High Ticket Coaching Services
There is an entire industry focusing on High Ticket Coaching Services. Nowadays, you may come across people who are able to sell their programmes from, let's say, 1000$ up to even 100K$. it's great to listen to them or read their articles, but it makes you wonder abou their secret. How could you turn this around in your current low-fee model?
The answer is basically very simple. It's a mindset and depends on your target market.
I've already talked about finding the right target market in previous articles and I'm sure by now you've already read them. If not, go see for yourself.
My opinion on this is that if you want to focus on high ticket sales, that's fine, you just need to adjust your target audience for that. If you are currently targeting unemployed or low-wage employees, the likelihood of you getting a high ticket client is very slim.
Finding the right market for you
So, adjusting the target market is important. If you've already adjusted your market, you go for people who earn very good money or are high up on the corporate latter or even business owners.
I think the No. 1 thing in order to be comfortable in charging high ticket pricing is confidence. If you are confident in your service, your pricing as well as provide the right value, then you can charge nearly any amount.
Being confident in your pricing
So, how can you become more confident in charging a high ticket fee?
The first rule is to have a designed programme. This is especially important for people who want to start a high fee. The programme can be any length, and should focus on helping your clients solve their key issue(s).
Also, promotional offers are appealing to clients regardless of the price level. Imagine that you currently charge 100$ per hour or session. If you sell a 6 week programme, you might consider charging 500$ so that the client gets one session for free. If you now consider that your 6 week programme will tackle a specific issue, then this will become worth a lot more than 500$. Think of the return on the investment the client might have if you work with them, which is why this will appeal to them.
Take for example, your client is looking to overcome stagefright. They have a fear of talking in front of an audience. This affects their performance, personally as well as professionally, which is why they want to get over this fear.
Maybe they want to hold a speech for their daughter's wedding or something equally important to their personal lives, what kind of price point would you put on that if you could get rid of their fear within 6 weeks?
On the other hand, you can have a client who needs it for work since they do a lot of presentations in front of clients and need this solved in order to sell more products or services. What kind of money would they make after you finish with them?
Think about these cases for a moment because this may affect how you price it. If you could solve even a simple issue, it will be worth paying for. And in many cases, this means big money.
Charging the right amount
Now, I'm not saying take your clients to the cleaners. This is not what coaching is all about. However, you don't want to starve yourself just because you love helping people.
Finding the middle ground is important, something that will challenge you and your clients, but at the same time, brings in a decent amount of revenue so that you can continue growing your business and do the job you love to do.
But what is the right amount to charge?
Again, this is entirely down to you. Start small, you've been earning some sort of money for now (unless you just started out). Simply double your price for the next 6 months, and then double it again for the next 6 months. So, if you charge 100$ an hour, charge 200$, then 400$ and so on.
Make sure you are comfortable with your price
With that said, if you have a programme which provides certain results, and you sold it for 1500$, think about how you feel if you would double it. It may make you very uncomfortable at the beginning, so if you feel uncomfortable right now, maybe for the next client, simply charge 500$ extra. Do that for the next 1 or 2 clients and afterwards move it up to 2500$ until you reach the point where you think you should be.
Sometimes it is a process. Don't rush it. I know there are a lot of coaches out there who will tell you how to charge immense fees for a simple programme within 2 weeks of signing up. Unfortunately, for most people, this is not the case because they feel completely overwhelmed with this. Now don't get me wrong, a good handful of people will make it work and those coaches are top notch.
In order to convince yourself of raising your prices, look at the value you provide, the level of service, your achievements so far, and your own ability to deliver. If you are confident in what you do, then you can charge any amount that you feel is good enough for you.
This will also challenge your clients more. They will have an active interest in working on their problem. Think about it, if you spend $100 on a service that could give you certain results, you might be committed at first, but then eventually your motivation might go down and you say, "Ah well, it's only a hundred."
However, if you spend 5,000$ on the same programme, your level of engagement will be entirely different and as a client you would want to get results. Simply because you spent 5 frickin' grand on it.
Ways to charge your worth
Here are a few simple things you can do to actually turn around your business and start charging what you are worth:
- Assess your market
- If your market is not suitable for the amount you plan on charging, move to a different target audience
- Once your target audience/ market is identified contact them and see if they would be willing to sit down with you
- Grow your fees slowly - For example simply charge 500$ on top of a current programme. Once you start selling it, simply add additional 500$ say after 3 months time until you are happy with the fees that you are making
- Once you start selling for a higher price (no matter if it's just a few hundred $ or thousand) every time you sell, celebrate and reward yourself with something special and tell yourself that you are worth every cent.
- Continue charging more, for example every quarter raise your price by x$.
- You could also charge more every time you had a successful outcome with a client. If you start seeing that what you do works, you will automatically become more confident in your results. Then simply keep adding. For example: For every successfully completed programme, charge an extra $250 (or $500 or fill in the blank).
In this way, you will build your confidence over time and automatically grow with your business.
Happy selling everyone and should any of you have any questions, please do not hesitate to reach out.
Carsten Schnier is the No. 1 Sales Coach in Ireland and helped all his clients to achieve at least doubling their sales revenue within a 12 month period. Carsten works with businesses across different sectors who need to put more focus on sales. From soletraders to SME's up to 100 employees, Carsten is the go to sales coach in Ireland. Carsten is a big believer that sales should be a priority in any business and having the right strategy is the first step to success. Developing a customized sales and marketing strategy will help any business succeed in the long run. Carsten is hands on and he can help any client to achieve the right results as long as commitment is there. He's working with a team of professionals who can help with Time management, branding, building customer loyalty, enhancing customer service, and growing sales. If you want to get in touch with Carsten, please contact him either through his website www.coach-clinic.com or through his profile page on Life Coach Hub. Feel free to connect on LinkedIn as well.