Coaches - When to Tell Someone Your Prices

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SUMMARY OF VIDEO

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Coaches - When to Tell Someone Your Prices.

We've all experienced it, a prospective coaching client drops in on our Messenger or sends us an email, and before we've found anything else about them the first question they ask is, "How much does your coaching cost?"

In this video I'll be explaining when is the right time to be giving someone your prices and why.

0:00 - Coaches - When to Tell Someone Your Prices.
1:20 - What if Someone Ask for Your Prices in Messenger?
3:40 - Never Give Prices in Messenger
6:55 - Qualifying a Prospective Coaching Client via Messenger?
10:05 - 5 Stages of Market Sophistication (see link below)
10:30 - Should I Put My Prices on My Website?
12:19 - When to Increase Your Coaching Fees

I mentioned another video about the "5 Stages of Market Sophistication", you can check that video out here:
► https://www.youtube.com/watch?v=gxrgwyg72IA

Here's a few of the things I talked about during this video:

- The dirge of Facebook and why not to give your prices through messenger

Many online coaches are trying to rush to the sale trying to make money as fast as they can and as a result they are actually leaving money on the table without even realising it.

- We tested a month of giving prices through messenger and then a month of moving prospects through into a consultation and the results we stark.

40% of people who would have said, "No!" to the price in messenger went on to buy something after having a consultation.

Therefore, giving your prices out too early on in "the sequence" is dangerous, it doesn't filter people accurately because they are anchored to the wrong things.

It's super important to anchor coaching programmes to three things:

1. the Outcome/Result your coaching programme produces
2. how long it's going to take to create that outcome/results
3. to a specific price that is relative to the scale of their problem/pain

- So, how do you handle a messenger conversation?

Qualify the prospect properly; Ask them...
Why they need your help?
How they've tried to overcome it?
What challenges do they feel they're facing in achieving their goals?

This allows you to understand whether it's a good fit for that prospective coaching client to be working with you.

There's absolutely no point handing out your prices if it's not a good fit or the wrong time for that client to be working with you.

- Should I put my prices on my website?

The short answer is, "No!" - for the same reason as above, it may put some people off when they desperately need your help, it's much better to get an enquiry and concierge them through your process.

Also many coaches I work with have to go through several evolutions of increasing their prices as they package up their coaching programmes therefore their prices aren't set.

If you're feeling confident you can simply increase your prices on a consultation call - if they're on your website then you can't do this because the client will be anchored to the price they've seen on your website.

It's not unethical or morally unjust to be testing out different prices on an ad hoc basis, at the end of the day if a client agrees to a fee which is different to what you were charging yesterday then it's a fair exchange.

#coach #coaching #businesscoach

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- Robin Waite