Hello. Hello and welcome to cocktails, coffee and conversation. Tracie here. And today we're continuing our conversation on what we can do as business owners when we notice changing buyer behavior. Because remember, it's not that people aren't buying at all it's that they're buying differently. Yeah. So how you can set your business up to be ready for these economical cycles. Because they will happen at various times to various extents in our businesses. Especially since we do business internationally, it's really important. Right? And it sets you up for that longevity and to make you a sustainable and a viable business. Back in episode 14, I talked about how this is a natural evolution of a growing market and how using details' differentiators and loyalty markers can breed longevity. And set your business apart in the long run for success. But what about your offer structure? What can or should you do about your offer stack? Especially if you keep hearing trendy ideas around offer types or prices to charge. Remember in part one, when I asked to what degree are you truly spending less versus paying more attention to what you are spending your money on. Both in your business and in your personal life like chicken example, buying that at a store. It's not that you aren't buying a source of protein. It just might look different than it did before you might be buying a different cut, a quantity brand. You might be going to a different store, getting it from a different source or just buying a different type of protein altogether. Regardless. You're still getting something. Yeah. Well, in addition to that example, helping you draw on daily life to see into your business, it helps ground your experience with business emotions and decisions. And also serves as a tangible way to see all the different ways you can buy chicken. Or, you know, fill in the blank on your protein preference. Think about the different packaging brands, the cut mixes fresh versus frozen whole versus parts value packs and on and on and on that, you know, protein comes in. It's a lot. Right. And like protein, you to have many different ways you can package up what you sell and how you do it. Where you compromise, it's a signal to your audience. So let's talk about the three pieces to look at within your offer stack. One would be diversifying your offer suite. Another one would be the sale and pricing options you have to play with. And the third we'll talk about today would be how are you keeping the people that you currently have? So this first one, diversifying your offer suite. This may or may not be how you've heard this phrase before, but to jargon bust, you want to have more than one way to bring in money. So you aren't reliant on one way people can pay you. Yeah. This can be different product types. That's digital product service packages. Coaching offers. This can also be different pricing bands. That's where you hear the low, the medium, the high. And w what that number ends up being that's determined by the market. You're in. Right. Now you don't have to have all of them. And it doesn't have to be complicated, but it does need to serve you and your people. Because it's not about following a trend when diversifying and creating a product or setting a new price, because it's popular. It's about what sets you up to showcase your work, to get results for your people and to bring in the money the business needs. You have options here. Some we have explored it even on this show, like adding VIP upsells or creating low tickets. And some we haven't touched on yet, but I cover all of this extensively with my coaching clients. But again, it's not about choosing an $11 product because it's popular or creating a mini course because someone said to try it. Okay. When you're curious, and you do want to experiment with something. It's important to ground that curiosity. In what is right for your business? And looking at the cross section of what your people need with what you have the capacity for, then you assign the dollar amount, or then you assign the product type. After you've created it for your people first. Along with your interest in your capacity. Okay. We flip it around. Yeah. We don't think about, I want to make $11 products. What should I make? No, instead it's I want to make this for the people to get this. Now let's create it. What should it be priced? What should it be called? What container should it be in? Okay. In my course, audience to client. I walk you through all of this beautifully and I will link to that in the show notes. because it is available on demand. In it, I show you how to apply the framework for creating freebies, but the guiding questions and the framework itself is actually for any offer at any price point. So I'm going to talk about a couple of those right now. Cause the guiding principle to start with is understanding whether you are helping different people through the same stage. Or the same person through all the stages they go through during a single process. Okay, sit with that difference for a bit. Because this decision is key to creating what your people need from you now. And when you couple that with what you have the capacity and the excitement to create no amount of trendy ideas off the interwebs will distract you. Rather you'll be able to celebrate others' abilities to experiment. And you're like, oh, well, that's so cool that they're trying $27 product or that they've decided to do a whole bundle of workshops. I'm going to stay over here where I'm doing what I'm excited about and I'm going to keep going. Because as we know, consistency is the real key to business success. And having something you love and are excited about. That's that big win that's that momentum builder. That's giving you the opportunity to get massive amounts of testimonials and showcasing all of those results and all those wonderful things. Right. Versus jumping from trend to trend, to trend to trend. Okay. So, what do you currently have for sale? And what products could be added that will bring value and results to your people. Then on the money side, let's talk about sale and pricing options available to you. Pricing inflation and personal situations will always vary, but ground in what