The right price for your coaching package is important so you can scale. However, setting the right price is not so simple. Oftentimes, I have clients that will charge a certain price only to later find out that they’re actually losing money with their coaching program.
Some things to keep in mind are to make sure prices are appropriate for your market. Be mindful of what your market can tolerate. What might be high-end for a teacher will be different from the CEO of a company. Those are two different price ranges, two different solutions, and two different problems.
Be high-end and price appropriately for the niche you’re in and don’t just try to match the market. Pricing based on what other people charge makes no sense. You need to have a coaching pricing strategy
Imagine selling a BMW but pricing this BMW based on every other car on the lot. You don’t take into account the different specs of each car. Some cars don’t match certain people. Everyone is different. This is what it's like when you try to base the price of your coaching package on someone else’s price.
Set the price based on your market. Be at the high end of your market.
A question I always get is ‘What is a high-ticket coaching niche?’. This is the wrong angle to come from. What’s high-end in one niche is not high-end in another. But more importantly, I want you to know that there is no perfect niche or a magic bullet niche.
You pick a niche based on your expertise, what you bring to table, and your strengths. Who do you want to sell to and who are you comfortable selling to? These are all factors that need to be considered when choosing your niche.
The solution you offer, which is what your coaching package is about, is going to play a big role in all these. High-end is recommended for your offer. You're able to create leverage while still having a customizable experience. Not to mention you stop trading dollars for hours.
Your online marketing needs to be on point. If you have your online marketing working properly, you are not only capable of being a super niche but also be a high-end, high-ticket program and still reach seven billion people on earth.
This is not optional.
Inherently having high-end clients means you don’t need as many people in your program. You can make more money with less clients. Now combine that with the fact you only need 10 or 20 clients a month to hit 10k, or 20k months and you really start to gain leverage. All these while in the comfort of your own home.
You can have the lifestyle that you want.
However, you need to know the art of high-ticket selling. It’s an important piece of this giant puzzle.
It’s all about positioning and closing.
Most sales happen in a sales call. Not always but for most. I know a teacher that sells high-end, and she sells using a webinar. This is high-end for her, and not thousands of dollars in sales.
Most have been able to double or triple rate by simply just having proper positioning. Positioning is a multi-step process, and takes into account brand and messaging. Think of it as the legwork that leads up to the sales call.
Many coaches make a mistake by getting into sales calls but not closing. Then they think they need to work on closing. But upon closer inspection, I find that everything leading up to the sales call has not lined up properly.
The sales call or your sales conversion should be cherry on top that closes the sale. Everything else is set up for that ahead of time.
Imagine in a volleyball match, the one scoring the point doesn't just smack the ball down for a point. First someone receives the ball, then the setter sets up the ball to be spiked. It should be the same for your brand positioning in business. It should set you up for the sale.
Think about the people who get on the phone with you. Are they the right people? If not, you need to work on positioning, branding, and everything that leads up to it. If they are the right people and you are still unable to close then we can look at things like how you’re handling objections, what's going on in the phone call, etc.
If you've exhausted the marketing and the sales aspects but are still unable to sell at that price point, then you might be a little bit too high priced for what the market is asking of you. Generally what the problem is, is that value has not been communicated ahead of time with positioning and marketing. Therefore it's hard to sell on the sales call.
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