Congratulations on creating an exceptional coaching program or your first coaching course! Now, the critical question arises: What should you charge?
Determining your coaching fees can be daunting. Charge too much, and you might scare clients away. Charge too little, and you undervalue your services and struggle to cover your expenses. So, how do you find that perfect balance?
Here’s an essential principle: People pay for perceived value.
Consider this: You can find a Life Coach who charges £50 for a basic session or one who charges £3,000 for a comprehensive three-month transformation program. Both have their markets. Similarly, you can buy a watch for £100 or opt for a £1,000 luxury model, and those luxury brands are thriving.
The lesson here is clear: People pay for perceived value.
Start by asking yourself: What value are you providing to your clients? What makes your service unique and essential to them? How can you assist them in achieving their dreams and desires?
When I started my coaching business years ago, I was just as confused about pricing as you might be now. I had to figure out how to price my services in a way that reflected their value, not just the hours I spent. Initially, I earned less than £2 an hour after accounting for all my hours. Now, 4.5 years later, I earn £582.50 an hour.
My first client paid £1,500 for a twelve-session package to help her advance in her career. I focused on women who wanted to create their own businesses to achieve time and financial freedom. Soon, I charged £2,500, then £5,500, and eventually £6,000 for a VIP package. As my demand grew, I limited my client intake to three times a year, charging £6,990 and requiring an application process.
Here’s how I determined my pricing strategy:
Identify Your Target Market: I helped new entrepreneurs who were balancing setting up a business while holding down a full-time job.
Understand the Value You Offer: Think about the impact of your coaching. For my clients, successfully launching a business while maintaining their primary income was invaluable.
Communicate Your Value Clearly: If you articulate your value effectively, clients will often be willing to pay more than you initially expect.
Every time I considered raising my prices, I asked myself if I was genuinely adding more value. I ensured that my programs delivered on their promises and that I was fully committed to my clients' success. This made me confident in my pricing because I knew the results I was delivering.
Now that you've set your pricing, the next step is attracting clients willing to invest in your services. This is where marketing comes into play.
Effective marketing doesn’t have to be daunting or require an expensive team. You need to avoid common mistakes and adopt strategies that work.
Five Common Marketing Mistakes Coaches Make
Not Defining a Target Audience: Trying to appeal to everyone will dilute your message. Identify and focus on your ideal clients.
Lack of Consistent Branding: Inconsistent branding confuses potential clients. Ensure your messaging, visuals, and tone are uniform across all platforms.
Ignoring Online Presence: Neglecting your website and social media can make you invisible. Regularly update your online profiles and engage with your audience.
Overlooking Client Testimonials: Potential clients trust peer reviews. Collect and showcase testimonials to build credibility.
Failing to Follow Up: Not following up with leads can lose potential clients. Develop a system to keep in touch with prospects.
Take a deep breath. You’ve got this! Now, let’s find those paying clients and help them see the incredible value you bring.
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