Pricing Strategies for Coaches: 7 Easy Ways to Shift your Money Mindset
Are you ready to finally crack the code on setting reasonable, realistic prices for the fabulous products and services you provide in your coaching or consulting business?
We thought so.
You're probably here for one of two reasons:
- You already set prices and haven't had the success you hoped for.
- You haven't set any prices yet because you have no clue how to get started.
Then there’s probably the added complication of feeling like an imposter when you set your prices. Whether that’s because you don’t have much (or any!) experience and don’t feel “ready” to charge high-ticket prices, or because you are simply imitating the pricing of your competitors.
Well never fear, Sherri and Jessie are here to clear the air and give you are proven pricing strategies for coaches to price their products and services.
No matter what stage of your business journey you are at, every coach goes through the same common struggles when deciding what to charge clients for the products and services they provide.
Related: The Ultimate Guide to Starting a Successful Coaching Business
The best place to start implementing your pricing strategy is with the proper money mindset.
Because no matter what pricing advice you get, it has to be able to land in order to implement it successfully. You have to be ready to receive and put that pricing strategy into action.
You've probably already heard or read a lot about this topic, including some information that might not be serving you.
So let's start fresh!
Let's shift your mindset around money and pricing to clear up any misunderstandings you may have. Then, once your money mindset is in the right place, we'll get to the actual pricing steps (in part two).
Sounds good? Let’s get to it.
Money Mindset Shift #1: Don’t charge your “worth.”
You are not a product. Your worth is not tied to this product or service.
This is about the client’s transformation. And you are the catalyst to get them there.
Think less about what you deserve and more about what results you provide.
Money Mindset Shift #2: Low price doesn’t create demand.
People don’t by coaching or consulting services solely because they are cheap. Low prices don’t create demand for the coaching industry.
So don’t try to be the “best price in town.” (That may work for furniture stores, but not for coaching businesses)
An effective pricing strategy takes into account what competitors charge without just making a lower-priced version in order to tempt clients to choose you instead.
Read more: How to Stop Comparing Your Coaching Business to Others
In fact, research shows that the more a client invests in coaching services, the more dedicated and committed they are to actually putting in the work to get the results they want and need so much.
Money Mindset Shift #3: Clearly communicate the client's transformation.
If your product or service isn’t selling, it’s usually not because of the price. It’s likely because you haven’t clearly communicated or demonstrated the transformation your clients will experience after working with you. This transformation is not the same as features.
Features are the specific details of what a product or service contains or structure it follows.
Transformation is how your client’s life will improve and change as a direct result of hiring you or purchasing your product.
Use emotional (and truthful) language to paint a picture of the transformation your clients will experience as a result of working with you.
Make the feeling of this transformation super clear and feel totally possible so they feel inspired to take action to commit to you and your services.
Related: 3 of the Most Common Mistakes Coaches Make (and How to Avoid Them)
Money Mindset Shift #4: Make sure you create services your audience truly wants before you move on to pricing them.
When developing your coaching packages, keep in mind the buying and consuming habits of your ideal client. Then, create products and services they have the time and capacity to complete so can truly do the work and get results.
Happy clients lead to more happy clients.
Consider questions like:
- Do they like to learn on videos at their own pace?
- Do they need regular quick accountability?
- Do they need hands on, do-it-with-you service?
- Do they have time for longer live coaching calls?
- Do they prefer groups or 1:1?
If you spend time and effort creating a product that your ideal client just doesn't have the need for, you will be missing the mark (and the sales).
So put your mindset where your ideal client's needs are. How they are able to show up and get the work done. Then you can create what they need (and want) the most.
Money Mindset Shift #5: Consider a lower-priced, beta test of your product, program, or service
Everyone starts somewhere. So it makes sense to get some real-world, hands on experience helping actual clients so you can get a feel for how valuable your services are.
Instead of doing mental gymnastics battling your imposter syndrome or inner critic, do a one-time beta test. That means starting at a price where you know your clients will get more value than the cost itself. And set it up so that it also feels like a win for you.
This will get you experience and results, then you can raise your prices once you see tangible proof of the quality you’re providing and the results your clients experience.
Show your brain the evidence that YOU CAN DO THIS. Because you already have!
Related: How to Get Unstuck and Take Action to Grow Your Coaching Business
Money Mindset Shift #6: Run through mental “What If” scenarios to feel more confident.
If you’re feeling nervous or unsure about putting your prices out there, run through some “what-if” questions for both best and worst case scenarios.
For example, consider these questions for the worst case scenarios:
What if they think I'm overcharging?
What if they say no?
What if they think all I care about is money?
What if I never get clients?
And here are questions for best case scenarios:
What if I feel confident and they feel it?
What if they say YES?
What if they stretch a little and feel proud about it?
What if it was the best investment they ever made?
What if their whole life changes positively because of ME asking for an investment?
Through this exercise, you will see
>> That you WILL survive the worst-case scenarios (and they're probably highly unlikely anyway).
>> That the best-case scenarios are well worth the risks of "failure."
Get inside your own head and talk your way into the right mentality. Then you can focus on putting yourself and your prices out there in the world.
Money Mindset Shift #7: Trust that you will naturally increase your price with demand.
We'll say it again: everyone has to start somewhere. And no pricing is permanent.
So take some time to run the numbers and figure out how many clients you have the capacity to help with your time and efforts right now.
Then as you learn, grow, and expand, you can increase your prices accordingly.
Bonus Tip: avoid using fake scarcity to get signups (saying things like "only 2 spots left! Hurry!"). This can feel sleazy and manipulative, like you have to rush someone into a decision rather than let it come sincerely.
Now that you have your money mindset where it needs to be, you are ready to set up your actionable pricing strategy.
Which is pretty dang exciting, right?
Which of these money mindset shifts sounds like the one that you need the most? Drop by our Instagram account and let us know!
As always, we are here to support you no matter where you are on your coaching journey.
There are so many ways to find community, advice, and help here at StarrCox.
So don’t hesitate to send us an email, Instagram message, or join our Facebook group for coaches.
Pin this image to refer back to when you set up your Coaching Business Pricing Strategy!
Are you ready to level up your coaching business?
- Get expert advice on your current business strategy
- Learn the best plan to move your business forward
- Start increasing your clients, income, and impact
Sherri & Jessie are here to quickly point you in the right direction with a 15-minute quick fix call.