Ep 60 – How To Price Your Signature Coaching Program

This episode is part of my Money Mastery series. It’s the follow on episode to How to Develop Your Signature Coaching Program. Consider listening to that first before this episode if you haven’t already.

Common Pricing Strategies and What Works Best for Coaching

I can think of 3 common pricing strategies for pricing:

  • Cost plus pricing – where you calculate your costs then mark up the program so it pays you well.
  • Competitive pricing – where you set your price based on your competition.
  • Value based pricing – where you set your price based on the value of your offer to the client.

I do encourage you to the do the math of what it will cost you to deliver your program. Most coaches miss this piece. And it’s quite eye opening to realize the cost of the time you spend getting a single client in addition to specific costs of marketing and inclusions in the program.

That said, to ultimately determine the cost of your program I prefer VALUE based pricing.

Here’s the reality, if you narrow to serve a viable audience and create a unique program based on market research, then your program probably doesn’t exist out there so competitive pricing or so called “market value” isn’t a useful guideline.

Also, few if any of your prospects are ever going to do cost comparisons, especially if you don’t sell coaching but rather offer a unique program.

Purchasing a program such as I suggest you create is an emotional decision.

They will hear or see your message. Their trust in you builds because you’ve struck a resonant chord with all that you’re doing.

Then, they go to your website, which is hopefully already designed as a client winning coaching website not an online brochure. On that website are beautifully streamlined words and conversion processes that gently encourage visitors to have a Discovery Session with you.

All of this is thoughtfully coordinated and strategized but in a non-salesy way to build trust with potential clients rather than trying to convince them about the value of coaching.

They hire you because they like you and trust you. You’ve been in front of them with valuable content and your website reinforces that. Then, in the Discovery Session you lovingly assess if they are a good fit for your program and enroll them.

You don’t want to sell people – to have to convince them to hire you. It’s unsavory. It makes you feel skeevy.

But if you have a signature program that you have thoughtfully crafted to fit their circumstances, their pain and desires then no hard sell is necessary. You do need to ask them to enroll though. ; )

The Mystery of Odd Numbered Pricing

You’ve no doubt seen that a lot of people use odd numbered pricing where prices end with 5, 7, or 9. For example, a long-term high value program might be priced at $5,975 for a 5-month program or an online training might be priced at $697.

Early on in my coaching business I eschewed that whole odd number practice and priced evenly. $5,000 instead of $4,975. $500 instead of $497.

And I struggled to enroll clients. I’m not saying there may not have been other factors involved.

And then, I looked around at the people I admired that offered mentoring, coaching and training. I noticed they were all using odd numbered pricing. I switched and immediately saw a difference in my revenues.

Weird? Yes. But we as human beings have been trained all our lives on odd numbered pricing and it’s ingrained. There’s an emotional response to it even if it’s not logical.

That said, if you have an issue with it, do your own testing.

Encourage Single Payment Investment

With your Signature Program, encourage or incentivize a single payment investment by creating significant savings over a payment plan.

For example, if your 4 month program is $3,995 for a single payment. Make the payment plan total roughly 25% higher. So, 4 payments of $1,249 paid at the beginning of each month — which adds to $4,996 — is over $1,000 more than the single payment.

Incentivizing a single payment helps both you and your clients in these ways:

  • They invest once rather than continually making payments, which is an irritant.
  • They are not focused on the financial investment but rather fully focusing their energy on transformation.
  • Also, bundled programs like I’m suggesting don’t deliver value in even amounts month to month.

My own 5-month Coaching Business Breakthrough program is front loaded with value. The first 2 – 3 months, depending on the pace of my client, are where I’ll deliver the most support and assistance to create everything for their coaching business. The last two months are less labor intensive because we’ve completed the bigger milestones.

It’s a risk for you if someone pays monthly and drops out in the early months.

In the last 17 years, 90% of my clients have paid the single payment up front for my signature program. I’ve noticed that those who opted for the payment plan often became difficult clients because they were not as committed to their own success.

