Offering payment plans to your clients is a smart way to make your premium packages more affordable. This is particularly true when your packages range from six to 12 months.
Length of Payment Plans.
The first thing to be aware of is to make sure your payment plans are not as long as the program. In other words, if you have a 12 month program, I encourage you to make the installments no more than eight to nine months.
The reason for this is there are a small number of people who will start to “flake out” after the eighth month and will decide not to continue paying. This will happen even if they got massive results. Some people just have one foot out the door and don’t stick to a commitment even if it’s been the best thing for their business.
This is the stuff nobody talks about, but all the top coaches who have been doing this for years talk about it. The solution is to have the payment plans end before the programs do. So for example, with a 12 month program, keep the payments to somewhere between six and nine months. And whatever you do, never allow the payment plans to extend beyond the length of the program.
Full Payment Discount.
It’s also wise to offer clients a full payment option with a significant discount. The discount acts as an incentive to pay in complete upfront, which makes this option very attractive. Clients who choose full payment are often more committed and ready to completely go for it.
In addition, payment plans with a paid in full choice eliminate the risk of those flaky situations. Plus, it makes bookkeeping much easier as well. And it’s worth offering a discount to get the total fee upfront. Cash in hand is king right?
Share Your Brownies With More People.
By offering payment plans with installments and a full pay option, you provide clients with two ways to make your programs more affordable. Either way, clients are choosing the option that helps them take advantage of your services and share your brownies.
Your Client Attraction Assignment.
Have you created your premium packages yet? Now is a good time to get started. You can serve more people and make access to you and your system much more affordable. The more people you coach or deliver your services to, the more you can increase your income with leverage, not harder work and longer hours.