S8 E48 Break free of the clock.

In an earlier episode I mentioned Michael Port’s book “Book Yourself Solid”. Let me share with you the changing ways Mr. Port was able to capitalize on his book’s success. After publishing his book in 2006 Mr. Port suddenly had a massive new audience. He now had the scale needed to build a group coaching program.

He started with teleseminars, most internet connections at the time were not fast enough to support video conferences. The cost for a three-month program was $1,200 and demand was strong.

Then he tried a yearlong mentoring program for $8,000 per person which entitled his clients to several training calls per month and three, three-day retreats per year. His initial program had 40 participants. Even when he increased his price to $12,000 demand remained strong attracting between 150 and 250 clients each year. But his participants found travel to the retreats pricey, and Michael Port found executing large live events, costly and stressful.

Like all good entrepreneurs he took the time to re-evaluate his program, even though it was delivering an excellent income. He completely changed his business model. He eliminated the three live events and reduced the cost from $1,000 per month to $89 per month. For their money clients got access to 9 training calls per month, one conducted by Michael himself the rest by trained associates. The revised program brings in less income than the early more comprehensive program but requiring much less of Mr. Ports time and with significantly less stress. And maybe in time the lower price point will attract enough sign ups to make up the difference.