Part 4 - Price Your Market & Competitors
Most coaches (and frankly, most business owners) seem to think that “pricing your competitors” means do some market research, find out what the going rate is, and then undercut that price, especially if you’re new.
I don’t believe in that strategy.
I DO believe that people pay for value, both real and perceived.
Yes, definitely do your research.
Search for other coaches who do similar work to yours.
Look at what’s included in their offerings, how long their typical coaching engagement is, and of course what they charge.
Look at any guarantees they offer or any metrics they share about their clients’ journeys (“48% of my clients see a $10,000 increase in MRR within 3 months of working with me” kind of thing).
Then look at their testimonials.
This is HUGE - remember the first part of this series, pricing your RESULTS.
Start asking yourself, “what do people pay to get this result?
”When looking at your competitors, notice the differences between any high-ticket and low-ticket offers you find (this goes back to “price your services”).
And if you notice mostly lower-priced coaches?
That’s an opportunity: start offering premium engagements and brand yourself as the VIP experience.
Notice mostly high-ticket customized coaching? There’s an opportunity to offer more one-to-many or self-guided courses as a contrast. (Of course you can always price yourself competitively with your peers too).
Yes, this research can be time-consuming, but if you’re ever asked “what makes you different from other coaches who do this,” you’ll have a more informed answer - and a ton of ideas for marketing content once you define this key differentiation for yourself.
The thing is, shopping for a coach isn’t like shopping for an airline ticket, where they all pretty much get you to where you want to go in roughly the same manner and you can just choose based on price.
Finding a coach is a deeply intimate experience, where personality fit, outcomes, and working style influence a client’s decision far more than just sheer numbers.
Finally, pay attention to how your discovery and sales calls go (and if you’ve never done any sales training, consider it).
Are people consistently saying “yes’ without hesitation?
Your price is likely too low for your market. Are people consistently balking at your pricing?
That’s actually good, unless it’s almost all of your calls, and it means you’re likely priced well.
And that concludes part 4; stay tuned for part 5, where I’ll discuss Pricing Your Experience.
- Morgan
Price Your Coaching Series