When you make a premium offer, you’re asking a client to invest $100k or more into your service.
I know that this number seems like a huge deal. And I still remember how I felt when I first decided to up-level my own services. $100k seems like a benchmark that’s unachievable to somebody who works in the low or medium end of their niche.
But I’m living proof that it isn’t.
Earlier in my career, I worked in the PR, marketing, and sponsorship niche. I’d spent a decade building a company from the ground up that had a high volume of clients and very low margins. And because I’d stepped out of the idea of selling premium packages, my company’s average sale came in at $150.
That’s a long way from $100k.
And it was only after selling that company that I started to think differently.
The idea for Icons Incorporated was in my mind and I decided I wanted to turn this new venture into a passion business. To be precise, I wanted to go back to my roots, do what I love, and work with entrepreneurs to help them think as big as possible.
I realized that I had so many skills in marketing and PR that I could help these people with.
It was this realization, coupled with the tips I’m going to share in this article, that helped me see that I could make a premium offer. I could charge $100k or more for the transformation that I create.
This is what I learned on the way to making my first $100k offer.
Lesson #1 – Stop Thinking Small
I touched on this above, but it’s a point that’s worth expanding on.I looked at the digital marketing world when I started my research before setting up Icons Incorporated. And I noticed a trend that veered towards thinking very small about the way that you sell. The general concept was to start small in the beginning and work your way up from there. For example, you might start with an offer at $97, which feeds into a $2,000 offer later. Eventually, that builds up to a $15,000 offer, and so on.The issue with this journey is that it undervalues the extraordinary talent that you have. I realized that this incremental method of leveling up the offer slowed down progress. It led to people having a misaligned view of the true transformation that they create.That’s why I decided to do things differently.Instead of thinking small in the beginning, I jumped right to the top – I created my premium offer first. And in doing so, I established in my own mind that I had something of tremendous value to offer.I just needed to find the right people to make the offer to, which brings me to my next lesson…
Lesson #2 – Research the People in Your Ideal Target Market
There’s something else that I realized about my $100k offer.It works out to only $8,500 per month. Once I’d reframed the offer in my mind in those terms, it didn’t seem quite so crazy anymore. And once I’d gotten over that hurdle, I began my research.This is where I began to leverage my intentional marketing system.I picked out a couple of prospects who fit my ideal client persona perfectly. But before contacting any of them, I learned as much about them as I could. I found out where they lived and developed an understanding of their deepest desires. My goal wasn’t to provide a service to this select group of people. It was to build relationships with them.The lesson here is that a premium offer isn’t something that you make to everybody. It’s an offer that you tailor to a very specific client persona. Your job is to find out who that client is and where they are.
Lesson #3 – Structure Your Offer Around Your Ideal Client
Once I’d picked the specific person I wanted to work with, I sat down and composed a cold email. Bear in mind that I’d never met this person before. This email would be the first direct line of communication I’d opened with them.But, I already felt like I knew them.I’d spend so long researching them that I’d already created the relationship I wanted to form in my own mind. I knew what this person wanted and I felt really good about approaching them.I structured that cold email around the research that I’d done on this ideal client. I told her who I was and what I felt like I could do with her. And I rounded the email out with an invitation to jump on a 15-minute call with me.This email wasn’t an essay and I wasn’t trying to sell anything right out of the gate. It was literally a case of me introducing myself and showing that I understood the client’s challenges. I demonstrated that I’m somebody who’s exceptional at what I do and I invited the client to talk.Lo and behold, she got back to me.We had the call and the first thing she told me was that she was in the market for someone to help her. She’d had some bad experiences and my email felt like the first authentic thing she’s seen in a long time.That authenticity came because I’d done the research and structured the email around this specific client.
Lesson #4 – Don’t Let Fear Control You
Making that first $100k offer wasn’t as frightening as I thought it would be.I went into it knowing that I was in a privileged position. And because of that, I had an extreme amount of confidence in my ability to deliver an outcome. I knew that I’d provide my first $100k client with an exceptional experience.That’s the mindset you need to have when approaching a client.Don’t allow fear or insecurity to control you. The moment you seem like you’ve lost confidence in yourself is the moment that a potential client rejects your offer. Remind yourself constantly that you offer amazing value and create staggering transformations. Understand who you are and what you do to overcome the fear that may hold you back.
Lesson #5 – Think Critically About Your Niche
I’ve already introduced the idea of intentional marketing and this ties nicely into the concept of hypertargeting. This is the idea of selecting an ideal client and diving deep into them. Then, you need to create a service for that specific person.But perhaps you think that person doesn’t exist within your niche. For example, let’s say you work with videographers. You may think that nobody in your niche has $100k to spend on your coaching.But that’s not true.In fact, I know a lot of high-end videographers who work on weddings with million-dollar budgets. That’s a handful of ideal clients who’d love to find somebody like you who can help them.My point is that you’ve got to think critically about your niche. Instead of convincing yourself that nobody will take your offer, focus on the small selection of people who will. Research them and teach yourself that there are people in your niche who’ll spend $100k or more on the right service.
Lesson #6 – Creating Passive Income Comes Last
At the top of this article, I talked about how so many people start small and work their way up to big.The reason this is such a widespread concept is that it allows you to create passive income early on. Having that income supposedly gives you a platform to move into high-ticket and, eventually, premium offers.But I learned that creating a passive income comes last.The important thing for your business is to secure 5 to 10 premium clients and give them really deep value. At $100k per client, this means you have between $500k and $1 million flowing into the business per year.You focus on developing passive income once you have that powerful cash flow.Now, you’re in a position to hire a team and make offers at the lower end of the spectrum. You continue to work directly with the premium clients while your team handles everybody else. And because you started with premium, you know that you have models that work. This means you can go into the passive income end of the market with more confidence.
Start Big and Never Stop
I know that making a $100k offer seems like a massive step for your business. However, my experience shows that there are people in your niche who will accept that offer. I’ve yet to work with a client who couldn’t create a premium offer. And I’ve also managed to do it myself on many occasions. My first $100k client set the stage for the powerful business that I have today. What could your first $100k client do for you? I’d like to help you find the answer to that question. Watch our latest Masterclass now.