I think that’s because they weren’t fully invested up front. They had one foot out from the start. A part of them didn’t believe in themselves up front. And a part them wasn’t fully ready to have a business yet.

In the last 5 years none of my clients has opted for the payment plan.

When people want something enough

they find a way to make it happen.

And just that mindset and action empowers them significantly!

Should You Have Tiered Pricing?

One last thing about pricing … some people advocate having tiered pricing.

I say no. You’ll do better if you direct clients to your Signature Program and stand behind it.

  • First, a confused mind never buys. The more offers you have that you’re marketing at one time, the less likely someone will enroll.
  • Also, remember … don’t sell coaching. It’s a hard sell.
  • Do coaching with paying clients who have enrolled into a program they know they want.
  • And, the more people you sell into your signature program the more you earn doing exactly what you love.

If you want to create lower priced programs than your Signature Program, consider making them altogether different. For example, offer an online program about a different thing your target audience wants help with. It’s not only different in focus but also different in format.

Sell it as a down sell only after someone firmly turns down your Signature Program. That way you don’t set up competition for the program you most want to deliver.

But consider, that you don’t really need to have other offers besides a free downloadable offer so you can build rapport and stay in touch with your network unless you’re prepared to create a separate way to attract potential clients to that offer.

This and the episode before it were an episode loaded with tips. Consider listening to them again and please share it with fellow coaches. So many struggle with this piece.

Also, if you want help to create your entire business foundation with everything I’ve talked about in these episodes, go to prosperouscoach.com/VIP and tell me about you.

We’ll have a conversation about what you want and what’s been in the way to see if you’re ready for a coaching business breakthrough.

In the Next Episode: Get Out Of Your Own Way To Earn More As A Coach

Ep 41 – Some Coaching Websites Aren’t Set Up to Enroll Coaching Clients

Hello Coaches, this episode is the 2nd in a new series called Client Winning Coaching Websites.

Your website can help you attract and enroll clients IF … but only if … you create it and write copy in a specific way.

It requires quite a bit of strategy. I can help you with that.

In addition, it requires you or your web designer to choose a certain type of website template.

Not all web templates are set up for conversion. More about how conversion works in a minute.

The previous episode, which you can find at was about 3 things to do prior to creating your coaching website and meant to help you out especially if you’re about to create your website.

But it also can help you if you already have a website for your coaching business.

The main point to that previous episode was that, BEFORE you create your coaching website:

Bearing that episodes’ message in mind, today, I wanted to dig in a little deeper. Peel another layer off the website onion.

By the way, I was so excited to see that a record number of coaches listened to that episode. I’m honored. I think it struck a chord.

And I know how much you want to be successful in your coaching business. That’s my goal too for you!

Online Brochure Versus Client-Winning Coaching Website

Last week, a coach I recently met, launched his new website and asked a bunch of coaches, including me, to give him feedback. That was a brave thing to do.

As soon as I could, I checked out his site. What I saw was the kind of website I see most coaches put up at first. And, it’s what I did when I finished coach training school.

His site is what I’d call an online brochure-style website.

When the internet first became a place to do business, nearly every entrepreneur — consultants, coaches, other types of business owners — put up an online brochure.

At that time, online brochures were the trend … the way to do business.

But online brochures are not the best way to do business anymore.

The reason is that there is so much information online, so many websites and other types of marketing PLUS the internet has become a volatile place, meaning it’s changing rapidly.

And the competition online is fierce.

You Are Competing For Attention Online

You may think … but, Rhonda, I’m not trying to compete.

That’s what I thought when I launched my first website.

The truth is whenever you do anything online to attract clients — whether you put up a website, create and engage in social posts or put out a blog or podcast — you are competing … simply for attention.

So, in each of those cases, if you want to attract and enroll coaching clients, you need to be online in a strategic way.

An online brochure is NOT strategic in any way.

Bottom line, it’s not going to help you enroll paying clients.

