In my experience working with coaches of all types, one issue seems to come up again and again: They aren’t confident in their pricing and as a result, they underprice themselves. This chronic underpricing leads to a less-than successful business, partly because the coach is not bringing in enough income to justify the work and time involved, but also because the underlying lack of confidence makes selling programs difficult if not impossible.
More often than not, when coaches are setting up their pricing, they pull numbers out of the air, numbers that “feel right,” but in reality, are often far too low.
I’d like to share with you 3 keys for setting your prices with confidence, and for profit. There’s no hand-waving or “pricing-by-feel.” This is a very simple but powerful method for determining the best pricing for your programs.
1. What’s the cost to your ideal client of not working with you?
The prospective client has come to you with some issue – an issue that your program can help them solve. What’s the cost of them NOT fixing that issue? What will it mean for them physically, emotionally even financially? How will it affect their relationships?
2. What’s the client’s return on their investment?
When the client reaches the end of their time working with you, what will they walk away with? What will they be able to do/feel/see/etc. that they couldn’t before? If a client spends $3,000 to work with you, what will that $3,000 get them? Getting clear on this is essential for selling your program in the first place, as well as for working out pricing.
3. What are your perspective client’s “hot buttons?”
Hot buttons are issues that resonate with your prospective clients. These represent where they are and where they want to be. There are 4 main types:
- Fears – What fears are keeping your clients stuck? (Fear of sales, fear of failure, fear of success, etc.)
- Frustrations – What frustrations do your clients have that prevents them from moving forward? (Technology, no support, etc.)
- True wants – What do your clients really want right now? Not in the future, at this moment. (A clear path forward, sufficient monthly sales to survive, etc.)
- Aspirations – What are your client’s long term aspirations? (A six-figure business, specific long-term health goals, etc.)
As you try to answer these questions, think of them relative to your particular niche and how your work can address them. If you’ve been pulling random numbers out of the air for your pricing, it’s time to stop and take a more methodical approach. The questions I’ve provided here will give you a framework within which to price yourself with confidence.
If you’d like to learn more about pricing, please reach out. Here are 4 different ways I can help you grow your coaching business:
1. Grab a free copy of my ebook, “Set Your Sales on Fire: Seven Steps to Yes!” Discover the roadmap that’s generated millions in sales over the last seven years, used by both myself and my clients to create powerful, highly converting sales calls!
2. Join the Sales On Fire Community and connect with coaches who are scaling too. Be a part of my Facebook community, where smart coaches learn to attract more clients and increase their impact and profits!
3. Apply for a free 30 minute “Clients and Cash Strategy Session.” Join me as we map out a quick three-step action plan to get your business moving in the right direction. You’ll leave the call with clarity, confidence and the tools you need to take your business to the next level. Reach out to me here email@example.com with “Strategy” in the subject line and I’ll send you details.
4. Work with me directly. If you’d like to work with me to help you get from “Where is my next client coming from?” to predictable high paying clients, simply reach out firstname.lastname@example.org with “Private” in the subject line. Tell me a little about your business and what you’d like to work on together, and I’ll get you all the details!