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.The full transcript for this episode are at prosperouscoach.com/60Common Pricing Strategies and What Works Best for CoachingI can think of 3 common pricing strategies for pricing:1.     Cost plus pricing – where you calculate your costs then mark up the program so it pays you well.2.     Competitive pricing – where you set your price based on your competition.3.     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. ; )Read more about pricing your Signature Program here.