What An Online Coaching Brochure Looks Like

Let’s talk about what a coach’s online brochure looks like. And while I’m doing this, I encourage you to pull up your own website and look it while I’m talking.

Or, if you can’t do that, listen to this episode again when you can.

A coach’s online brochure has 2 primary distinctions from what I call a client-winning website. That’s a website that is set up to attract and enroll clients for you. And it’s a beauty way to go.

In fact, over 50% of my clients find me through my website before I ever had a personal connection with them. They came to my website looking for answers I could give them and then were inspired to apply to work with me.

That means less work tracking down and enrolling clients the hard way.

Now, back to what an online brochure is.

1. It’s all about you, the coach, and coaching.

2. It’s missing a critical thing that client-winning coaching websites have, which is called a conversion process or a funnel.

You might of heard of that before. It’s an opt-in and an irresistible free downloadable gift that is crafted to build trust, deliver great value that you people find elsewhere and follow up emails that encourage next steps.

But that’s not the only kind of funnel or conversion process that you can have on your site. My website has 3. And that’s for another episode.

Is Your Coaching Website Set Up to Enroll Coaching Clients?

As you think about or look at your own website …

  • Is it primarily about you, the coach, and the type of coaching you offer?
  • Does your navigation bar, this is tabs on your site which might be HOME ABOUT CONTACT and something about what you do. It might say coaching or offers or work with me. That’s your navigation bar.
  • Also, are you offering a Discovery Session or sample coaching session as your only call to action on site?

If you answered ‘yes’ to any or all of these things, you’ve set your website up as an online brochure selling coaching and probably to a broad audience.

What’s wrong with that?

Absolutely nothing if your intention was to simply have an online brochure about your coaching where you can send people you’ve already met to verify that you are a professional. That’s the sole value of an online brochure.

But if your intention is to have a financially successful business with a website that attracts and enrolls clients for you, your current website isn’t set up for that.

Over the next few episodes I’ll go into what exactly makes a website client-winning. I’ll be talking about how you create smart conversion processes that are authentic and non-salesy.

What to Do If You Only Have an Online Brochure for Your Coaching Business

For now, if you’ve been wondering why your website is not helping you attract and enroll clients … it’s probably because the website template and your copy are set up that way.

And it can be fixed.

It’s part of a smart coaching business strategy.

Here’s the truth, strategizing wisely is not that easy to do by yourself.

Have you ever noticed that you can help others do what they couldn’t by themselves?

We are meant to live and grow as a village and have someone reflect our path back to us by uncovering our wisdom. And also in that village are people who have been where you want to go who can guide you and shorten your learning curves.

I know a ton about how to be successful as a coach, but even I have a hard time strategizing my own business and getting it to the next level without the support of someone who already has done what I’m trying to do.

So don’t beat yourself up if you’ve created a website that’s simply an online brochure.

Just reach out for help.

A Strategy Session is so helpful when you’re trying to accomplish something specific that you’ve never done before.

Here’s what one of my Strategy Session clients said about her strategy session with me:

“My strategy session with Rhonda was a real breakthrough in the process of finding my target audience. Not only do I have a new idea of whom I’d like to serve, but I also have a new sense of confidence that I’ll be able to reach them and provide an offering they will value.” 

— Kate Minogue, Switzerland

Thank you, Kate!

In your Strategy Session we’ll have 90 minutes of VIP mentoring together. Before we meet, I’ll send you some fun prep assignments customized to your specific challenge and goal so that we can make the most of our time together.

I have just 2 more openings for Strategy Sessions in August. And that’s it until later in September. Grab one of those openings so you’re set for the surge of energy that September always brings!

Let’s get you past that stuck place and taking leaps in your coaching business!

In the Next Episode: A Walk Through a Client-Winning Coaching Website

Stay tuned to this series because I’ll soon be interviewing the best website designer I’ve ever found for coaches. She’s smart, coach-like in her approach and knows her stuff.