A big question I hear from coaches all the time is “Coaching prices seem all over the board. How do I determine the right price for my packages?”
There are many factors that go into determining pricing, and some of them can feel a little grey. Let’s take a look at some of the biggies.
1) Your Offer
Obviously, the first thing to look at is what your offer is and the value of that offer.
What’s your package? How many times per month are you meeting with people? Is it one-on-one? Are there resources, tools and training modules that accompany the work?
When you look at your offer, consider whether it includes things that your clients really want and need. In other words, it doesn’t bring much value to throw in a bunch of “extras” that your divine ideal clients aren’t interested in. Your offering should be “hand in glove”: what the client wants, needs and what will (hopefully) exceed their expectations.
2) Your Unique Value Proposition and the ROI
With things like business coaching, return on investment (ROI) is easy to measure because you can see the direct connect with what their investment brought into their business financially.
In other coaching niches, there may not be as obvious of a ROI (for instance, love coaching or career transition). A good place to start is to ask yourself, “Are my clients able to close the gap between where they are and where they want to be when they work with me? And what is that worth to them?” If your client has been single or only in bad relationships and you help them attract the love of their life, what is that worth to them? If you help your client find a new career that has them wake up excited to go to work every day, what is that worth to them? Not only does your potential client have to recognize that, but you have to feel it and know it, too!
You have to feel confident that you can bridge the gap for your ideal client and leave them transformed. This is also where things like testimonials come in handy, to show potential clients that you are able to bridge those gaps, as well as remind you of the gift you are!
3) The Market
While you shouldn’t let what other coach’s charge define your pricing strategy, it can be a helpful way to get a good sense of what people are charging in your arena.
A good starting point is to look at the ICF surveys for your particular niche and see where the average prices fall. Those prices are usually listed hourly—but if you have other things in your packages, like trainings, workbooks, Facebook groups, etc., it will affect the value of your offerings.
4) Your Enrollment Skills
You could be the best coach in the world but if you don’t powerfully demonstrate your ability to the people who come knocking, it’s time to hone your enrollment skills. When you’ve done this well, about 90% of the ideal prospects you speak with will be a powerful “yes”. (Note that how well you do at attract ideal prospects vs. not ideal prospects will determine your overall enrollment percentage). To boost your enrollment skills, download my free client enrollment workbook called “Getting to a Powerful ‘Yes’”
5) Your Mindset and Confidence
Recently, I wrote about how your mindset affects how much you can charge. You must believe you can make a significant difference with your clients, and you must believe that you are worth the value you are charging.
6) Your Credibility
Credibility comes in three potential forms. You have credibility when you can tell your potential client:
- I’ve walked in your shoes and now I’m on the other side,
- I’m the” maker of champions” and have helped many people just like you, or
- I have experience/background/credentials.
Or a combination of the above. If you have a lot of richness to your credibility, that will impact what you can charge (and vice versa). Read more about building credibility here.
7) How In Demand You Are
If you are a sought after coach that has a great reputation and a practice full of raving fans (in other words, a clear “maker of champions”), you can charge more simply because the demand for your services exceeds your availability.
While these are the major factors that should be considered when you’re determining your pricing, you can probably feel that it isn’t black and white. Much of it is personal and subjective. The most important thing is that you feel really good about what you charge, and that your clients feel they’re getting clear value for their investment, too.
How do you determine your prices? Comment below to share your story. I’d love to hear from you!