Building a Coaching Business — Selling a High Price Coaching Program Easily
Have you had problems getting the price you wanted from your prospects?
Why? These are the frequent problems.
- Selling “coaching.”
- Not understanding basic marketing
- Not understanding the “real value” you provide.
- Not being able to convey the value of what you provide
- You don’t really believe that you are worth what you are asking.
- Chosing the wrong market
Many of the coaches I run into are charging only $50/hour or less when a coaches value is in the hundreds or thousands of dollars per hour.
What happens when you meet someone and say “I am a coach”?
What does that tell anyone that would literally COMPEL them to want what you have to offer?
What does that tell anyone about the value you provide?
Selling coaching is totally intangible. Most prospects really have no clue what coaching provides, or what the value is of getting coaching. It’s not really clear. Therefore it doesn’t present any compelling reason for anyone to continue reading . . . or listening.
So what do we do about that?
Simple, provide a very clear picture of not what you do (coaching), but of what your client will get, and the value of what they will get.
When I stopped saying “I am a coach” or “I sell coaching” or even that “I grow businesses” and started delivering a clear ultimate results with a clear value it was almost unbelievable the number of people that started jumping into my shopping cart, almost begging me for help with their business.
- Offer a program with a measurable end result to a specific market
- Name the program after that end result
- Clearly identify the VALUE of that program.
- Contrast the VALUE they will receive against the cost, showing that the result is likely how many times more than they will spend.
- Ask them what achieving that end result value will do for them in other areas. What’s the overall value from the additional impacts.
Going from “I am a coach” to “I work with struggling coaches and consultants who JUST CAN’T get enough clients, and I’ll help them achieve their first $100K within months” as a marketing message, and naming a program after the end result, $100K Marketing Program for coaches sells like hotcakes.
So, what is your ultimate measurable outcome?
Stop selling coaching and start selling a program named with that result.
The difference will surprise you.
What is the real value of what you provide
Understanding the value you provide is critical.
If you are a business coach, how many dollars do you bring for the typical business owner. DON’T tell me that you “grow a business” or other vague definition. That’s one of those things that every coach will say, and SO WHAT.
Growing a business 10c fits that criteria, and, frankly, most people are “avoiding” the cost of anything, marketing, coaching, or anything else that is viewed as ‘a cost.” So, when you say “I grow businesses”, so do most other B2B businesses. That doesn’t prove to me why I should choose you over the dozens of other things that didn’t work for me either.
Your hat is in the ring but you’ve left the value of what you offer up to your prospect to figure it out. In every case, he’ll assume that you are ‘an expense” to be avoided and not a value that he can’t live without.
Not understanding basic marketing
The key to very successful marketing is in “not talking about you, your products, or your services.” It’s in changing the perspective toward what the customer wants and needs . . . that is
- His Pain/problems/wants/needs
- Having a solution to the above.
- Showing the value of that solution (in dollars and cents, time, efficiency, etc). The clearer the better.
And then understanding the marketing formula.
The goal of marketing is to bring you leads and sales appointments where you will have the opportunity to finish, or close the sale; start the relationship; establish you as THE EXPERT.
Marketing should bring you a lot of leads, as well as tune them up, get them excited about what you have to offer. The more excited those leads are the easier, and the less hard you’ll have to work in sales.
So, how do you do that? Help your prospect DISCOVER that you are the absolute best answer to his pain, that your solution is the best and MOST VALUABLE of all solutions he’s ever experienced.
And then you have to get your marketing in front of the largest number of people that you can.
The marketing formula says that the leads you receive are
- Number of people that get to see your marketing (and need it)
- % Conversion rate of your marketing (that’s where your marketing message literally COMPELS someone to beg for your one small time slot)
- Number of leads, calls, signups, sales appointments, or whatever you want them to do at this stage.
Conveying that Value to Your Marketplace
Now that you know what value you do provide, how do you convey that value?
Help your customer discover in your marketing that you have an answer to his problem, and then position yourself so that the value of what he gets will be seen as so valuable that he just can’t afford to miss out on it.
