The single hardest thing to advise anyone selling coaching to do is raise their prices.
No one wants to do it.
Everyone doubts themselves.
It’s super freaking intimidating.
When we suggested it to our client Sandy Linda, that’s exactly how she felt.
“I went from $2,500 to now $5,000. Can I just tell you how scary that was?” she said.
But guess what happened when she pitched her first prospect with that new 2x higher rate?
She closed them immediately.
If you want to increase your revenue but are hesitant to raise your prices, you need to watch my interview with her below.
We dig into the psychology of raising your coaching price and why it’s an option for more people than you probably think — including yourself most likely.
Check it out now + get the full breakdown below!
Learn more about Sandy’s business here.
How Sandy Linda Doubled Her Coaching Price to $5,000
First, let’s get a clear picture of what Sandy’s business looks like.
The Business: Sandy is a life and grief coach. She helps women move beyond loss and grief and develop a purposeful life.
Her Clients: Sandy’s ideal clients are mid-life women who have experienced heartbreaking loss — typically the death of a loved one or a divorce.
Her Product: Her primary product is a 1:1 coaching program:
The program runs for 3 months and consists of a weekly 1:1 call, plus on-demand email and Slack communication as needed.
The price?
$2,500.
Until we advised her to raise it, that is.
Listen — it’s not like $2,500 is cheap.
But there were allllllll kinds of signs that Sandy’s best fit clients would be willing to pay more.
Like the prospect who responded, “That’s it?” when Sandy revealed the price on a recent discovery call.
The truth is, most coaches and online course creators have no idea if they’re charging too little or not. But the natural instinct for most is to assume they’re not…even though the opposite is typically true.
So how do you find out?
You experiment!
2 Simple Ways to Experiment with Your Coaching Pricing
The first method is simple:
Get prospects on the phone and start testing new prices.
This is exactly what Sandy did.
She used to charge $2,500.
She quoted a prospective client at $5,000.
The client said yes.
That’s it!
Remember: if you’re never hearing “no,” if you’re never getting any objections related to price, you are likely undercharging.
But the only way to find out for sure is to test a higher price.
If you’re already selling an existing coaching offer, this is what I recommend doing.
But what if you’re starting from scratch?
What if you genuinely have no idea what to charge?
Here’s what I recommend:
Step 1: Research what other coaches in your niche are charging. If there aren’t other coaches like you, find one in a similar niche.
Note: you may have to do some “secret shopper” work because coaching prices often are not listed publicly.
Step 2: Price your coaching program somewhere around the average (I recommend going a little above it). Your price won’t stay here forever, but this will allow you to validate your offer and make sure it’s something people want.
Step 3: Identify your top 50-100 most engaged email subscribers. Ask if they’d be willing to give you feedback on a product idea. Here’s an example of that email:
Step 4: Send everyone who says yes a product description for your coaching service and a feedback survey. In the survey, ask if they are interested in purchasing your coaching service.
Step 5: Offer everyone who says they are interested a special discount for becoming an early client (don’t go more than 10-15%).
Your goal should be for 10-20% of those highly engaged followers to buy. If you can hit that, you will know two things:
Your offer works.
Your pricing is at least in the ballpark.
From there, you can begin testing higher prices using the first method.
Want an experienced “copilot” to help you increase your coaching sales? Let’s talk.
Everything gets easier when you have a proven plan to follow. Just ask Sandy:
“Growth University is an excellent bulletproof marketing system,” she said. “Your tools have enabled me to overcome the challenge presented by marketing and become more open and adaptable to new ideas.”
Whether you need to increase prices or attract higher quality leads, my team and I will study your business and map out a custom marketing plan to help you hit your revenue goals.
Book a Strategy Call with us and you’ll see exactly what that could look like for your business.
On the call, we’ll show you:
Growth opportunities you’re currently overlooking in your business.
The step-by-step process you can use to take advantage of those opportunities.
What it would look like to have my team individually coach you through the entire process.
Here’s the link to grab your spot.
The post How much should a coach charge? More than you think. appeared first on Growth Tools.
