If you’re in the online coaching, consulting or done for you service provider space, you would have done well not to notice the hype around ‘high ticket selling’ over the last few years.
It’s become a real industry buzzword, and nearly everywhere you look there’s someone else promoting on how to get high ticket clients. From Facebook ads, to YouTube Channels, this word is everywhere, but what does it actually mean?
Well, we recently sat down with Gregory Cooke, a long time ‘high ticket’ expert in this online service space to debug this recent phenomenon.
Firstly, for many reading this it might be the first time you’ve come across this term, so Greg explained it like this, “High ticket essentially selling product, programs or services at a high price point. An industry benchmark is around three thousand dollars or more, that’s kind of the sweet spot”.
He went onto say further, “Personally, maybe it’s because the way the industry has shifted or just my new norm has changed but I consider high ticket selling anything about ten thousand dollars plus, not because I think I’m better than others but I think I have become so used to these type of price tags that I couldn’t imagine giving my time or service for any less.”
So the question on your lips is most likely, for this enormous amount of money what do people get or buy? Well the truth is it can be almost anything, from expensive luxury furniture to one on one coaching from a specific expert but today we’re focusing on the coaching and service based industry.
Let’s be real, selling your service for thousands of dollars sounds amazing right? But how does it actually work and can anyone do it?
Greg explained, “Well no and this is where the biggest misconception comes in, and makes me laugh in today’s world. People new to this or even season veterans, focus on the price tag. I never consider myself to sell ‘high ticket’, I only consider myself to sell high value.
I never focus on selling high ticket but instead focus on the value I bring to that person in my offer, and use the 10X rule. For example, if my done for you service can bring them in an additional one hundred thousand dollars over the next six months, then I would price my offer around ten thousand dollars. I do this because the only way to get huge amounts of people to say yes and buy, is to make it an absolute no brainer for them.
Like, who wouldn’t pay ten thousand dollars to make a hundred thousand dollars back? If they don’t achieve the result, and they did everything we asked of them, they don’t pay.”
I’m sure we have all heard horror stories about people purchasing things like this on the internet and the word ‘scam’ seriously comes to mind. It’s become another buzzword in today’s online world. So how do you avoid getting ‘scammed’ when it comes to high ticket offers from people?
Greg explains, “That’s a funny word. Honestly, when someone says it to me all I think about is their mindset gap. Now that might come across bad or anger people almost, so to be clear I am only speaking about the online education, coaching and done for you service industry when I say that.
You can learn things from bad courses, coaches and services. It’s how you apply them and act on them. Now you should be smart prior to purchasing by checking guarantees thoroughly, signing service agreements and all this stuff, but also the provider has a responsibility to set realistic expectations as a lot of the time, this solves most things.
Honestly, in my early days I spent 90% of my time motivating or talking about mindset with coaching clients rather than their business. That’s when I first spotted this gap and behaviour.
I currently don’t offer one on one coaching for that exact reason, I now purely do partnerships with people or e-learning, it serves them better and removes the ‘scam’ aspect from people. It’s hard though, as you have people wanting a result and putting their hard earned money into it and you have a coach or service provider who needs to do their side however you both have to meet in the middle.
Easiest thing is to set expectations and make everything crystal clear from the start, including a service agreement. We brought that in for everything above three thousand dollars.”
So there you have it. That’s a long time high ticket selling veteran opinion on how to sell high ticket and some industry truths but how will the industry shift again in the next five years? Only time will tell.
Gregory Cooke is a renowned high ticket selling expert focusing on online companies and he is the CEO of Elite Founders. They have a unique method of not coaching but instead partnering with up and coming high ticket online companies, setting up everything and mentoring them, and taking a percentage of the revenue as their payment. In 2022, they’re releasing an e-learning platform and program to impact more entrepreneurs that don’t qualify for their partnership.