If you’re like most millennials, one of your primary needs is to know your work has purpose.
But just how much of an impact are millennials really making? One of the primary vehicles for impact, the $107 billion online education industry, may be falling short.
In an age where you can learn just about anything online, many young people are eager to share their wisdom through web-based courses. However, the averagecompletion rate for online courses is just 7%.
In other words, 93% of people who pursue online education don’t actually reap the benefits that were intended for them.
That’s why one founder has devised a new model for learning–and it’s a lot more lucrative than creating traditional online courses, too.
Meet Shannon Graham, an internationally renown success mentor who works with high-profile entrepreneurs . He charges $150k per client to work with him for a single year, with a minimum 3-year commitment. His clients have gone on to successfully complete massive projects, including a $220 million initiative to modernize India’s transportation system.
I spoke with Graham about his no-nonsense approach to coaching on this week’s episode of Unconventional Life, “How To Charge $150k Per Client Per Year.”
Graham got started in personal development at the early age of 16. He was known as the “unofficial life coach” for his high school peers. Back then, personal development resources weren’t as widely available–you couldn’t access a library of free podcasts or listen to motivational speeches on demand like you can today.
However, Graham made due with what he had–he recalls purchasing one of Tony Robbins’ CDs and immediately listening to it in his car until 2 a.m. This no-excuses attitude would serve as a solid foundation for both his own growth and his service to others.
So how did Graham create a coaching practice that charges 150k per client, per year?
He says he noticed a “gap” in the coaching industry between the results clients hoped to achieve and the effectiveness of the services most coaches were offering. “The majority of people in the industry create products around leverage and automation. The challenge is if you have an online course 90% of people won’t do anything with it, and of those who do, less than 2% take action and get results,” he says.
Graham’s solution was to provide a different kind of coaching service unlike any on the market. “The destination must have an adequate vehicle,” he says. “I don’t know of any Olympic athletes who get there via online programs. They each had one coach or a team of coaches who worked with them for a prolonged period of time very intensely.”
Graham’s coaching practice provides intensive mentorship to entrepreneurs over the span of 3 to 5 years. He recognizes that real results require commitment, consistency, and accountability–which is why he doesn’t settle for mass-producing online programs that don’t actually make a difference in his clients’ lives.
Millennial coaches, charging this same kind of price point is possible for you, too. Below, Graham shares how you can create a high-impact coaching practice and enroll clients who will happily pay top-dollar to work with you.
1. Invest in yourself. “As a coach, you can only bring as much value as you have,” Graham says. Instead of focusing on your website or sales funnels, your constant focus should be on your own growth. Confront your weaknesses and address what you struggle the most with, so you can confidently guide your clients out of these same pitfalls from personal experience. You are your own product, so make your product the best it can be.
2. Seek out your clients. Cut the marketing strategies that are designed to appeal to just about everyone who sees your ad or lands on your page. The truth is, the average person isn’t your ideal client. Your ideal client is deeply committed to personal growth and is willing to invest in the highest caliber coaching to get there. They aren’t interested in playing around with products or services that don’t work. “Go out and find your ideal clients and start conversations with them,” Graham advises.
3. Be firm on your price. Don’t settle for a mediocre price point in order to appeal to more clients. You aren’t looking for a lot of clients, you are looking for the right client. “At the end of the day you don’t need a lot of clients if you charge high end prices,” Graham says. Name your price and stick to it. While most people will turn you down, when you do find the right client, it will be worth it.
4. Engage deeply and personally. “Making a big impact has a lot more to do with depth than it does with width,” Graham says. Effective coaching should be specially tailored to the individual you are working with. There is no one-size-fits all. You must be willing to consistently meet your clients exactly where they are and give them advice that applies to their direct circumstances. Don’t be generic; be specific and personal. One man is doing this exceptionally well by engaging Millennials one-on-one on a show that shares their voices with the world.
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