Pamela Wilson is a coach who works with people in mid-career across various industries. The one thing her clients have in common? They are all interested in scaling their business. Pamela works with her clients to help them refine their offers, narrow their market, and package their expertise. This allows them to do more meaningful work with fewer clients at a time. Previously, Pamela was the Executive VP of educational content at copy blogger and the author of The Master Content book series. These days Pamela uses the 5 step framework she developed to guide others on the journey from ordinary to extraordinary. In this episode of the One Big Tip podcast, Pamela shares the different parts of her framework so you can apply these actionable steps to your online business.
The mindset for most online entrepreneurs is to sell a small ticket item at a large scale and then blast the offer to the masses. When Pamela switched to an online space and had to create an offer for her coaching program, she realized the value she was offering to clients commanded a higher price than she was charging. As an expert in mid-career, Pamela was selling years of knowledge and experience that was essentially priceless. With this fresh mindset, Pamela set out to change the direction of what she was doing. Today, Pamela shows her clients that they can command a higher price for their services due to their expertise. Once they have that mindset shift, Pamela walks them through the process of achieving new goals.
In most industries, when you are paid by the hour, the better you are, the less income you earn. This is counterintuitive but true. Pamela believes the rules of the game need to change. You should no longer be compensated for your service based on time. Instead, people in mid-career should be compensated for the value they bring to those they serve. The first step in Pamela’s training program is that you need a mindset shift. You should measure your value based on the performance, expertise, and efficiency you bring to the table.
How do you create a big-ticket offer? Pamela created a three-part framework for her clients to follow. The first part is to take 30 days and put together an offer. An offer that provides a lot of value without all the bells and whistles. This is coined an MVP offer, a minimum viable product in the industry. Once the offer is created, you must start testing its value and success. Will people be interested in what you’re selling? One litmus test used is the friction test. If people have no friction at the point of purchase, you can increase the cost-to-value ratio and still generate sales. The next step in the framework is to adjust and pivot your program or offer based on your feedback. The last leg of the framework is to remind yourself of the process you went through to get to your level of expertise. Realize that your ideal client is only a few steps behind you. Solve their pinpoint the way you wanted yours to be solved, and then package it. When you combine the steps of the framework, you create a high-value offer for your clients and increase your revenue simultaneously.
The key to success is creating a high-ticket offer to increase your profits. Know that what you sell is worth more than the average, and market it as such. That will help you achieve your financial goals. Let us know how this One Big Tip works for you.
[2:45] Pamela shares how and why she created her framework and switched careers in midlife
[5:50] When you niche down, you target a specific group of people who are most likely looking for your service
[9:48] when you package your offer into a big-ticket item you don’t need to sell in volume
[11:55] You need to create a framework for
[16:57] You need to test your offer
[21:00] Know your target audience and what they are looking for