Thursday, November 25, 2010

New business model... Putting myself in my clients shoes - NOTE

here is what I feel...

Coaching stands next to other type of similar services:

  • Coaching
  • Financial advice/Accounting
  • Legal advice
  • Technical support/Computer/web design
  • Health/Nutrition/Fitness advice
So that's 5 areas that people will frequently need.

Now, accessing targeted help in any of these fields can fell challenging and overwhelming!

It's a big challenge + at $100-$300 /hour for some of these services, it can get very expensive.

Conclusion?

People tend not to use these services as much as they could.

They stay away from them because they know it will be pricey!

When someone faces a technical problem with their laptop, they usually spend days trying to figure things out themselves rather than calling an expert and save tons of time.

Or they will hesitate for weeks before calling a lawyer because they know it's going to cost them a lot.

Spending $500/month on coaching, that's $6000/year

If one person wanted to access the same type of help with these other services, right now, that's the type of price they would pay too...

this comes to $30'000/year for services!

I know... some services will cost less, some will cost more!

Someone can easily spend $3000 in legal fees one month and not need technical help...

The point is that this is the type of price people will easily pay!

I think that only the top 5% of the population can afford a full range of support in all areas.

For most people, they give up or never use these services because they don't want to spend that type of money.

Now, let's take another model...

1 month Unlimited coaching $99

one year... $1200

5 similar services (accounting, legal, health, technical, coaching)

$6000/year

See, the difference?

That's way more affordable, right?

It radically changes the equation and offers a set of affordable services that people can actually go for!

It's a different model and guess what?

I believe it is a potential win-win

That's the model I am exploring now and people are responding to it so far.

It could be the next big wave...

To be followed!