How do I price my coaching and workshops is one of the biggest topics I hear coaches ask about, especially new coaches just starting out.
I hope this blog gives you food for thought when it comes to pricing your services.
There are two things I would like you to think about here. Your financial success and the value you deliver. It’s not just about setting a number; it’s about understanding your worth, the value you bring to your clients, and positioning yourself in the market.
- Understand Your Value Proposition
Before you can set your prices, you need to have a clear understanding of the unique value you offer. Think about the following:
- Experience and Expertise: What specific skills, knowledge, and experience do you bring to the table? It’s not just about your Gallup or ICF accreditation but the other ‘smarts’ you have to offer.
- Client Outcomes: What results have you helped your clients achieve? Collect testimonials and case studies that highlight your impact. These don’t just have to be in your own business, especially if you are just starting out. Think about the outcomes you achieved in a previous role, be that in an HR role or as the University student liaison officer. Who did you help, and how?
- Unique Selling Proposition (USP) What sets you apart from other coaches? Identify what makes your coaching unique. Hint – your Strengths and how they show up are your biggest differentiator, plus your own unique experiences.
- Conduct Market Research
Research what other coaches in your niche (note my niche is humans and I personally am not a big believer is niche’s) are charging. This will give you a benchmark for your pricing. Who are your competitors, and what are they charging for a similar service?
This year at the Coaches Connect, Learn and Share event we conducted a poll again (we did the same last year with similar results) see below some prices. You will notice a big variability.
Gallup, on their website, lists the prices for coaching.
For Coaches and Managers $495 USD ($820 AUD)
Consider the financial capabilities of your target audience. High-end executives and corporates can afford different rates than small business owners or individuals.
- Offer Tiered Pricing Packages
One effective strategy is to offer tiered pricing packages. This caters to different client needs and budgets and encourages clients to invest more for greater value. For example:
- Basic Package: Includes essential coaching sessions and basic support.
- Premium Package: Offers more frequent sessions, additional resources, and enhanced support like Voxer
- VIP Package: Provides exclusive access via Calendly or Acuity, personalized coaching plans, and direct availability for urgent consultations, nurture sequences and e2grow intergrations.
Tiered packages can help clients choose the level of investment that best suits their needs, and often, clients will opt for higher-tier packages if they see clear value. Bill Dippel in his session on Panda docs recently showed a clever way to show ‘suggested options’ and how clients can easily select these. (These recordings will be available to all Connect, Learn and Share members)
- Incorporate Value-Based Pricing
Value-based pricing focuses on the results and transformation you provide rather than the time spent. Clients are often more willing to pay higher rates if they believe the value they receive far exceeds the cost. To implement value-based pricing:
- Focus on Results: Highlight the tangible outcomes and benefits clients will receive.
- Quantify the Value: Where possible, quantify the financial, emotional, or professional benefits of your coaching.
- Communicate Clearly: Make sure your marketing materials and sales conversations clearly communicate the value and outcomes clients can expect.
Be mindful, though, of agreeing upfront how the client will measure the value and outcomes.
- Leverage Group Coaching and Workshops
Group coaching and workshops allow you to serve multiple clients simultaneously, increasing your revenue without significantly increasing your workload. This approach also offers clients a more affordable entry point while still benefiting from your expertise. Many participants in the ‘Grow your Business’ group sessions I run, enjoy the regular that they can learn and grow together and from each other not just me.
Offer Intensive sessions focused on specific topics or skills or ‘Mastermind’ topics like leveraging Cascade, Train the Trainer or Champions sessions.
Create self-paced courses that clients can purchase and complete on their own time. Lisa Cummings offers a great program for Tools and Technology for coaches that is both self-paced and group-led. She covers topics like CRM, email Nurture sequence, and marketing for coaches. I signed up, and it’s super cool and helpful. Email automation is something I need to nail.
- Continuously Review and Adjust Your Pricing
Pricing is not a set-it-and-forget-it aspect of your business. Regularly review and adjust your prices based on:
- Client Feedback: Listen to your clients’ thoughts on your pricing and value. (Double-edged sword here; I hear so many of you say I need to increase my prices, AND I want to help those just getting started!)
- Market Changes: Stay updated with industry trends and competitor pricing.
- Personal Growth: As you gain more experience and achieve better client outcomes, your value increases, and so should your prices.
Every year you are Gallup accredited and you run coaching and workshops, you gain more experience. Your experience goes up and so should your pricing. I love this little tip from Kate Toon author of Six Figures in School Hours.
- Communicate Your Worth Confidently
Finally, the way you communicate your pricing can significantly impact how clients perceive your value. Be confident and clear about your rates and the benefits clients will receive. Avoid apologetic or uncertain language. Instead, focus on the transformation and outcomes your coaching provides.
If a client pushes back on the pricing, consider a few things:
- Are they your ideal client anyway? (Blog post on this coming)
- What might they be able to offer in return? A referral, a testimonial etc
- I love Janine Garner’s (my business mentor) Youtube on Why you need to double your pricing this really helped me recently when a client asked if I could discount by pricing. I offered them a retainer instead, which they took.
Increasing revenue while serving clients meaningfully requires a strategic approach to pricing. By understanding your value, researching the market, offering tiered packages, leveraging group sessions, and continuously reviewing your pricing, you can set rates that reflect the true worth of your services. Remember, pricing is not just about making money; it’s about ensuring that your clients perceive and receive the full value of what you offer, leading to more meaningful and impactful coaching experiences.
In coaching and mentoring I offer 1 on 1 and group I often share the proposal template and pricing I use.
Here is another useful article on pricing from my Coaching Supervisor Clare Norman.
