Adapting Your Online Business to Changing Buyer Behavior

In this episode of 'Cocktails, Coffee, and Conversation™,' Tracie discusses how business owners can adapt to changing buyer behavior by diversifying their offer suite, implementing effective pricing and sales mechanisms, and retaining current customers with loyalty programs. She provides actionable strategies to create a sustainable and viable business. Tracie also highlights the importance of aligning your pricing, offer structures, and sales tactics with your business's unique needs and capacities, avoiding trends that may not serve your goals. She invites listeners to explore further resources like her course 'Audience to Client™' and her program 'Boost the Value of Your Offer in a Day™' for more detailed guidance.

00:00 Introduction to Changing Buyer Behavior

01:42 Understanding Offer Structure

03:12 Diversifying Your Offer Suite

07:04 Pricing and Sales Mechanisms

11:17 Retaining Current Clients

12:51 Conclusion and Next Steps

A resources from our host:

Got a question or comment?

www.traciepatterson.com/ama

Want Tracie's best trainings or to find out more?

www.traciepatterson.com/connection

Interested in Audience to Client: Create a Lead Magnet Built for Sales

www.traciepatterson.com/atc

Want to learn more about Boost the value of your offer?

www.traciepatterson.com/boostoffervalue

CREDITS

Music ColourfulSounds

Podcast Editor Maia McLachlan

Hello.

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Hello and welcome to cocktails,

coffee and conversation.

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Tracie here.

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And today we're continuing our

conversation on what we can

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do as business owners when we

notice changing buyer behavior.

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Because remember, it's not that

people aren't buying at all it's

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that they're buying differently.

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Yeah.

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So how you can set your business up to

be ready for these economical cycles.

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Because they will happen at various times

to various extents in our businesses.

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Especially since we do business

internationally, it's really important.

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Right?

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And it sets you up for that

longevity and to make you a

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sustainable and a viable business.

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Back in episode 14, I talked about

how this is a natural evolution

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of a growing market and how using

details' differentiators and

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loyalty markers can breed longevity.

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And set your business apart

in the long run for success.

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But what about your offer structure?

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What can or should you do

about your offer stack?

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Especially if you keep hearing

trendy ideas around offer

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types or prices to charge.

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Remember in part one, when I asked

to what degree are you truly spending

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less versus paying more attention to

what you are spending your money on.

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Both in your business and in

your personal life like chicken

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example, buying that at a store.

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It's not that you aren't

buying a source of protein.

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It just might look different than

it did before you might be buying

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a different cut, a quantity brand.

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You might be going to a different

store, getting it from a different

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source or just buying a different

type of protein altogether.

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Regardless.

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You're still getting something.

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Yeah.

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Well, in addition to that example, helping

you draw on daily life to see into your

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business, it helps ground your experience

with business emotions and decisions.

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And also serves as a tangible

way to see all the different

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ways you can buy chicken.

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Or, you know, fill in the blank

on your protein preference.

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Think about the different packaging

brands, the cut mixes fresh

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versus frozen whole versus parts

value packs and on and on and on

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that, you know, protein comes in.

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It's a lot.

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Right.

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And like protein, you to have many

different ways you can package up

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what you sell and how you do it.

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Where you compromise, it's

a signal to your audience.

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So let's talk about the three pieces

to look at within your offer stack.

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One would be diversifying

your offer suite.

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Another one would be the sale and

pricing options you have to play with.

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And the third we'll talk about

today would be how are you keeping

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the people that you currently have?

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So this first one,

diversifying your offer suite.

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This may or may not be how you've

heard this phrase before, but to

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jargon bust, you want to have more

than one way to bring in money.

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So you aren't reliant on

one way people can pay you.

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Yeah.

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This can be different product types.

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That's digital product service packages.

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Coaching offers.

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This can also be different pricing bands.

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That's where you hear the

low, the medium, the high.

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And w what that number ends up being

that's determined by the market.

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You're in.

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Right.

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Now you don't have to have all of them.

