Want to know what keeps a lot of coaches and service providers from charging what they’re really worth?
It’s that all-too-common belief that “I am not a salesperson.” Combine that with a healthy dose of “It’s rude to discuss money,” and you can see why it’s just easier to keep your rates low.
It’s time to think of your services, whether that be coaching, courses or community, from a different angle. Not only will you see things in a clearer light, but selling suddenly won’t feel so…salesy.
Here’s how traditional pricing discussions go:
You talk to a potential client, and you explain what you can offer, how your coaching or service works, what he or she can expect (how many calls/emails, phases of work, length of contract), etc. And then you say, “My rate is £XXX.00.”
Your client either says yes, no or (the kiss of death) maybe.
Let’s turn that around, and rather than focus on what he or she will get from YOU, take a look at what she will achieve when she hires you.
For a business coach, this is easy. Talk money. How much more profit will your client make when she hires you? If your coaching fee is £1,000 per month, but you can show her how to increase her sales by £3,000 per month, then your price is inconsequential. She’ll earn it back three times over, not only while you’re actively coaching her, but for the rest of her business life.
Who wouldn’t jump in that with both feet?
What you’re doing here is not talking about the cost of your coaching, but rather the cost of not hiring you. Because if she doesn’t work with you, she’s losing £3,000 per month.
What about other kinds of coaches though? The same applies, you just have to find a way to show your clients the cost of their inaction.
If you’re a life coach, inaction (to your potential client) might mean years of feeling unhappy and unfulfilled. Imagine what it might be worth to your client to lift that depressing burden forever?
The same goes for health and wellness coaches. Can you add 10 years to the life of an unhealthy, overweight man? Or introduce small, achievable changes to your daily routine which reduces your stress! That’s priceless, and something Ugenie community leader Tayyaba Jordan does incredible well at Wellness with Me.
What about dating coaches? For someone who’s been unlucky in love, in and out of one bad relationship after another, the promise of a man (or woman) who will love and cherish them is worth nearly any price.
You just have to paint the picture.
What will life/business/love look like without your coaching services, and what can it look like with you? Once they see the difference, pricing becomes nearly irrelevant.
These same principles apply when you are using a platform like Ugenie to deliver a digital coaching program or online courses. A lot of our clients think that because they can automate some of their value through a digital platform, that they need to lower their price.
But we have seen that just because something is a low-price point does not mean that people will flock to it. They will still look to see whether the service you are offering is right for them and delivers value.
One of our recent launches was with the team at Extraordinary PM who offers professionals a community and a series of courses designed to help people become extraordinary when working on projects. One of those courses, their Mastery Programme is delivered over five months, enabling participants to experiment with the tools and techniques discussed, and to share and learn from each other’s experience along the way. This successful programme has been priced at £2,400 incl. VAT for the full interactive course and mentoring experience!
Check out this short video on how they are using Ugenie for their programme.
If you struggle to have sales conversations that lead to a yes, then you might consider looking at your overall digital strategy which is something we are happy to help with! Click here to book a call with one of our team members about how we can help you digital transformation or pricing strategy.