By defining the value in the headline that got their attention, next you have to prove what you just said. Whenever you say something follow it with a testimonial, or a story, told from a client’s perspective, of the ULTIMATE MEASURABLE OUTCOME they received, and the VALUE of that.
Don’t spend your time in your marketing saying that you are a coach, or that you grow a business, or that you coach business owners (or if you are a life coach, that you coach individuals, or coach married couples, etc). This isn’t about you and what you do. It’s about what your client will ultimately get, and the VALUE of what they get.
Keep in mind that ALL buying decisions are made based on what the customer perceives as the MOST VALUABLE answer to his problem that he can find. Or the MOST VALUABLE that he thinks he can afford. Therefore, by laying out MEASURABLE ULTIMATE OUTCOME that others have received establishes the value that your reader perceives he will receive.
When other coaches RARELY ever talk about their value, and you do, you will suddenly go to the top of all the options that your prospect has, and that IS what you want, to be the number one top choice. Laying your value on the table will do that for you.
And IF another coach that they have looked at is also giving a value, then you’re must be a higher value. However, since few even dare to give their value, you will naturally end up as the top choice.
You Don’t Really Believe You Are Worth as Much as You Are Asking
When I meet coaches for the first time, frequently they are charging very low rates, or they are giving away so many free sessions without them ever turning into a paying session that they just aren’t making serious money. That contributes to the feeling that you aren’t worth much, and if you did start charging more you fear that no one would buy.
If you have ever delivered a result that was worth thousands of dollars, or saved a marriage, or helped someone raise his personal income, or any number of other things that business coaches, life coaches, career coaches, parent coaches, or whatever types of coaches deliver by defining the REAL VALUE that should help you understand what you are worth.
But when you can define that value to a prospect that will turn your marketing results around.
I wouldn’t hire just any “coach.” But I would hire a coach who could show me that he just helped another client grow his business by $1M in 6 months, or $100K in a couple of months. Or if my marriage was in trouble and you are a life coach who had saved 8 out of 10 of the last marriages he worked with. Or, as right now, there are a lot of unemployed people out there needing help getting a new job, or possibly figuring out how to be in control of his unemployment. If you’ve helped others start a business, or get a job faster, or get a better paying job by helping them learn how to “make things happen” (life coach) instead of just letting them happen, then what is your value. Something like “80% of my clients have gotten a job within 1 month” or “gotten a job 2x faster than the average unemployed”.
Now take those numbers and turn those into an even clearer picture. If someone has gotten a job within 2 months when the average person is out of work 1 year in today’s environment, and the average income for that field is $75K, then the difference is not only “getting a job faster” but your client made an additional $60K to $70K that year because of you.
Your marketing message changed from “I am a life coach” to “Helping unemployed individuals get a job 10 months faster, and generating $60K more starting in 1-2 months.”
The difference in your marketing results is night and day. “I am a life coach” is probably getting you almost no clients. While this new approach is likely to start getting you several client a month right away.
Choosing the Wrong Market
Many coaches are “selling to the world” because, as they say, “I can help everyone.” WRONG!
If you got them as clients you MIGHT be able to help most of them. However, by trying to “sell to the whold world” you will get so few clients that you’ll be lowering your price trying to catch the bottom of the barrel. You don’t want the bottom of the barrel. At least I don’t.
When you get your marketing message right, as we mentioned above, there will still be people who just plain won’t buy your services, or still perceive that you are still too expensive. That’s their problem, not yours, even if you did get your marketing message right.
Some people, even if you do convince them that they SHOULD hire you, won’t hire you because they’ve been conditioned to never spend much money. They’d rather starve than spend money, and they will likely starve while watching others that are succeeding . . . but they will not spend the money.
Your job is to figure out where the right people are that will spend the money if you can convince them of your value, and avoid the wrong people who will not spend any money even if you did show them they’d get some terrific value from you within minutes. That latter one is not within your control. By defining where your ideal market is, and where the wrong market is, you will move where your success ratio will go higher and higher just from changing markets.