Do you ever feel like you’re just not being paid enough for the amazing service you provide? Are you putting in hours of effort with each client but not getting much in return?
Knowing exactly how much to charge as a business coach is one of the more difficult parts of running a coaching business. If you’re worried about putting new clients off by being overpriced or losing current clients by increasing your fees, don’t be.
You can charge more for your coaching, and we’re going to show you exactly how.
We’ll run through actionable tips you can use to show your prospects your true value – and why they should pay more for your services.
Together, we’ll take a look at how to present pricing options to your clients based on the quality of your services, your branding, and your positioning.
We’re also going to let you in on the secret of how you can feel better, and more confident, about charging more.
So, sit back and read on to discover precisely how you’re going to start doubling what you’re currently making!
How brand positioning can help you start charging more for your coaching services
Something that’s brought up a lot when it comes to figuring out how to charge more is cost and quality.
For most clients, the cost of something can easily be justified if the quality (or the perceived quality) matches their expectations.
For example, if they want to buy a soda and there’s a grape soda for a dollar and an orange soda for two dollars they might buy the cheaper soda. But, if they like orange soda and hate grape soda, they’ll buy the orange soda for two dollars because they get more value out of it (they’ll actually enjoy drinking it).
Have we lost you yet?
Let’s look at this a bit closer.
You’ve got two items.
- Item A costs $10. Item A is cheap, affordable, and does the job, but it’s only got three stars out of five.
- Item B costs $50. Item B is more expensive, it does the same thing as item A but has more features, and it’s got five stars.
You’re probably going to choose item A. It might have fewer stars, but it’s going to cost you a lot less right now.
But what if we throw another option up onto the board known as item C.
- Item C costs $100, and it does exactly the same thing as A and B, and it even has the same rating as B.
Suddenly item B is looking a lot more alluring than it was before.
This is because item C acts as a decoy. It’s the same quality, but at a higher price, leading the customer to believe that choosing item B will provide them with more value for money. This is called the framing effect.
But how do all these items help you reframe your pricing?
How do you feel better about charging more?
You can feel better about charging your prospects a whole lot more in these three easy steps (yes, really).
- Find your option B
- What is your most expensive package or service currently?
- When quoting your prices, at what point do you start to feel bad about charging a certain amount?
- Is it $100 an hour? Then that’s your option B!
- Find your option A
- What’s the lowest your charge?
- What’s your most basic package?
- What A in your company makes B look expensive?
- Find your option C
- Create a package that’s similar to B, but more expensive
- What service makes B seem low-cost and affordable?
Now that you know all about A, B, and C, it’s time to put what you’ve learned into practice by helping you get over your fear of charging too much.
Next time you’re on the phone or on a Zoom call with a potential new client, don’t double your rates; quadruple them!
Regardless of how your potential client reacts, you’ve just given yourself your own framing effect.
If you can quadruple your prices, then you should have no problem doubling them!
How can branding help you charge more for your coaching?
Branding is a powerful tool.
Branding is the reason why people will spend two dollars extra just to sip a black coffee out of a Starbucks cup.
To be the Starbucks of coaching means that you’ll be able to charge more for what you do without having to give more to your clients.
But how can you do it?
Well, you’ve already gotten over the idea of charging your clients more thanks to the framing effect, but how do you improve your branding, so it shows your clients that you’re really worth it? That the services you offer are the best of the best.
The main two problems coaches and loads of other companies face when it comes to pricing, especially online, are:
- Getting stuck as a commodity
- Fighting competition for the attention of a customer
If you get stuck as a commodity, then your customers will only focus on one thing, and that’s whether or not you’re the cheaper option.
Commodities are when a customer can’t see the difference between services offered by two separate companies.
For example, in the case of website design, some customers won’t be able to see the difference between a website that costs them $500 and a website that costs them $50,000. To them, a website is just a website and a commodity. So no matter what the price is to them it solves their problem and delivers the same value.
If your customers can’t see a clear distinction between what you’re offering and what your competitor is offering, then they won’t have any clear reason to choose one over the other. The only thing they’ll focus on is who’s offering the lower price.
So, if you want to raise your prices, you have to start building a solid brand identity.
Building up your branding will help you show your customers the true value of your coaching abilities. It’ll outline everything that makes you unique and distinguishes you from your competition.
If you want to put yourself in a position to start charging more for your unbelievably excellent coaching services, you must first understand why your customers should choose you over your competitors.
Then all you have to do is communicate this on your website, your social media, your email campaigns, and anywhere else your potential clients are looking. Definitely post about your unique qualities on social media as 90% of customers make purchases from brands they follow on social media.
Stay consistent with your branding, and soon you’ll build up a reputation for having the best coaching services around. We also recommend posting consistently on your social media and your blog to help increase your brand awareness. 79% of people state that content highly impacts their purchasing decisions when it comes to working with brands.
Do you want some help learning how to charge more for your coaching services? Do you want to start creating a cohesive brand that shows off all your unique qualities? We can help!
At Emtwo, we help businesses just like yours craft the perfect online presence with an unapologetic fearless brand that builds your authority and trust.
If you’re ready to create the right branding for your coaching or service business then get in contact us today!