4 REASONS WHY RAISING YOUR COACHING PRICES BENEFITS YOUR CLIENTS (that have nothing to do with money.)
I was inspired by a conversation with a client yesterday who was struggling with how to price his services. He was ALSO committing the mortal sin of the friends and family discount (kidding.. but not really) .. and needed some serious truth slapped into him + a kick in the butt to raise his prices (which he did, from $1500 to $5000 for his three month program tehehe). So anyway, here’s what I told him.
➊ 𝗪𝗵𝗲𝗻 𝗮 𝗰𝗹𝗶𝗲𝗻𝘁 𝗶𝘀 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝗹𝘆 𝗶𝗻𝘃𝗲𝘀𝘁𝗲𝗱, 𝘁𝗵𝗲𝘆 𝗮𝗿𝗲 𝗺𝗼𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗱𝗼 𝘁𝗵𝗲 𝘄𝗼𝗿𝗸 𝗮𝗻𝗱 𝘁𝗵𝗲𝗿𝗲𝗳𝗼𝗿𝗲 𝗺𝗼𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗴𝗲𝘁 𝗿𝗲𝘀𝘂𝗹𝘁𝘀. Think about the last $10 how to ebook you bought. Did you finish it? …. didn’t think so.
➋ 𝙔𝙤𝙪 𝙨𝙝𝙤𝙬 𝙪𝙥 𝙢𝙤𝙧𝙚 𝙞𝙣𝙫𝙚𝙨𝙩𝙚𝙙 + 𝙚𝙭𝙘𝙞𝙩𝙚𝙙 𝙖𝙨 𝙩𝙝𝙚 𝙘𝙤𝙖𝙘𝙝, 𝙬𝙝𝙞𝙘𝙝 𝙢𝙖𝙠𝙚𝙨 𝙞𝙩 𝙢𝙤𝙧𝙚 𝙡𝙞𝙠𝙚𝙡𝙮 𝙩𝙝𝙖𝙩 𝙩𝙝𝙚 𝙘𝙡𝙞𝙚𝙣𝙩 𝙬𝙞𝙡𝙡 𝙜𝙚𝙩 𝙧𝙚𝙨𝙪𝙡𝙩𝙨. Think about the last time you charged way less than you know you should have, for the time you’ve promised that client. And you’re slightly resentful at the fact that you are putting so much time in, for so little compensation. It taints the energy of the coaching container, and doesn’t do you or the client any good.
Not to mention how annoyed you are when you give that friends n’ fam discount and then the ‘friend’ barely does any work. Amirite?
Clients can sense how much YOU value your time, and they will treat your time the same way you treat it.
➌ 𝙔𝙤𝙪 𝙖𝙧𝙚 𝙖𝙗𝙡𝙚 𝙩𝙤 𝙥𝙪𝙩 𝙖𝙡𝙡 𝙮𝙤𝙪𝙧 𝙚𝙣𝙚𝙧𝙜𝙮 + 𝙖𝙩𝙩𝙚𝙣𝙩𝙞𝙤𝙣 𝙞𝙣𝙩𝙤 𝙛𝙚𝙬𝙚𝙧 𝙘𝙡𝙞𝙚𝙣𝙩𝙨, 𝙬𝙝𝙞𝙘𝙝 𝙜𝙚𝙩𝙨 𝙩𝙝𝙚𝙢 𝙗𝙚𝙩𝙩𝙚𝙧 𝙧𝙚𝙨𝙪𝙡𝙩𝙨. Think about how frazzled and exhausted you are - if you are taking on tons of low paying clients who don’t appreciate you or show up, and on top of that you aren’t getting paid. It waters down the quality of your coaching, and your energy.
➍ 𝙃𝙞𝙜𝙝𝙚𝙧 𝙥𝙧𝙞𝙘𝙚𝙨 𝙨𝙩𝙖𝙩𝙚𝙙 𝙘𝙤𝙣𝙛𝙞𝙙𝙚𝙣𝙩𝙡𝙮, 𝙖𝙧𝙚 𝙨𝙪𝙥𝙚𝙧 𝙖𝙩𝙩𝙧𝙖𝙘𝙩𝙞𝙫𝙚 𝙩𝙤 𝙖𝙣 𝙞𝙙𝙚𝙖𝙡 𝙝𝙞𝙜𝙝 𝙩𝙞𝙘𝙠𝙚𝙩 𝙘𝙡𝙞𝙚𝙣𝙩. 𝙀𝙭𝙘𝙚𝙨𝙨𝙞𝙫𝙚 𝙙𝙞𝙨𝙘𝙤𝙪𝙣𝙩𝙞𝙣𝙜, 𝙞𝙨 𝙖 𝙧𝙚𝙥𝙚𝙡𝙡𝙚𝙣𝙩.
High end clients who understand the value of an investment (aka the ones who will pay you in full and be excited to do so) are NOT turned on by discounts. In fact, if a high end client sees someone heavily discounting their services in order to get someone in the door - it’s a warning signal - and the thought that goes through their mind? …. “I wonder what’s wrong with this person, that they have to discount their services.”
Discounting too much also attracts price-shopper clients. Yanno, those clients who will haggle the shit out of you and argue over a $100 difference. AKA, the people who are in fear and who don’t see the larger picture or value of your services. Clients who don’t see your greater value, are not clients that get epic results. Period.
𝗔𝗻𝗱 𝘆𝗲𝘀... 𝗲𝘅𝘁𝗿𝗮 𝗺𝗼𝗻𝗲𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗯𝗮𝗻𝗸 𝗶𝘀 𝗮𝗹𝘀𝗼 𝗮 𝗴𝗿𝗲𝗮𝘁 𝗯𝗼𝗻𝘂𝘀 𝗼𝗳 𝗿𝗮𝗶𝘀𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗽𝗿𝗶𝗰𝗲𝘀. ;) 𝗕𝘂𝘁 𝗶𝗻 𝘁𝗵𝗲 𝗲𝗻𝗱, 𝘁𝗵𝗶𝘀 𝗶𝘀 𝗮𝗯𝗼𝘂𝘁 𝗽𝗿𝗼𝘃𝗶𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝘂𝗹𝘁𝗶𝗺𝗮𝘁𝗲 𝗲𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 𝗮𝗻𝗱 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗽𝗲𝗼𝗽𝗹𝗲 𝘄𝗲 𝘀𝗲𝗿𝘃𝗲. 𝗥𝗲𝗺𝗲𝗺𝗯𝗲𝗿 𝘁𝗵𝗮𝘁 𝗻𝗲𝘅𝘁 𝘁𝗶𝗺𝗲 𝘆𝗼𝘂'𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 𝘁𝗼 𝗾𝘂𝗼𝘁𝗲 𝘆𝗼𝘂𝗿 '𝘀𝗮𝗳𝗲' 𝗽𝗿𝗶𝗰𝗲.
Ultimately, if you want to make a living off of your coaching, a GREAT living - one in which you experience immense financial abundance, you are going to NEED to raise your prices.
And here’s the kicker - it won’t ever feel comfortable, raising your price. Doubt and fear will come up, the thought, “who would pay this?” will pop into your head… AND? those feelings are not a reason not to do it.
You can’t depend on your feelings to make a living and run a business.
At some point, you just gotta do the damn thing and raise this prices.