Customer Segmentation for Profitability
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Watch the video above to Separate your Customers into groups
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Lesson Summary:
It’s important for the survival of your business to segment your customers into 4 groups – A/B/C/D. Nurture and build a strong relationship with your A and B customers, ditch the profit sucking C customers and bring back the lost D customers.
When you’ve got rid of your C customers, you’ll find more B customers will appear to take over the space that has been opened for them.
What you’ll learn in this Lesson:
- How to find your A and B profitable customers.
- How to find your resources sucking C customers to remove them.
- Which customers are giving you your expected GP%.
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What Type of Online Course Should You Create?
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Yes, I'm just starting out.
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I'm happy to spend 4-5 weeks helping my students with any questions and implementation after I launch it.
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You should create a Transformation Course
A transformation course is typically a main offer in a sales funnel.
So if you already have a funnel with a lead magnet and an introductory course (or a low-cost product), a course that costs anywhere from $99-$499 (mid-range) will be a great fit as the main offer in your funnel!
A transformation course is where you deep dive into a specific topic in a step-by-step way, and help your students implement and get results. You are there with them throughout the process keeping them engaged, answering questions and helping them make progress.
This type of course will help you replace your one-to-one work and help you move towards a membership offer.
- Keep in mind this type of course will take more time (2-3 months) to create than an introductory course. And if it's a course that you launch and then shutdown (not an evergreen course), then you need to be prepared to spend a lot of time with your students answering questions and help them with implementation during the 4-6 weeks duration when students are taking the course.
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You should create a FREE Lead Magnet Course
As you currently don't have an audience, the best place to start is with a short course that you can offer as a lead magnet! It'll help you build your list and grow your audience.
And it's very easy to create a lead magnet course. Just a short course (3-5 videos) that you can put together in say less than a week. Teach one thing from start to finish but keep the videos short (5-6 mins long) so the entire course can be completed in 20 mins or less!
You'll find my lead magnet course here:
In fact, even the course signup is actually a lead magnet quiz. Users answer a bunch of questions to signup for my FREE lead magnet course. It gives me valuable data and insights about my prospects and their specific needs and challenges.
You can do the same for your lead magnet course. It'll help you learn more about your audience, build trust and a deeper connection, and then use the insights to create paid courses.
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You should create an Introductory Course
An introductory course is paid course that's designed convert your free users into paying customers! It should deliver a quick win for your students and help build trust. You can charge anywhere from $29 to $99 for this course.
This will allow you to give your students a taste of your content, your teaching style, etc. It'll help them figure out if they want to purchase your higher-priced courses or signup for your coaching program.
The main thing is to nail down the content for your introductory course because the goal is to lead your students to your next level offer.
Say the main course is "How to Build and Launch a Digital Course" where you go into step-by-step details of building a digital course , then your introductory course could be "How to Build an Audience for your Course" . This is related to your main course and will help you move people into your deeper work.
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You should create a Signature Course
A signature course provides highest transformation and comes with access to live calls, community/private group etc for additional support during the implementation phase. This type of course typically averages between 6-8 weeks and can take you 3-4 months or even longer to create.
This is the type of course you can sell for anywhere from $999-$1999! For e.g., the List Building Course or the Digital Course Academy type of courses from Amy Porterfield.
If you are just starting out, this is not the type of course you should be creating. This type of course is a natural progression for someone with experience creating other types of shorter paid courses and already has an audience.
The course will provide a step-by-step blueprint but the course will have to deliver on it's promise and you will have to be more involved into this type of course to keep your students engaged otherwise you'll have a very high refund rate.
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