In a recent VIP Day, I was unpacking a client’s high-ticket membership and looking at all the different benefits that he provides his members, I used the phrase
Money buys commitment.
Let me tell you what I mean by that:
One is, is that literally money buys commitment. If you think about the level of investment that you make, financial commitment that you make to something, the more willing and the more commitment you’re going to get out of that yourself.
If you invest in something for $10, you’re going to have a $10 level of commitment.
If you have a commitment level of $100, that’s going to be a different level of commitment than $10.
My client invested $15,000 for a VIP Day. His commitment level to our time together was at a much higher level of commitment. You want to make sure you get a return on that investment at each level. That’s what I mean by the phrase now money buys commitment.
How did we come upon this during this our VIP Day? Well, he was telling me that as he was accepting members in, that there were actually some members coming into his membership that he would reject from the membership. That he would say that he didn’t think that they were committed enough to the membership, and therefore they needed to wait and take some time to increase their commitment, and then come back to him so that they could then join the membership. Because he did not believe that they were committed to the membership.
As I reflected on his integrity, I admire the fact that he’s willing to tell members, “No.” Most membership businesses are just looking to get all the members they can get. Not really thinking through, is this member and actually a good fit for my membership? You’re in full control of your membership, and you ultimately are able to determine who you allow into your membership program. And he was leveraging that.
In my opinion, he was leveraging it too hard, because he actually had two levels of membership. He had a level of membership that, was a $1,100 a month. But has another level of membership for $6,000 a month.
Instead of telling those members that he didn’t think that were committed enough to the membership $6,000 per month offer, “Hey, listen, I think you would be a better fit for the membership at $1,100 a month, and why don’t we go there? Why don’t we work on it? Once you to start to receive the benefits and the outcome of the membership, and then we can talk about you upgrading your membership to the next level?”
No. Instead he was just saying, “Hey, listen, I don’t think you’re quite ready for the membership yet. Why don’t you take some time, build your commitment, increase your skills, increase your knowledge, and then come back to me when the time is right?”
How does this play out for your membership? If you’re getting members into your membership and you find out that they’re not committed, don’t fret over that. Number one, it could be that the level of investment dictates that they’re not as committed to it. If you have a $100 monthly membership, then the level of investment is $100 per month. Don’t expect them to have a $1,000 level commitment. If your investment for your membership is $1,000, then great. You should expect them to have a $1,000 level of commitment.
How do you engage this commitment? How do you build the commitment over time? Begin to provide the benefits and the outcome of your membership. One of the “Seven Membership Multpliers” that I teach is the Ascension Multiplier. The Ascension Multiplier is all about having different levels of membership so that a member will be able to choose a level that they think is the best fit for them. Sometimes they hit it right and they make the right investment at the right level. But some members, they need to be challenged to go to the next level and increase their commitment, increase their commitment to the outcome that you provide for your membership. And ultimately increase the commitment that they’re making with the financial investment.
As you think about your membership, as you think about your investment that you’re asking your members to make, you might ask yourself what level of commitment am I asking them to make alongside the investment? It’s not just a financial commitment, it’s a commitment of time, it’s a commitment of resources. It’s a commitment of them and their willingness to actually do what you’re asking them to do with your membership. When I say money buys commitment, you ought to look at that and say, “Okay, what level of commitment am I asking my members to make that corresponds with the money investment they’re making in my membership?”
Are you interested in taking next steps to multiply your coaching business? Here are three ways we can work together:
1. Grab a copy of “High-Ticket Coach.” It’s my brand new book on how to create, launch and sell your high-ticket membership offer. You’ll also get a ton of free resources and tools to help sell your current membership offers.
2. Get a FREE copy of Accelerate: How to Get Your Next 10, 100, 500 or Even 1,000 Members… Yes, you can get a free copy of my brand-new book! In it, you discover more on how to promote your membership, get more members and increase retention.
3. If you’d like to work directly with me and my team to help you create and sell a high ticket membership… If you’d like to work directly with me and my team to multiply your membership… just schedule a free strategy session. We’ll map out a strategy and then take a look to see if and how we may be able to grow your business. Go here to complete this brief survey and schedule your free call.
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