How to Raise Your Coaching Prices
Friday, May 21st, 2010Do you want to increase your earnings through your high ticket coaching programs without creating more products and without attracting more customers? Then, I highly recommend that you raise your coaching prices. Here’s the proper way to do it:
- First thing to do is to figure out how your customers perceive your coaching programs. Do they see them as the best in the online arena? Do they consider you the best coach in your field? Do they see your products very valuable or something that they cannot live without? If you answer yes to all of these questions, you can go ahead and raise your prices without the fear of losing your customer base. Buyers these days are more than happy to pay huge tag prices as long as they have a guarantee that they’ll be getting high quality products and services.
- How much? The next step is to decide as to how more you’ll going to charge your clients. It’s very important that you study their buying power and to know how much they’re willing to spend for high ticket coaching programs. Charging way too much compare to what these people expect to pay can be a risky move especially if you’ve got a lot of competitors who are offering the same quality products for much lower prices.
- Improve the perceived value of your offerings. This is something that you need to do before you announce the price increase. I suggest that you add more products and services to your coaching programs. Then, get authorities in your field to endorse your coaching programs. It will also work if you fill your website and blog with enticing testimonials from your customers that communicate the real value of your offerings.
- Test groups. I wouldn’t be surprised if you tell me that you’re hesitant to make the move because you fear that you might lose your customer base. That is why, I recommend that you carefully plan each step that you take. Also, it will help if you test the waters first. Apply the change to some of your customers first and see how they will react. Their response will give you a solid idea if going this route will help your ebusiness or not.
- Offer more. Your customers will surely be happy to pay more if you offer more. Throw in more products and services that can enhance the learning experience of your customers. For example, you can give them access to your member-only site or offer them with additional free sessions.
By the way… are you a coach, consultant, entrepreneur, speaker, small business owner or service professional who is tired of getting paid less than you are worth for your coaching and consulting?
What if you could learn how to package and sell your coaching packages for $4k, $8k, even $12k or $25k – and enroll multiple clients per month at those prices?
To begin learning how you can sell your own coaching for between $4k and $25k per client, download my new recording: “How to Sell High Ticket Products Online” here:
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Sean Mize teaches coaches, consultants, and small business owners how to package their knowledge and sell it in high priced coaching, consulting, and online class packages. Sean says “If you have an existing marketable service or skill that you can teach others, I can teach you to package it into a high-priced class or coaching program, guaranteed.”