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And it doesn't have to be complicated, but

it does need to serve you and your people.

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Because it's not about following

a trend when diversifying and

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creating a product or setting a

new price, because it's popular.

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It's about what sets you up to

showcase your work, to get results

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for your people and to bring in

the money the business needs.

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You have options here.

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Some we have explored it even

on this show, like adding VIP

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upsells or creating low tickets.

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And some we haven't touched on

yet, but I cover all of this

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extensively with my coaching clients.

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But again, it's not about choosing

an $11 product because it's

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popular or creating a mini course

because someone said to try it.

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Okay.

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When you're curious, and you do

want to experiment with something.

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It's important to ground that curiosity.

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In what is right for your business?

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And looking at the cross section

of what your people need with what

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you have the capacity for, then

you assign the dollar amount, or

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then you assign the product type.

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After you've created it

for your people first.

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Along with your interest in your capacity.

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Okay.

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We flip it around.

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Yeah.

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We don't think about, I

want to make $11 products.

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What should I make?

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No, instead it's I want to make

this for the people to get this.

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Now let's create it.

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What should it be priced?

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What should it be called?

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What container should it be in?

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Okay.

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In my course, audience to client.

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I walk you through all of this beautifully

and I will link to that in the show notes.

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because it is available on demand.

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In it, I show you how to apply the

framework for creating freebies,

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but the guiding questions and

the framework itself is actually

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for any offer at any price point.

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So I'm going to talk about

a couple of those right now.

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Cause the guiding principle to start with

is understanding whether you are helping

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different people through the same stage.

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Or the same person through all the stages

they go through during a single process.

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Okay, sit with that difference for a bit.

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Because this decision is key to creating

what your people need from you now.

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And when you couple that with what you

have the capacity and the excitement

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to create no amount of trendy ideas

off the interwebs will distract you.

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Rather you'll be able to celebrate

others' abilities to experiment.

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And you're like, oh, well, that's

so cool that they're trying $27

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product or that they've decided

to do a whole bundle of workshops.

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I'm going to stay over here where

I'm doing what I'm excited about

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and I'm going to keep going.

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Because as we know, consistency is

the real key to business success.

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And having something you

love and are excited about.

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That's that big win that's

that momentum builder.

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That's giving you the opportunity to

get massive amounts of testimonials

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and showcasing all of those results

and all those wonderful things.

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Right.

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Versus jumping from trend

to trend, to trend to trend.

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Okay.

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So, what do you currently have for sale?

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And what products could be added that will

bring value and results to your people.

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Then on the money side, let's talk about

sale and pricing options available to you.

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Pricing inflation and personal

situations will always vary, but

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ground in what you know about you.

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And your people to make decisions.

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There's nothing wrong with flash sales or

creating light versions of your packages,

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as long as they're still a result to

point to that people actually want.

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Yeah.

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And there's nothing wrong with

trying something new as long as

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you do it from the right place

and not out of a fear response.

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Think of pricing and sales

mechanisms and categories.

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Okay.

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A price has set market.

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Value.

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And an introductory pricing.

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You have a set price for your offer?

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This is the advertised price based on the

built in value of what you were selling

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and often changes over time, then settles.

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Meaning, it stays that way

for a long period of time.

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This is when you create something new.

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So you sell it at an introductory

low price to get people in, to

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prove the concept, to refine it,

gained feedback testimonials.

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Then raise the price

and repeat that process.

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Until it.

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Gets to it's a settled price point.

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Where the value built in based on

the results people are actually

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getting matches its market value.

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Yeah.

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At that point, the price

typically doesn't increase again.

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Unless the value built into the offer.

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Increases as well.

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Right.

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So unless you're adding more to it,

unless you are updating the material,

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unless you're changing, what's in it.

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Then typically you don't actually

change the price once it hits that,

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that sweet spot, that match to match.

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Okay.

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Whereas the other category that's

sales mechanisms, that's your flash

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sales, your bundles, your bonuses,

your giveaways, all of those kinds of

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temporary ways to entice urgency and

give people a reason to jump in now.

