48.079 --> 01:34:50.079
Um, but yeah, massively valuable.
01:34:50.239 --> 01:34:51.119
Really love being on.
01:34:51.199 --> 01:34:52.479
So thanks for having me.
01:34:52.880 --> 01:34:53.279
Yeah.
01:34:53.520 --> 01:35:01.760
So, Matt, if anyone's watching this, maybe you know they're they want to get off their couch and participate in an Iron Man.
01:35:02.000 --> 01:35:03.840
What's the best place for them to reach out?
01:35:04.880 --> 01:35:06.800
Uh best place is find me on LinkedIn.
01:35:06.880 --> 01:35:10.479
I'm sure you'll put me uh my uh link in the show notes.
01:35:10.560 --> 01:35:15.039
Um, yeah, come and meet me on LinkedIn and request a call and let's have a chat.
01:35:15.520 --> 01:35:16.159
Perfect.
01:35:16.399 --> 01:35:17.520
Matt, it was a pleasure.
01:35:17.680 --> 01:35:20.000
Thank you so much for spending time with us today.
01:35:20.159 --> 01:35:21.600
Really appreciated it.
01:35:22.640 --> 01:35:23.119
Pleasure.
01:35:23.279 --> 01:35:24.399
Cheers, mate.