Here’s an Easy Way to Boost Your Coaching Income this Year
Most coaches do a really good job when it comes to setting and tracking monthly revenue goals. As a group, we’re also really good about tracking our net income…the amount of money we have left over after we pay our monthly business expenses. But, the problem with these two numbers is that they are simply a report card on the past. They do nothing except to remind us that we want to do better next month and the month after that.
But what if we could get out in front of these numbers with very little effort?
What if we could track just a small handful of things that will have a life-altering effect on the money we generate from our coaching businesses?
There are dozens of things you could track every month, but 90% of them would be a horrible waste of time and effort. But, by tracking a few critical things, you’ll be able to make easy and profitable course corrections that will boost your bottom line!
So, what are the right ones for your coaching businesses?
Here are top five I often use with my clients to help them stay on track for meeting their income goals. I’ve developed this list over years of experience based on those that tend to produce the best results. They’re in no particular order and yours may be a bit different:
Number of New Qualified Leads Generated Each Month
How many new prospects came into your sales pipeline in the past 30 days? When your pipeline gets empty, your next month’s revenues are sure to dry up as well. Record the number of new qualified prospects you generate each month.
This one is borrowed from my clients in the financial services industry. There is a strong relationship between the amount of time that we spend actually talking to live prospects and our monthly income. How many prospects do you need to talk to each month to generate one proposal? Is it three, four or five? Keep a record of the number of these conversations and the percentage that result in proposals.
Sales Closing Ratio
What if for every five proposals you present, you win three of them as opposed to just two? Let’s assume you present five proposals in the next 90 days, each worth $5,000 each. Closing two of them would get you $10,000 but three would net you a whopping $15,000… an amazing 50% increase in your income! The key here is to adjust what I call your “commitment conversation script” to improve your win rate. When I work with clients, the changes we make in their scripts can make all the difference in their success rate. I have a client who says “adlibbing is for amateurs” … and he’s right!
Number of New Email List Subscribers (your funnel)
This is another important indicator of the health of your marketing efforts. Online marketing is a must for us coaches these days as a way to extend our reach beyond our immediate marketing area. Filling an online funnel is just as important as your offline pipeline. You can keep this number improving by regularly tracking it and making course corrections as you see this number increasing or decreasing over time.
Landing Page Conversion Rates
Closely related to the number of email subscribers, this measures the health of our websites landing page. I’m not talking about your home page, but a very specific landing page designed to convince visitors (from social media for example) to download your lead magnet. I’ve used A/B testing to tweak my own landing page. It’s an easy way to compare two versions of a page or lead magnet offering against each other to determine which one produces the best results.
Here’s an Easy Way to Start Tracking Your Numbers
All of these numbers are fast and easy to calculate. You don’t need a sophisticated spreadsheet or computer program to track these numbers. Actually, all you need if a piece of paper with columns across the top and the months along the side like the example below. If you include a revenue column, you’ll be able to see the results of your efforts as the months go on!
The numbers you’ll want to track may be different…but, the simple act of tracking your numbers will help create an awareness that almost always results in improvement in your bottom line!
Finally, selling more of your services is a numbers game…the more you reach out, the higher your income will be!
If you have any questions or comments about this post, feel free to email me at [email protected]
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