Is it possible to double your high ticket coaching rates and still book clients?
My client was able to do just that. He actually booked five additional clients after we worked together and at his new doubled high-ticket coaching rates.
How was he able to do that? And how did he know what to price his high-ticket coaching program?
In this post, I’ll share with you exactly how he did it, and what to consider when you are pricing your high-ticket coaching program.
Setting High-Ticket Coaching Prices – Price Based on The Market?
Many coaches will first look at the market rate, or pay attention to what other coaches are charging then attempt to charge something similar. While there is nothing wrong with seeing how other courses are priced or paying attention to how other group coaching programs are priced; that is a limiting strategy.
1) You don’t know if that price is working for them
Anyone can choose a price that is simply plucked out of the air, and choose to advertise that price. But are they making sales? Unless you can see the behind the scenes of that business, you have no idea if that price is actually one that makes sales.
2) You don’t know how their audience differs
Do you have a high-ticket audience? Or a low-ticket audience? Maybe you have a combination of the two. When I first chose pricing, I was following the advice of coaches who told me to price high-ticket for everything. But after some trial and error, I realized that I had a low-ticket audience just waiting for the right offer. Does that mean I don’t sell high-ticket coaching? Absolutely not. But it does mean that I had to put a process in place for capturing value at every level.
3) You don’t know the strength of their transformation
Just because just because someone else is selling a course priced at $200 or a thousand dollars or $20,000, that doesn’t mean that you should price your coaching that way.
If you see everyone else selling a group coaching program for a thousand dollars or selling their courses for $5,000, once again, that doesn’t necessarily mean that you should charge $5,000 for what you offer. You could have a much greater transformation or your transformation might not be as strong.
That’s why I want you to ignore all of that pricing. And then move into the next step, which is pricing based on the transformation that you offer.
Setting High-Ticket Coaching Prices – Price Based on Transformation
It’s much more powerful to base the price of your coaching program on the transformation it provides. How do you figure out the value of that transformation? It’s simple, pay attention to the client testimonials.
Selling a high-ticket coaching program is easier when that program has testimonials. Communicate the ways that you’ve been able to help previous clients, along with the results that they were able to achieve; and it’s easier to communicate the transformation that you offer.
If you want a really good testimonial then you must include all of the tangible and intangible benefits.
Tangible benefits can be quantified and usually sound like number of pounds lost, or percentage increase in sales. Intangible benefits cannot be quantified and usually sound like more clarity, more confidence, or better sleep, for example.
How to Get Great Testimonials? Ask Better Questions.
- What were you able to accomplish?
- Do you have any numbers?
- Can you quantify that?
- Were you able to hit that goal that you set at the very beginning?
- What were things like before we started working together?
- What are the results now that we’ve completed our work together?
- How do you feel?
- What do you feel like you can accomplish now?
What to Do If You Don’t Yet Have Clients
Option 1 – Quantify the Tangible Results
If you don’t yet have clients and you’re just getting started, that’s absolutely fine. Maybe this is something that you’ve been doing full time and your job or something that you’ve been helping people with for free on the side, but you don’t necessarily have results or testimonials to show.
In order to quantify the tangible results, think about what are the costs of not getting this problem solved?
For example, if you know that you can help someone to lose 30 pounds and losing that 30 pounds is going to significantly improve their health; start thinking about what are the costs of not losing those 30 pounds?
- What is their health going to be like?
- What other problems could that cause?
- What would that cost them additional costs in terms of medical care?
- Is that going to cause them time off of work?
- Will they may lose money that way?
Start thinking about those tangibles that you can quantify and then you can say, “As a result of working with me, now you’ll have the energy to travel, go to work everyday, or choose to do something else.”
Option 2 – Quantify the Intangible Results
For intangible results, speak with former clients or people that have the problem you solve and ask them
- What would it feel like if you were able to get this problem solved?
- How would that affect your life?
- What other areas of your life will be affected?
There’s an entire process of questions that you can go through in order to really get clear on that transformation.
