CoCommercial Case Study
Let me show you an example of what this looks like from my business. This is my three pillar business model for CoCommercial. Again, we've got first step offer, core offer, and a follow-up offer. I'm breaking this down now so that I can get more text in here. Let's look at the core offer first, which is our CoCommercial membership. Our value statement I mentioned yesterday. Stop wasting time of Google. We offer unprecedented access to people with the experience and expertise to answer your business questions fast. That's what we do. That's how we get people in the door. The customer journey. Here's where they are on that very long business owner journey. They've started their business and they have learned a lot. They've taken the courses. Maybe they've worked with coaches before. They're looking to fill in the gaps, because it doesn't matter how many courses you take, how many CreativeLive classes you tune in for, there are gonna be some gaps in your education. Things change, right? Y...
ou get knew questions. So they feel there's still a lot that they don't know. They want to fill in those gaps. That's where they're at. The unique selling proposition is that it's not just another course. It's just-in-time learning and exploration in a guru-free environment. So it's very flexible. It's very fluid. It's very there when you need it, as opposed to there when someone wants to sell it. Price, it's 14.99 a month. And our sales goal is 1,500 paying customers every month. That's the core offer. The follow-up offer is that we offer something called the leaders circle. It's a 12-month commitment where people come in and they get to learn with a smaller core group of members, and they get a whole bunch of extra features for that as well. So the value statement there is to stop working in isolation. We connect you to the people, ideas, information to move your business forward. It's a much more people-oriented affiliation, belonging-oriented value statement. Customer journey, the point where they're at is that they're frustrated with the deluge of information that they get on a daily basis. They want real-time brainstorming and masterminding. In other words, they don't even want to just wait for people to answer their questions on CoCommercial. They want to be able to show up and talk to somebody about what they want. Unique selling proposition is that it's more opportunities to connect live with other smart and savvy business owners than any other offer. The price for that is 799 for 12 months, or $79 per month for 12 months. Sales goal is 300 members. That's the follow-up offer. The first step, as I mentioned, is our free trial. Value statement, bring us your latest business challenge and we'll help you get you past it in the next 30 days. Have something in mind. Have a question. Have a concern, have a challenge, an obstacle. Bring it to us for 30 days. Ask all the questions you want. Have all the conversations you want with our other members. We're gonna help you past it. There's pretty much nothing we can't help you figure out in 30 days. That's the kind of network we have. So trust us or you don't have to trust us. Come and test it out. That's what I mean to say. (chuckles) Customer journey, they've started their business. So they're making things happen, and they're doing the work, but they've reached an impasse. There's something that they feel like I've gotta figure this out or I can't move forward. Unique selling proposition is that you get personalized help free of charge. Where you can go on the internet for that? Nowhere. Price, it's free, 30-day free trial. Sales goal, we want to be onboarding 200 new members per month. That helps us continue to grow the community and also accounts for churn, the people who don't stick with that free trial. That's what it looks like. Those are our three offers. That's how we keep the engine moving. The people who join us at CoCommercial, they refer new people to CoCommercial. People who join the leaders circle refer a lot more people to CoCommercial. And people who take that free trial, that's makes it an easy way for those CoCommercial members and leaders circle members to send us referrals. They don't even have to say, "Here buy this thing. "I bought it too." They say, "Give it a try," which is awesome. Alright, that's how our engine works. Very simple, very streamlined. I know what I'm selling at any given time. Our team knows what our goal is at any given time. We know how to move members through that engine. That sounds kind of sad. But we know how to maximize their experience within that business model to create the most value for them and the most profit for us. If my core offer is positioned closer to the start of my customer journey, does that mean that I should re-think my core offer so that I can support my customer further down the line of their journey? No, not necessarily. In fact, you might not need to rethink the core offer at all. You might actually want to re-think where the initial itch is. And maybe you don't. Maybe the first step offer comes right before your core offer. Maybe you're engine, your business model, doesn't actually have that third pillar. There's all sorts of different ways that you can approach this. There's nothing wrong with having a core offer that's close to that initial itch. In fact, it's a great way to run a business. It also means that you've got a whole journey left to create that follow-up offer. What you might find is that as your business evolves and matures that what was once your core offer becomes your first step offer, and your core offer is something that is a little bit later down the line. But you do not need to worry about that now. It sounds like you're exactly on the right track. Next one. Karryn says, can you dissect how to decide what goes into the core offer and follow-ups? And/or the first step. Where do discern the cut-off points? And which do we build first? I'm gonna get into which we build first here in just a minute so I'm gonna let that one go. But where do you discern the cut-ff point? This is a case where editing your business and focusing on what your highest contribution is, what you're actually doing, what job you're actually helping your customer do, is incredibly important, because what I find is that people try and really expand their core offer, or their follow-up offer through a big chunk of the journey. What you actually want to do is narrow it in to as precise a point as possible. I'm helping you get from point A to point B, not from point A to point D. Help your customers go from point A to point B, not point A to point D, or point Z, God forbid. So that's it. Help people take one step. Help them ease one frustration, or answer one question, or reach one goal. That's the cut-off point. The more you try and cram into a core offer, unless your offering something like a membership community or resource library, the more complicated things are gonna be, and the more watered down your value statement is going to be. The more precise, that point A to point B, the more precise that transformation is, the more precise your value statement is, which means it's easier to talk about what you do. It's easier to sell it, and people are actually going to experience greater value from that because they're not gonna get lost in the middle somewhere. They're not gonna drop off. Is there one more? Yes. How do I make sure I don't end up with a "junk drawer" of services again once I start thinking about follow-up offers? Because they don't want you to think about follow-up offers plural. I want you to think about one. The reason I call it a three pillar business model is because I diagnosed this problem many years ago that once people start down this customer journey, business model thing, they just start going wild with all the things they could offer. What else, what else, what else, what else? I want you to come up with one core offer, one follow-up offer, and one first step if you get to that point, and if it's necessary in your business. Any more than three and your business is gonna get really complicated and bloated again. So I know that's scary. You're gonna worry about getting bored. You're gonna worry about your customers aging out, but really it's gonna help you get that engine rolling as smoothly as possible so you can help as many people as possible. You can help them with exactly what they need. Yes, at some point there are other things you could help people do. But it's not gonna serve your business best, and may not serve your customers best either. Alright, any other questions? Ready to move on? Yeah, Greg.
I have a question about, I like this idea of coming in with something free, and then the price model goes up. Are you figuring that into all of your offers? Is it a situation where you're always raising your price or the experience or things like that?
Generally. Generally the price goes up as you get further into the journey because your target customer tends to get more precise. So the transformation gets more precise. The bigger the transformation, or even the more precise the transformation, the more people are willing to pay for it. The more they trust you the more they trust themselves, and so you can tend to raise the price there. I'm not gonna say that's true across the board. But that tends to be how it works out, and that's where I would start thinking about it too.
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Even after being in business for awhile, it is very common to be unsure of exactly what to offer as a service, package, or product to bring in the big bucks.
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- Equip your business with 1-3 offers you can use to FINALLY ATTAIN YOUR REVENUE GOALS
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