Does ‘put my prices up’ lie there, forever on your to do list but never on your ‘ta dah’ list?
Do you ever quickly put new rates on your website and ‘forget’ to quote them on calls?
Or do you state your rates on sales calls only to negotiate yourself down..?
You’re not alone! You’re in numerous and esteemed company.
I don’t know many people who whack their prices up with glee without so much as a backwards glance.
And the majority of coach-shaped-people I know would lower their prices in a heartbeat if it didn’t have an impact on the amount of money they were able to bring in.
Well there’s one simple thing you can do that’ll make the whole process a hell of a lot easier right from the get go.
And that’s to NOT CHARGE YOUR WORTH!
This blog is all about a helpful reframe of that very common piece of advice. A reframe that’ll make it clear what would be a more natural and ethical way to price your coaching services without getting jumbled up.
Let’s get cracking!
First and foremost…
Pricing coaching services is NOT about your worth
‘Charge your worth’ is such a common battle cry amongst sales, marketers and coach coaches (coaches who coach coaches).
But let’s take a closer look at it…
How do you even begin to answer ‘what are you worth’?
People struggle with feelings of self worth as it is without putting it on the scales against services they’re providing!
If people were paying for ‘us’ then if we’d need to believe that we were worth more every time we put our prices up.
What if you launched a low priced course. So you’re only worth £50 now?
Of course not.
‘You’ are not what your clients are paying for.
What coaching clients are actually paying for
People are paying for:
- Your coaching, guidance or advice
- The results that working with you will have on their business, mindset and life
- How they’ll feel about themselves after they’ve worked with you
- A relief from whatever pain or struggle they’re in at the moment.
- The journey to take them from where they are now to where they want to be.
Often the journey takes them to a place they didn’t realise they wanted to be, which is fine as long as they feel like the journey has been worthwhile.
This graphic illustrates why someone will buy something at any given moment using the analogy of moving home- a really big decision that can take people years to take the plunge with.
Are they ready to buy? e.g. are they ready to move out of their house
Are they willing and able to start the journey? In terms of money, time, energy and mindset.
And do they want the result enough as you’ve laid it out?
If you don’t hit all three of these criteria, people won’t buy.
In this analogy, you are the driver.
How often have you decided to go on a journey purely because the driver of the bus, train, plane or boat was so amazing?
(And no, I’m not including journeys you’re going on with friends or guided tours in that example! Preempting some pedants there. 😝)
Been meaning to put up your prices but never seem to get round to it? Download my free workbook- 6 steps to charging more with 100% confidence.
It includes some gentle exercises to get out of your own way and put a price on your services that’s in line with the value you’re delivering.
What’s in it for me?
If there were a more useful marketing phrase than ‘know like trust’ it’d be ‘what’s in it for me’.
No one will buy from you out of the goodness of their heart. Certainly not high-ticket coaching-shaped services anyway.
The absolute number one thing that rattles around in their noggin when someone sees a message from you is always ‘what’s in it for me?’
No matter whether it’s a social media post, an email or a sales page.
I promise you, that no one is thinking- ‘hmm, I see this coaching package but is this coach worthy of my money..?’
NO ONE.
They’re wondering if your offering is worth it.
Not whether YOU are worth it..
What they are thinking:
- Can I afford it?
- Do I have time for this?
- Will it be worth the investment?
- What happens if it’s awful and I’m tied into a contract?
- Is it right for me?
And many other things that’s all about them and not about you.
Okay it is a little bit about you as the coach
When you’re working closely with someone as their coach, mentor or consultant, okay yes, who you are does matter.
You might have a ‘chemistry call’ to make sure that you ‘click’.
They might have been following you on social media for years and now they’ve reached out because they trust you and believe in you now.
They might be aware of other people who do what you do, but they like the cut of your particular jib.
But they’re still not paying for YOU.
The biggest thing a client will be paying for is a transformation in either themselves, their business, their health, their life or a combination of these things.
How you help them is secondary. And so is the who.
The only reason that they’d say no because of how you do what you do is if it conflicts with their values or their sense of identity.
Links to mindset and feelings of worthiness
This is really interesting because, if you’re a coach, you probably already believe that it’s unhelpful to seek external validation for your sense of self-worth.
So it’s weird that it’s particularly in the online coaching world that we see so much rhetoric about ‘charging your worth’.
If you put a price on your head and then someone says no. Are they saying you’re not worth it?
Of course not! They’re saying they don’t think the offer is worth it.
This whole ‘I’m worth/ not worth this much’ thing detracts from what’s really at the core of what will make your business fly or not:
- Whether enough people know who you are and what you do
- Whether the value of what you’re offering is clear
- Whether you’re charging enough to cover all your costs and earn what you need and want to
Put your new coaching services pricing into action
Want a quick and fun way to figure out if you’re pricing at the right level?
Look no further!
Think of something new you’re trying to price or something you want to charge more for.
- What would you love to charge but makes you feel a bit sick?
- What do you think you could charge but it’d be a total wimp out?
- What’s a price in between that makes you excited but not too scared?
- Write it down.
Now imagine that you’re saying that price on a sales call.
How does it feel?
If you feel the right level of nervcited (nervous + excited) about it, you’ll know.
You will probably doubt yourself a day or two later, and have an internal discussion about whether you can delay saying your new prices to the next potential coaching clients, but trust yourself and stick to it!
Want a gentle way to up your coaching prices?
Sign up to get my free Charge More With 100% Confidence guide.
It takes you through some exercises to make sure you’re pricing from a place of confidence and ethicalness. (Yes, that is a word. Spell check didn’t even pick it up! : )) Download it here or by clicking on the picture below.
