This episode is about running pilot programs for quick revenue (and growth)
Whether you’re starting out in business or thinking of a new service line, it can be tough to break into a new market.
Pilot programs allow you to test a new service for the first time on a test audience in exchange for feedback but better than that – they are a great way to create business and revenue growth through live customer experience, results, reviews and referrals.
In this episode, I’ll talk about
* Why Pilot Programs?
* How to Create Value in Pilot Programs
* Building Revenue with Pilot Programs
Why Pilot Programs?
Pilot programs are a low-risk opportunity for you to test and refine your coaching or other program using live feedback from people in your niche or target audience.
But more than that, running a pilot program is a pre-marketing activity. It is essentially a soft launch that creates visibility, interest, engagement and excitement around your new program.
To answer the question – why pilot programs? – they are a great way to give people a taste of what you do, and to create initial revenue, results and reviews (traction) that lead to future sales.
What I mean is this: by running a test version of your final program, you’re giving people a live experience of what you do, which generates positive feelings and other outcomes (which is what people actually buy – feelings).
You are showing you care about the customer because they’re helping you to make it exactly what they want and need.
It doesn’t have to be perfect, and there is far less pressure for you as you work out the kinks and bumps with a willing audience.
In return, they feel wonderful about helping you and they’re also getting a result in a structured, step-by-step process. Then, they are going to tell people about what they’re doing – spreading the word for you.
You can also share wins, photos, insights and progress along the way with your future audience to build their interest and excitement for your next program.
That means you end up with a refined product that exactly suits your target market – ready to go for a full launch – and with plenty of eyeballs on the next intake of your program. Much more fun than a pile of ads for something you’ve never tried or tested!
If you choose the right people for your pilot program, you’ll get relevant feedback to improve the final product and glowing testimonials that will attract more people to your business.
I covered how to get the right people for your pilot program in episode #134 Five Top Tips for Finding the Right Pilot Program Clients. I explained why being selective is important, and how to find the right clients for your pilot program.
To answer the question – why pilot programs? – they are a great way to give people a taste of what you do, and to create initial revenue, results and reviews (traction) that lead to future sales.
Now that we know why pilot programs are great, how do you get people to join your pilot program? Well, you need to create value by communicating the problem you help to solve, and the solution or outcomes people will get by participating.
How to Create Value in Pilot Programs
Two previous episodes of this podcast do a deep dive into creating value within the program.
In episode #154, the Why, What and How of Pilot Program workflows, I talked about how to map out the steps of signing up clients, onboarding clients, and the key steps in delivering the pilot program to those clients, so that you can prepare properly, and then deliver a complete and wonderful experience to your clients that cover all the bases.
In episode #155, The Value of Pilot Program Content and Emails, I described how to create value for your clients in different elements of a pilot program – basically, how to create value within the content of the program that you can then test with a pilot group!
Building Revenue with Pilot Programs
Someone asked me recently – does a pilot program have to be free or can it be heavily discounted?
The short answer is – it depends on the niche clients, the size and urgency of their problem, their ability and willingness to pay, and the importance of change to them.
If you think about it, someone with a big, painful, problem that disrupts their daily life will be more willing to pay, pay more, and get help, than someone with a minor problem that has little to no impact on their life.
Let that sink in for a moment – it’s important.
How do you feel about paying for something versus getting it for free? Several people have told me that they want to pay me for coaching because then they have skin in the game and will be more committed.
And on top of that – as the saying goes – nobody wants a free kitten. Because then the question is – why is it free? what’s wrong with it?
So how do you price a pilot program? Firstly, I think language is important. If you talk about discounting as it devalues what we do as coaches.
I prefer to say that “this first program as a pilot will cost $X, and future versions will be $X”. This can help people decide to buy now or wait until later.
Generally, I charge about 1/3 to ½ of the retail price for a pilot program, with a clear requirement for feedback along the way (which includes verbal and surveys). So if it will eventually be a $1500 program, a pilot version might be promoted as a one-time-only price of between $500 – $750.
Remember that even within a pilot program, the right clients will get incredible value, assuming that you pick a niche, you’re clear on the problem they want to solve, and that the aim/outcome/result is clearly defined and exactly what they’re looking for. That is where the value is created – the old ‘what’s in it for me’.
People love to help, and they love getting a sense of value (which is simply a function of the results they get – and how important the results are to them – in exchange for their investment of time and money). If they can get a result in your pilot program, they’ll be incredibly grateful and will spread the word.
This is how pilot programs lead to business and revenue growth.
Summary
To answer the question – why pilot programs? – they are a great way to give people a taste of what you do, and to create initial revenue, results and reviews (traction) that lead to future sales.
They are more engaging than the more formal and structured forms of marketing, in that they are experiential and give your customers a feeling. After all, that’s what people buy!
I’ve linked you to two other episodes of this podcast to help you map out the steps, create valuable content, and take your idea to the world.
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