No More ROI: The Real Way to Sell High-Priced Packages and Services
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 sales person.” 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 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 on 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? That’s priceless.
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 services, and what can it look like with you?
Once they see the difference, pricing becomes nearly irrelevant.
Tune in next Tuesday for more tips on building your successful business.
“Cherish your solitude. Take trains by yourself to places you have never been. Sleep out alone under the stars. Learn how to drive a stick shift. Go so far away that you stop being afraid of not coming back. Say no when you don’t want to do something. Say yes if your instincts are strong, even if everyone around you disagrees. Decide whether you want to be liked or admired. Decide if fitting in is more important than finding out what you’re doing here. Believe in kissing.”
― Eve Ensler
Easy Pricing Strategies to Determine Your Rates
It might just be the most stressful decision you ever have to make: “What to charge?”
You’ve got the competition to consider, your own skill set, what you perceive to be your skills (yes, this is different from the former for most of us), what your market will pay, your location, and a host of other variables. Working it out can feel like a hurdle you can’t quite get past. Not to mention any personal hurdles you are harboring about money, in general.
So where do you begin? Creating a solid pricing structure requires you to do a little digging. Look at your goals, your personal situation and start with a number you can live with. Then with your starting number in line, take a look at:
Your Competition. This might take a little detective work, since a lot of coaches and service providers don’t publish rates. But if you pay attention to their websites and social media, ask a few discreet questions, and get on their mailing list, you can figure it out.
Be realistic about who, exactly, your competition is, though. Don’t undervalue or over-sell yourself. In other words, make sure you’re comparing yourself to another provider who shares the same skills, market, and track record, rather than simply looking at who you strive to become.
Your Skills. In some fields, this is easy. There are certifications and educational programs that allow you—by virtue of having achieved them—to charge a certain rate. If you’ve followed this path, then pricing will be easy for you. If not, take a solid look at what you can legitimately claim as a skill.
Look, too, at your track record. Have you proven yourself by helping former clients (and do you have the testimonials and case studies to show for it)? Have your former clients moved on to bigger and better after working with you? (That’s a good thing!) These are all reasons to maybe consider a higher price range than you might have first thought.
Your Market. In the game of setting rates, it’s your market that has the final say. As any first year economy student can tell you, the price of anything lies where what the buyer is willing to pay meets what the seller is willing to accept.
If your goal is to give newbies a helping hand and lead them down the path to success, that unfortunately means you can look forward to low paying gigs. That’s not a bad thing—everyone has to begin somewhere—but it does need to be acknowledged. If, on the other hand, you’re target market is more established and economically stable, then a higher fee isn’t just warranted—it’s a must. They will expect a higher price, and will not find value in the lowest-cost provider of anything, whether it’s coffee beans or business coaching.
Finally, don’t forget that pricing is never set in stone. It’s flexible. If you find you’re attracting the wrong market (or no market at all) you can always change your rates. Working too hard for not enough return? Raise your rates.
It’s your business. You get to call the shots.
If you found this post helpful be sure to check back next Tuesday for more business advice as we tackle some common obstacles and set the ground work for success.
Hello and happy spring!
I hope you are finding time to enjoy this lovely spring season. I have been so busy with clients, projects and planning the next Wellness Retreat I haven't written in a while and I do apologize.
Bliss is currently full and I am not taking any new coaching clients at this time. I am also not booking any free half hour introductory sessions.
If you think you would like to work with or know more about the Bliss Coaching approach, please email, join the mailing list or leave a comment on this post. Once added to the mailing list, we will contact you as openings become available. Also please note in all fairness we will start at the top of the list, so please submit your name quickly.
Joining the mailing list is also a great way to stay in the loop for upcoming events and workshops. Also free mini classes and live webinar trainings are offered to newsletter subscribers first. So don't miss out!
I appreciate your patience with this matter and as soon as positions become free we will begin taking new clients again.
"My zone of genius is around mentoring, guiding and coaching inspired, creative, conscious and spiritual entrepreneurs and individuals to connect with their deepest desires and values so they can rise with grace. I believe in treating the "whole person" and with simple energetic shifts they can reach their highest potential and serve from a place of inner peace and fulfillment."
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“If I am not good to myself, how can I expect anyone else to be good to me?”
― Maya Angelou
"Every day is a new beginning, choose wisely."
-Sarah Parker Thomas
“We are all a work in progress.
And the possibilities are endless.”
Sarah Parker Thomas