Let’s dive into our second edition of my special Sales Booster Series. My intention this month is to share sales boosting strategies to take your sales through the room in 2017. Last week, we dove into a few strategic ways to use a Fast Action Bonus.
If you missed it, you can read it here.
This week, I want to share how to use scholarships to…
- Build buzz around your launch without feeling like Sally McSalesy.
- Curate dynamic, customer-generated content for your marketing (yes, customer generated!)
- Give back to your community.
- And, increase your revenue.
But first, let me tell you my favorite scholarship story of 2016.
Last fall, I gave away several scholarships in my Thriving Artist Circle community for my 42-Day Book a Job Challenge. One of the winners was a woman named Janelle.
When I called her to let her know she had won my scholarship, she was so excited even though admittedly, she wasn’t totally sure what she’d even won.
42 days later, after Janelle finished implementing the 42 Day Book A Job Challenge, she emailed me with one of the best success stories I had ever heard. And now, I’m meeting with her soon to record and interview her speaking about her amazing story.
My plan is to use this inspiring tale in my marketing when I launch the program next year.
Offering scholarships is a win-win for everyone involved. Scholarship winners benefit with free access to your incredible programs and you benefit by giving back to your community AND gathering success stories to repurpose in your marketing down the road.
Now, before you dive into your own scholarship program, there are three ground rules any buzz building, income-generating scholarship should follow:
Rule #1: Consider Your Audience
In my first business, I am a marketing and mindset coach for actors. I’m pretty sure it won’t surprise you to know that actors just love to be on camera. That’s why my scholarships typically require a video application. I ask applicants to answer three easy questions in video format.
Personally speaking, I’ve always had a lot of luck with videos. They’re dynamic, easy to share, and I can really get a sense of who my applicants are.
But just because video is right for my crowd, doesn’t mean it’s right for yours…
One of my clients, who I’ll call Joanna, is a health coach. Her target audience consists of stay-at-home moms who want to lose weight. And when Joanna decided to run a video scholarship contents, she received zero submissions.
When we explored why her scholarship program was a bust, we realized the obvious: Stay-at-home moms who want to lose weight don’t want to be on camera!
So, we revamped things.
We invited people to write, in 100 words or less, why they deserve the scholarship. Then, because the bulk of her audience is on Pinterest, we decided it would be best for them to post their answer to her with an image that they could share online.
And just like that, her scholarship (and launch!) was a great success.
That brings me to my next rule…
Rule #2: Make it easy
Whatever application process you choose, make sure not to overcomplicate.
Give applicants simple steps to follow and make sure the question or questions you ask is dynamic, clear, and easy to answer.
Rule #3: Take things viral
One benefit of scholarships is that applications give you content to share that promotes your program. Scholarships build buzz. So, I suggest that you make it mandatory for your audience to share their submission online.
Here’s why:
1) One of the winners will automatically be he/she with the most “likes.” That way, they promote their scholarship video and therefore promote my program.
2) When they share their scholarship videos online, I can also promote them on MY page. So, in other words, the applicants generate my content for the duration of my launch. #WooHoo!
“Geez, Dallas. This sounds like a lot of work. Is it really worth the time?”
Yes. A few years ago, I launched a program with a tuition of $1200. And I hosted a scholarship program to build buzz and give back.
I ended up awarding seven full scholarships, 30 half-price scholarships, and 50 scholarships at 30% off.
At the end of the program, I surveyed all of the scholarship winners. 73 out of 80 partial scholarship winners reported that, had they not been given a partial scholarship, they would not have invested in the course.
So, though I gave away more than $45,000 in scholarships, I probably generated an extra $50,000 in sales that would not have been possible without the scholarship program.
I see this over and over again. Scholarships boost sales. Particularly when that scholarship is earned and customers are invested. Plus, it feels so GOOD to award scholarships to people who deserve them and feel strapped for cash.
Have you run a scholarship before? How’d you do it? Would love to know below.
