McDonalds isn’t a place I find myself in very often. We prefer to eat in a restaurant where the menu isn’t on the roof. But pressed for time, a ravenous two year old in tow and rush hour just starting, it seemed like a good idea…
So there we are standing in line, wondering what we’ll have, squinting to read the options from the back of the queue, and it struck me. Is this really an efficient way of running a business, or not?
In my role as a Practice Building Coach, I teach an invisible secret weapon strategy that adds profits to any practice, makes business easier for the owner, adds massive value for the client, stimulates creativity and allows you to capture the sales that you’d otherwise have missed.
The magic bullet [though there isn’t one] is the Conveyor Belt analogy – to firstly have in place a funnel at the front which draws prospects to you. This is sometimes called an “ethical lure” – a free report, an e-book, a 5 part e-course, some kind of information in exchange for the customer’s contact details. This is also known as “front end acquisition”, acquiring new leads at the front end of the conveyor belt.
Every good Coaching or Therapist website should have some kind of free information available in exchange for the prospect’s email address, thus building a list of interested possible clients.
Think back to McDonalds. Just how do they get people in the door in the first place? Apart from high visibility in the main street, and the occasional TV advert, just how do they “get you”? We had no plans to go there till we spotted the familiar red and yellow signage [and aren’t they all the same colour? The colour Red stimulates appetite. Think red light district. Red for danger…]
Or is it the case that they have such a strong brand awareness that they don’t need to promote themselves?
And what else could they be doing while we stand in the obligatory line? Wasted opportunity # 1. What about screens on the walls with offers, or adverts, or club memberships? A child’s entertainer, close up magician, or a customer services rep at least. Seems like a missed opportunity to have us all just stand there like patient cattle…
What then happens is the client is offered the chance to “upgrade” and actually make a small purchase. In internet marketing you often get what’s called an OTO [one time offer], a screen that will literally only appear one time and if you don’t take it you lose it. This is a real moment of truth in the business ladder as the prospect becomes a paying client, albeit with only a small purchase. But it demonstrates trust and starts the buying cycle.
The aim of the game is to have that client now move along the conveyor, purchasing bigger and more expensive products and services as they continue their client relationship with that company. This is what’s termed as “the upsell”. Think what Amazon does – as you browse books, they let you know that “buyers of this book have also bought…” at the bottom of the page.
So in McDonalds, we pick our meals and we’re asked if we want to “go large”, thus adding an upsell to the offer, giving the customer added value and increasing their profits in one fell swoop.
Now we’re in the backend – where all the money is – the client will come back and buy more, and more often, because now they know you, like you and trust you.
And when you get the Amazon book in the mail, guess what’s included in the box? More offers for other products and services that they think you might be interested in. Amazon really have it sewn up because now they’ll even buy your used books back off you, so they can resell them at second hand prices. A tight business model!
Does it work? Think how quickly Amazon has grown into a household name.
And once they have you on their books, you will get followed up with offers, discount vouchers and updates, just to keep them in the front of your mind so that next time you want one of those products, you’ll naturally go to them.
But what about McDonalds? Wasted opportunity #2. Have they ever contacted you after you’ve been in? Not me. At no point do they capture my name, email or postal address. Can they really rely on the fact that because we bought once, we’ll always come back? That’s a dangerous assumption…
So what does this mean to you? Well, if you run your own business as a Coach or Therapist, you need to have front end acquisition tools in place to capture prospects. They should then be offered a small purchase decision to convert them into paying clients.
And once they are on your books, I recommend you regularly follow up with a series of valuable information, offers, updates and helpful material. That builds loyalty and converts more prospects into paying clients who’ll partake of your main product/service/treatment.
Another thing about MacDonald, and maybe you can tell me because I don’t know. Why don’t they do home delivery? Wasted opportunity #3. OK, there’s drive through, but think how many people would call a phone number and get a Big Mac and fries delivered to their door on a Friday night. Surely they’ve looked into that as an add-on.
Far be it for me to go up against the big boys, but I’m seeing gaps here. Gaps that any good Coach or Therapist should fill and exploit in their professional practice.
Action Steps For You:
1. What front end free information will you offer to get prospects?
2. What small product or service will come next in your conveyor belt?
3. How can you make sure you capture their contact details?
4. What will your follow up message look like?
Now I’m off to play with my free Shrek toy…
Jonathan Clark is a 6 figure Mentor Coach who helps Therapists and Coaches to make their annual income their quarterly income. For more startling truths about the industry visit
www.CoachTherapist.com
