How to Launch a Successful Group Program For Profitable Business Growth
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Timestamps:
[03:19] Timing is Everything
[05:47] Use These Tools To Make Managing Your Program Easier
[08:19] The Power Of A Clever Messaging Strategy
[10:45] The Power of Gamification
[12:20] How To Nail Your Group Program Pricing
[13:12] Invest in Support - Trust me!
Is the idea of starting a group program enticing to you?
Helping multiple people simultaneously in less time than individual consultations, all while potentially boosting your profitability – it's hard to resist.
It is a topic that has been buzzing around in my group program lately. Many of you, my professional service providers clients, have been asking about whether to set up a group program within your business as a potential revenue stream and if it's a good time to add a group program to your overall business strategy.
You've come to the right place today because I'm going to share 6 major lessons I learnt from my journey into the world of group programs.
#1 Timing Is Everything.
In my case, I established my first group program just five months into my business. In hindsight, it was too soon. I now wish I had spent more time working one-on-one with clients for at least a year before venturing into group programs. Why, you ask? It's all about honing your skills, building a strong client base, knowing the type of client you want to work with and gaining the expertise needed to provide genuine value to the members of your group.
#2 The Devil's in the Details
Group programs can be more profitable, but here's the thing: there are many moving parts that may not be obvious right away. From managing regular communications and reminders to handling onboarding, offboarding, and subscription payments – the list goes on. It's not just about delivering content; it's about ensuring the logistics run smoothly.
Thankfully, there are specialised tools available for running group program sessions that will make your job a lot easier. These tools can streamline your operations, but they come with a price tag. If you're in the early stages of your business and watching your budget, platforms like Zoom and Google Drive can serve as cost-effective alternatives.
#3 The Power of Messaging
Launching my group program prematurely diluted my message, leading to the loss of some high-value prospects who could have benefited from one-on-one services.
The key takeaway here is: If your group program doesn't deliver the same results as your one-on-one offerings, it's time to rethink your strategy. Your messages should cover both aspects, and if your different offers have different structures, you should create specific campaigns for each one. But most importantly, you need to make it very clear why your group program is just as valuable, if not more so, than your other offerings.
#4 The Power of Gamification
Gamification can be a game-changer for your group program. By incorporating elements like challenges, rewards, and friendly competition, you can engage your participants on a whole new level. This not only makes learning enjoyable but also keeps your clients motivated and invested in their progress.
Consider gamifying your group program by offering incentives such as bonus one-on-one calls for specific actions or celebrating a client's significant achievements with small gifts. These small gestures can go a long way in enhancing the overall experience.
#5 Group Program Pricing
To add to point #1, it's often a wise strategy to start your group program with just a few participants. This allows you to gather valuable feedback and make necessary adjustments without feeling overwhelmed. Also, offering a launch price to these early adopters can create excitement and generate initial interest in your program. It's a win-win for everyone involved!
#6 Invest in Support
As your group program grows, so does the need for support. Consider investing in a Customer Success Manager or a Virtual Assistant (VA) to provide personalised assistance to your clients. Having a dedicated individual to address questions, concerns, and needs can significantly enhance the participant experience and maintain their engagement throughout the program.
To Sum It Up:
Incorporating a group program into your professional service business can be very exciting, but it requires careful planning, timing, and attention to detail. Learning from the experiences and lessons shared here can help you make informed decisions as you embark on this exciting journey. So, is it time to add a group program to your overall business strategy? With the right approach, the answer may very well be a resounding "yes."
As always, if you have any questions about this topic, send me a DM on Linkedin or Instagram. I would be happy to chat with you.
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Kajabi
