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Practical Points in Pricing
In this episode, I discuss how to set good pricing for your clients.
By listening to this episode you will learn an effective model to price your products and services.
Today we’re talking about how to select your pricing for your coaching packages or programs or courses. And if you’re a coach here watching and you’re just not sure, if your pricing is too high, too low, put a one below. Keep in mind that in the Zero to Hero Coach Program, we go through how to set up your killer offer. How to market it, how to get leads, things like that. And I also have a company where we can do that stuff for you. As far as getting new leads, and supporting you with growing your sales conversions through more discovery calls and things like that. But anyways, here’s a couple things to keep in mind when it comes to your pricing.
Considering Your Results and Goals
The first thing you have to ask yourself is, if I was only going to get paid for providing a particular result or end goal, what is that end goal? And what is that worth? To my ideal clients? So for those of you who are confused about hey, I, you know, my program helps with overall health and wellness, and it’s customized to each person that’s great if your health coach, for example. But you have to keep in mind that you want to get specific on what are the end goals or benefits of your program that, you know, you could provide if somebody wanted that. And obviously, you’ll tweak it based on their needs and goals. But and what does that truly worth to them?
And if you are not sure, there’s a couple things you can think about, number one, what is it worth to have lifetime habits that are and I’m going to use the health coach example, life long, healthy habits that maybe add years to their life, that maybe prevent them from having to pay a lot of medical bills that maybe save them from having to buy expensive fad diets and supplements, etc.
Market Demand Details
So those are the things to consider. So that’s step one. Step two is what is the market demand for this? How urgent and important is your program regarding the problems you solve in it, and that also can drive up the price or investment. The other thing to think about is what is the ROI, like we talked about earlier, what’s the end goal or benefit. And I know none, I know not everybody sells b2b services, business, a business, but you still have an ROI from your program, even if it’s in a different form of currency, like with your health, or with your habits or with your mind, your thoughts, your daily thoughts, not wearing you out anymore, things like that Not having anxiety, etc.
Your Program Fit
And that stuff is valuable. So you need to own that, and realize that and price accordingly. So that’s part one. What’s it really worth Part two is who is an ideal fit for this program, and making sure that they are people who either would be able to invest in their in their wellness or your package. And or they see it as valuable enough that they would want to find the resources to do your package.
So for example, rather than I’ll give you an example of a really bad business model that I had, back in the day, I was going to do this workshop for teenagers going into college, about setting healthy habits. And I realized that they were not motivated. And they didn’t have an urgent pain point at that time of their life. They were still young and enjoying, you know, no, no consequences to their health choices, right.
And so their parents would be the people who I had to market to, but we couldn’t get in front of the parents because we were only able to speak to school, and it just turned in this whole thing and they weren’t able to pay for it, obviously because they didn’t have jobs and they were young for the most part. So that’s an example of Ooh, that’s not the ideal. Is that really the audience? I want to be going for? Who do I want to be serving with this? And can they would they want my my services and be able to pay for it.
The other thing to keep in mind is making sure that your Bigger, Longer packages are a better deal than your alcar or smaller packages, because you want to position your bigger offer and comprehensive solution as the best option for people because to be honest, it really is. And also you want to honor people who commit to a bigger program or or offer and the other thing you have to think about is what’s the demand. So we’ve talked about how urgent is a struggle.
So demand, what’s the end result? What are other things people in your industry pricing now here’s the part where that to me is lower priority on the pricing list because coaching is you can have somebody with like Tony Robbins who charges $250,000 for an hour coaching session, and you can have a new coach who’s charging $50 for a one single coaching session. So it’s so hard to just base your prices on Other people. And I recommend, yes, not being delirious like, aloof to what the industry standards are and what most programs are charging and cost. But I wouldn’t let that be the key driver of how you select your price. And the other thing to think about is how are you going to address pricing objections, because to be honest with you, first of all, coaching is an innocent investment.
But second of all, no matter what, if you don’t position, your value, the benefits of what you offer, etc, properly, you’re going to probably get price objections. So. Part one is you need to look at the before your marketing. How you’re positioning the value, making sure you’re speaking to your ideal clients pain points and struggles to make your sales easier. But part two. When you do get investment objections, because they either don’t know everything yet they don’t know everything about your package, or they aren’t, you know, they they’re not seeing the consequences, or the cost of not getting support with a thing that they think they might need support with in the future, then it’s going to be harder to close the sale, and you have to make sure you’re prepared.
Considering Your Value
And you can ask questions and learn really why they don’t see the value, and either address that or realize it’s not a fit. Not a fit for your program. So the thing I want to tell you just off the bat is I have clients who charge for their three month programs, and usually their health coaches or life coaches, I have clients who charge anywhere from $900 for three months to $3,000 for three months. And sometimes beyond that, if they’re more in the life coaching space. Or, for example, I have a client who charges $5,000 a day for his business, executive consulting. So it really, really varies. And you have to go with what you feel comfortable with where your experiences at.
And also, you know, the other things that I mentioned before in this video. So my suggestions would be number one, make sure you have two packages. A big comprehensive one that solves is like your main core offering that’s more expensive. And then maybe a down sell that is maybe shorter term and lower cost. But still, the higher end program bigger program should look more attractive. Because ideally, you want to reward people who commit and make the full commitment. So I hope that helps. I’m not going to give you an exact answer and say you have to charge you know, $500 a month or 10, 15 hundred a month, whatever. But these are some things to factor in when selecting your pricing. Hope that helps. If you have more questions, let me know and have a good day.
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