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They create excitement.

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They build momentum and

noise around an offer.

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They show off the amazing results

past clients have gotten and gives

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people a great opportunity to join.

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And I include bonuses in this

list because you don't have

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to decrease what someone pays.

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To entice them to buy now.

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Right.

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Let's go back to that chicken example.

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And thinking about the packets of

meat at a store, have you seen those

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wrapped fresh cuts that say extra 20%?

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It's the same price as a regular pack.

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Well, which one do you choose when

you're looking for a value by.

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The one where you get more for the same

cost that you would already budgeted for.

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As opposed to just the one

where you get what you were

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expecting, but it costs less.

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Yeah.

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And think about which

one seems more exciting.

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And also think about

at which time does one.

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Mechanism matter more than the other.

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Right, because there's some times

when you wish that you could get in

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on that 20% extra, but you have to

go for the cheaper option regardless.

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And this is why we look at all

of these separately and we plan

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out these opportunities and we

list them out in our business.

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And we think about

where are our people at?

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Where are we at in our business?

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And where does that match

with what we've got going on?

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Because it's important

to keep these ideas.

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Of our set price.

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Versus our sales mechanisms separate

because when we worry about revenue

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being low and we think about the ways

to get people, to buy, reducing our

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prices, often that initial idea, right.

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It's kind of that, that panic button.

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But we have to think.

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Are you looking to mess

with your set price?

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Or are you actually thinking

of a temporary change in

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price to mess with urgency?

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It's also important to make this

list of the right options for your

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audience and your business when you're

outside the emotion of the situation.

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So you can call on that

list when you're having.

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All of the feels.

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Now, if you're already in all

of those feels, I don't want

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you to delay making the list.

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Right.

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But I will caution you to take extra

care and to review that list and give

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it some space and time to breathe before

deciding what to act on right now.

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Okay.

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So that, that third mechanism that

we have, well, that's keeping the

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people that are already with you.

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Right.

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So how are you wowing and celebrating

the people who work with you now?

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Are you offering them loyalty offers

like alumni rates or private sales.

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Invite only offers or

continuation bonuses.

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This can be for clients, students,

people on your email list.

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There's lots of exclusive groups you can

give special attention to and special

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access to that will create loyalty.

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And get them excited to

join your next thing.

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Map out what you are doing

and where there are some gaps.

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Look at what people are taking you up

on and what they're not bothering with.

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What they do and don't know about.

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Where there's opportunity to

give more and to ask them.

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If there are some things

that people aren't grabbing.

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Ask, what would =you

actually be interested in?

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Do a survey, get some feedback, find out

their level of awareness and interest.

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List out all the places people

can find out about these perks.

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And how often you're

actually sharing them.

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Not just in recordings or at the

bottom of an email or as a note in

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a lesson at the end of a module.

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But in all of those places,

And telling people that they

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are in all of those places.

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Okay.

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Is it using diversity in your offers?

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And the right pricing structure with

sales mechanisms and wowing, the

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people who already work with you.

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are key pieces to keeping your

offer stack, ready to respond

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to changing buyer behavior.

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And if you're wanting support, figuring

all this out, like naming the details

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and how to share them, understanding

pricing, and seeing where you already

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are, wowing people and where you

can, wow them more jump into boost,

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the value of your offer in a day.

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Boost is one of a kind program that

gives you a left-brained loving

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workflow and structure to see

the ins and outs of your offer.

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As it is now.

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Plus what it can be.

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And how to get it where you want it.

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Then it kicks off your creative

right brain and get you writing

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out the best sales messagings.

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So you know exactly how to talk about

this offer to your dream clients.

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So they're excited and asking to join you.

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You get instant access to the

full program and you can use this

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process over and over again on

any offer you want to supercharge.

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It is worked for hundreds

and it can work for you too.

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The link will be in the show notes, but

it's also Tracie patterson.com/boost.

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Offer value.

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You've got this, I believe in you.

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And I'm also here for you.

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Until the next episode be

well and have some fun.