Is your coaching offer too cheap?

Hello friends!

We hope you’re enjoying your June so far!

We've been on vacation the last 2 weeks and it has been epic! We celebrated Omar's 35th Birthday and took some nice rest and relaxation.

This week we'd like you to evaluate if you're giving away your coaching too cheap. Many coaches are losing hundreds of thousands of dollars each year by not including the value of the transformation they facilitate in their pricing.

When we talk about pricing, it surprises many coaches because they’re not doing their work primarily for money. They’re doing it because they really want to activate their purpose in the world and give of their gifts. At the same time, if their work is not priced properly and we multiply this issue across years or even decades, it adds up to millions of dollars in lost potential profit and a significant weakening of their positioning in the online market, really damaging the brand’s long-term success.

WHAT DRIVES HIGH-TICKET VALUE?

How do you price a transformational program? Let’s say you evaluate the amount of time you spend developing it, delivering it, as well as add any other overhead costs. Would you price the program at US $500, US $1,000 or even US $10,000?

Many coaches underestimate their pricing potential. The more rare, differentiated and unique a program is, the trickier the pricing. Although it’s impossible to estimate how many coaches are pricing their programs too low, our research suggests that the majority make significant pricing mistakes.

This has huge consequences, because the price carries a value signal, and potential clients may be confused if they think of a coach’s pricing as not matching the perceived value. This leads to a decrease in a potential client’s preference for working with a particular coach. And even if there are clients that are buying at these lower prices, many coaches could create dramatically more impact and profit with the right pricing.

In a recent conversation with one of our clients, she shared her biggest regret, "We set the initial launch price way too low. We wanted to have more people buy the program, so we wanted to keep it at a reasonable price. We didn’t want it to be too expensive. It seems as though our clients felt a bit differently. The launch went great but we realized our pricing didn’t match the transformation that we delivered, and our clients let us know this. When I do my next launch, I’m going to double the price, at least."

Her words don’t come out of greed, as she is very much a heart-centered coach. The low pricing hampers the success of a brand because it simply doesn’t cover the cost of being a full time coach. Many times when pricing is low, it doesn't allow a coach to replace a 9-5 salary. It doesn’t allow a coach to create the life they desire, like retiring a spouse, financially taking care of parents and or living more of a freedom-based lifestyle, with more vacations and free time.

So when a coach tells us that she would double the price after everything she knows now, it might be beneficial for other coaches to re-evaluate their pricing as well. Not from a place of greed, but to ensure that they are pricing themselves appropriately for the transformation they facilitate to create the most impact.

When new clients come to me and ask me to audit their pricing, I often find that it’s based off of the level of their self-esteem. What many coaches neglect to factor in is the value created through their transformational story. The transformational story and exceptional experience is what drives the High Ticket Value, which leads to an extreme value perception for a coach.

Pricing mistakes along with a weak brand positioning and deficit in creating an exceptional experience are among the top reasons why most coaches are not able to thrive.

WOULD YOU LIKE A FREE BLUEPRINT?

Ask yourself, are your coaching programs priced appropriately for the transformational value you deliver?

Talk to potential clients and take a look at their Present State.  What are the challenges that they’re currently dealing with and what are they wanting to invest to solve them? Ask them about their Desired State. What do they want their future to look like? Are they interested in getting support to accelerate growth? What are they wanting to invest to get there faster?

We're here to support you along the way in getting clarity in these areas. If you’d like, let’s hop on a quick phone call together and create a Custom Blueprint for you.

Just book a time to chat that works for you: bit.ly/Schedule-FREE-Blueprint

During that call, we’ll look at how your coaching business could create more impact and more revenue, all with less effort, and what your best next steps would be if you decide to scale up.

Spots are limited, and there’s zero obligation to work with us, but if we do end up being a fit, we’ll invite you to become a private client of ours, so that you can start to sign high-ticket clients consistently and scale to $50k+/Month.

Look forward to speaking with you! ?