Brief Summary
This video discusses scaling a coaching business to $300,000/month. The key takeaways are:
- Word-of-mouth marketing is crucial for growth, especially when delivering high-quality results.
- Prioritize customer success and retention over aggressive growth strategies.
- Consider raising prices and creating semi-private groups to handle demand and increase revenue.
- Don't create separate groups for different levels of clients unless there's a significant drop in engagement in the main group.
Context and Scaling to $300,000/month
Harut discusses his coaching business's recent success, generating $210,000 in 90 days through a $97/month community for coaches and School Community owners. He explains that 50% of members upsell to either a $1,000 annual plan or a $5,000 mentorship, with the latter contributing significantly to the revenue. He highlights the high conversion rate (46%) and the importance of word-of-mouth marketing, which accounts for 80% of his traffic.
How I generated $210,000 in 90 days with Skool
Harut emphasizes the power of Skool as a platform for generating viral growth through word-of-mouth. He attributes the high conversion rate to the quality of his program and the positive experiences of his clients. He also mentions that the high annual renewal rate (80%) contributes to the business's stability.
The power of client results and word-of-mouth marketing
Harut discusses the importance of focusing on delivering exceptional client results to fuel word-of-mouth marketing. He explains that satisfied clients naturally become advocates for the business, driving organic growth. He compares this to traditional businesses where good service leads to referrals and growth.
Should I focus on traffic, delivery, or both?
Harut addresses the question of whether to prioritize traffic generation or focusing on delivering exceptional service. He argues that with a strong word-of-mouth marketing engine, focusing on delivery and customer success is more important. He suggests hiring someone to handle traffic generation, allowing him to focus on delivering value to his existing clients.
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Harut explores the potential issue of upselling 50% of his clients from the $97/month community to higher-priced plans. He wonders if the low entry price might be attracting clients who are primarily interested in the upsells. He also discusses the different levels of clients within the community, with some aiming for their first $10,000/month and others aiming for $50,000/month. He seeks advice on whether there are any potential issues with his pricing structure.
Pricing strategies: $97/month and upsells
Harut is reassured that his pricing strategy is working well, with a strong upsell rate and positive economic performance. He is advised to focus on delivering a great experience for his clients and to continue creating valuable content.
Long Term Focus
Harut asks for advice on how to scale his business to $1 million/month while maintaining high client results. He is advised to prioritize customer retention and renewals as a key growth strategy.
Scaling through retention and renewals
Harut is advised to focus on customer success and retention as the most stable way to scale his business. He is encouraged to track customer success scores, NPS scores, and customer satisfaction metrics to identify any potential issues that could jeopardize the business's growth.
Raising prices to handle the demand
Harut discusses the possibility of raising prices for his $5,000 mentorship program due to increasing demand. He is advised to consider a combination of price increases and semi-private groups as a way to manage demand and increase revenue.
One vs Separate Groups
Harut explores the idea of creating a separate group for his higher-paying clients. He is advised to keep the groups together unless there is a significant drop in engagement in the main group due to the presence of higher-level clients. He is reminded that the intermingling of different levels of clients can contribute to upsells.