you know about you. And your people to make decisions. There's nothing wrong with flash sales or creating light versions of your packages, as long as they're still a result to point to that people actually want. Yeah. And there's nothing wrong with trying something new as long as you do it from the right place and not out of a fear response. Think of pricing and sales mechanisms and categories. Okay. A price has set market. Value. And an introductory pricing. You have a set price for your offer? This is the advertised price based on the built in value of what you were selling and often changes over time, then settles. Meaning, it stays that way for a long period of time. This is when you create something new. So you sell it at an introductory low price to get people in, to prove the concept, to refine it, gained feedback testimonials. Then raise the price and repeat that process. Until it. Gets to it's a settled price point. Where the value built in based on the results people are actually getting matches its market value. Yeah. At that point, the price typically doesn't increase again. Unless the value built into the offer. Increases as well. Right. So unless you're adding more to it, unless you are updating the material, unless you're changing, what's in it. Then typically you don't actually change the price once it hits that, that sweet spot, that match to match. Okay. Whereas the other category that's sales mechanisms, that's your flash sales, your bundles, your bonuses, your giveaways, all of those kinds of temporary ways to entice urgency and give people a reason to jump in now. They create excitement. They build momentum and noise around an offer. They show off the amazing results past clients have gotten and gives people a great opportunity to join. And I include bonuses in this list because you don't have to decrease what someone pays. To entice them to buy now. Right. Let's go back to that chicken example. And thinking about the packets of meat at a store, have you seen those wrapped fresh cuts that say extra 20%? It's the same price as a regular pack. Well, which one do you choose when you're looking for a value by. The one where you get more for the same cost that you would already budgeted for. As opposed to just the one where you get what you were expecting, but it costs less. Yeah. And think about which one seems more exciting. And also think about at which time does one. Mechanism matter more than the other. Right, because there's some times when you wish that you could get in on that 20% extra, but you have to go for the cheaper option regardless. And this is why we look at all of these separately and we plan out these opportunities and we list them out in our business. And we think about where are our people at? Where are we at in our business? And where does that match with what we've got going on? Because it's important to keep these ideas. Of our set price. Versus our sales mechanisms separate because when we worry about revenue being low and we think about the ways to get people, to buy, reducing our prices, often that initial idea, right. It's kind of that, that panic button. But we have to think. Are you looking to mess with your set price? Or are you actually thinking of a temporary change in price to mess with urgency? It's also important to make this list of the right options for your audience and your business when you're outside the emotion of the situation. So you can call on that list when you're having. All of the feels. Now, if you're already in all of those feels, I don't want you to delay making the list. Right. But I will caution you to take extra care and to review that list and give it some space and time to breathe before deciding what to act on right now. Okay. So that, that third mechanism that we have, well, that's keeping the people that are already with you. Right. So how are you wowing and celebrating the people who work with you now? Are you offering them loyalty offers like alumni rates or private sales. Invite only offers or continuation bonuses. This can be for clients, students, people on your email list. There's lots of exclusive groups you can give special attention to and special access to that will create loyalty. And get them excited to join your next thing. Map out what you are doing and where there are some gaps. Look at what people are taking you up on and what they're not bothering with. What they do and don't know about. Where there's opportunity to give more and to ask them. If there are some things that people aren't grabbing. Ask, what would =you actually be interested in? Do a survey, get some feedback, find out their level of awareness and interest. List out all the places people can find out about these perks. And how often you're actually sharing them. Not just in recordings or at the bottom of an email or as a note in a lesson at the end of a module. But in all of those places, And telling people that they are in all of those places. Okay. Is it using diversity in your offers? And the right pricing structure with sales mechanisms and wowing, the people who already work with you. are key pieces to keeping your offer stack, ready to respond to changing buyer behavior. And if you're wanting support, figuring all this out, like naming the details and how to share them, understanding pricing, and seeing where you already are, wowing people and where you can, wow them more jump into boost, the value of your offer in a day. Boost is one of a kind program that gives you a left-brained loving workflow and structure to see the ins and outs of your offer. As it is now. Plus what it can be. And how to get it where you want it. Then it kicks off your creative right brain and get you writing out the best sales messagings. So you know exactly how to talk about this offer to your dream clients. So they're excited and asking to join you. You get instant access to the full program and you can use this process over and over again on any offer you want to supercharge. It is worked for hundreds and it can work for you too. The link will be in the show notes, but it's also Tracie patterson.com/boost. Offer value. You've got this, I believe in you. And I'm also here for you. Until the next episode be well and have some fun.