I talk about this a lot more in my Package & Profit training. It’s an on-demand course that includes a four part video series, a workbook, and sales scripts. In the training I walk you through the mind of a high ticket buyer, helping you to figure out how to price your offer and then sell it. You can get more information on that program here. (Use the coupon code PACKAGEPROFITBLOG for a special discount.)
It will walk you through getting really clear on the transformation so you can create your high ticket offering. I definitely recommend that you check that out if you’re still having a little bit of trouble packaging what you offer.
Setting High-Ticket Coaching Prices – Price Based on the Value
The final thing to look at when you’re looking at pricing your coaching program is to establish the value.
Money doesn’t exist in a vacuum. When I say that something is worth $5, if I say a camera for example, is worth $5, someone might look at me and say, “Nope. I know that I can get cameras at the store for $400, so that’s not a $5 camera.” Or if you tell somebody, Hey, this is a $20,000 camera, and then they say, “ah, well I know I can get cameras at the store for $5,000. So that’s not a $20,000 camera.”
That’s what I mean when I say money doesn’t exist in a vacuum. There’s always a comparison.
When you share the price for your coaching, and say “it’s going to cost you $10,000 to work with me for eight weeks,” that potential client starts to compare that pricing with other things.
The only thing they really have to compare that with is anything else that they know that costs $10,000. They might start thinking, “well, I could get a used car for $10,000.” or “That’s two semesters at college.”
Or whatever other amounts that they have to compare that with.
That’s what they’re going to do. You don’t want them to determine what to compare. You want to establish the value for them and you do that by comparing it to those tangible and intangible results.
For example, if you tell someone, “As a result of working with me, you’re able to lose 30 pounds or more. What would that do for you and your life? I’ll tell you. You’re able to run more. You can stay up late with your kids. You won’t have to worry about getting tired. And so that’s going to allow you to do so much more in your life.
Not only that, but you’ll save on your medical bills and you potentially won’t have to pay 30,000 dollars down the line. Your insurance costs could go down etc. etc.
Whatever those tangible results that you quantified, you include that when you present your offer. And now when you say it only costs $10,000 to work with me, they’re thinking, “Wow, I’m going to save $20,000 just in medical bills, insurance and all these other things, plus I’m going to be able to run around with my kids and all those things that I’ve been missing.”
Now that $10,000 coaching fee seems small in comparison to $20,000.
*Those are arbitrary numbers that I chose to demonstrate that money doesn’t exist in a vacuum. That means when you’re explaining the value of your program, you’ve got to base it on that transformation.
Setting High-Ticket Coaching Prices – Build the Value In Advance
One of the best ways to explain the value of what you are offering is to create a webinar also known as a selling presentation. I love webinars for the ability that they have to establish that value. I’ve got an entire process to create a webinar that clearly establishes your value, and that was exactly what I did with my client, Kelly, when he first started working with me.
He was charging a certain amount and I knew he needed to raise his rates. So I looked at him and I said, “Kelly, do you realize the value of the results that your clients are receiving and the transformation that you’re offering? You need to double your rates.”
He immediately doubled his rates and then booked five more clients at that doubled rate. He instantly gave himself a raise by being really clear on what he offered and the transformation that he offered.
He didn’t just double his rates and then offer that rates to clients. He brought them through a webinar first. The webinar helped to establish his value.
That way when he got on the phone with those potential clients, it was that much easier for them to say yes at those new doubled rates.
I stand by the power of webinars to help you establish your value and to deliver the details of that transformation.
If you’d like more help with creating a webinar so you can sell more of your high ticket coaching, one on one coaching packages, or courses, then I’d love for you to join me in my free training. It’s called You’ve Got Clients. During this training, I’m going to share with you exactly how to create a webinar that builds the value of your coaching offer, so your sales calls are that much easier.
During the training, I’ll share with you exactly how we’re booking coaching clients using a webinar, as well as how we’re getting inexpensive webinar registrations so that we can have an ROI that’s that much higher.
In order to watch that training, all you have to do is visit YouveGotClients.com/anti-webinar. I look forward to seeing you on the training.