3 Fool Proof Ways to Raise Your Coaching Fees, Keep them High and Attract Clients Who will Pay Them

raise fees coachingAs a business and marketing coach, one of the most common questions that I receive from my private platinum clients is “how do I raise my fees and attract clients who are willing to pay?”. Many coaches raise their fees dramatically, and then become frustrated when a consult or two doesn’t result in a signed contract, so they go back to their old pricing. Has this ever happened to you?

This dilemma keeps many coaches from raising the investment for their programs in the first place, or  precludes them from keeping their fees in the healthy range, and worse yet, from earning the income they desire, and deserve. Understanding the psychology behind the sales-process is crucial to breakthrough the “it doesn’t work” mentality, or what I call, “stinkin’ thinkin'”.

When I deconstruct with my private clients where their marketing process is struggling, the answer to why clients say “no” usually lies in one of three very important parts of the sales process:

First of all, we have to understand that clients do NOT want to pay high coaching fees. In fact, most people don’t dream about “hiring a coach someday”, or put your photo on their vision boards. This sounds harsh, but people don’t roll out of bed and think, “today’s the day I’m going to get online and find me a coach!”. They also don’t thumb through Vogue, O Magazine or Home Beautiful and see a coach on the O List or the “spring trends” checklist and whip out their MacBook and credit card, right?

Of course there always exceptions to this, but as a general rule, this is usually true. Here are three fool-proof ways to raise your fees, keep them high, and attract clients who are willing to invest:

1. Be crystal clear about the benefits clients receive in working with you: Clients hire coaches to get the results that they are dying to have. They hire us to look better, to feel better, to stop worrying about stuff, to make more money, etc. So unless the client have a solid understanding of how they will benefit by working with you, and how they will get the solution to with whatever is keeping them up at night, they won’t pay any fee (no matter how small) to hire you.

Therefore, to get high-paying clients, your consultation/break~through session MUST be very clear about how working with you with help them to achieve their goals, desires, dreams, etc. You have to show them how your work will make a difference for them in a very personal way. Explain to your client in no uncertain terms what their end results will be after working together.

2. Become comfortable with your fees: Sometimes it takes a consultation (or five) to get comfortable with saying your new and upgraded fees out loud, and clients pick up on this anxiety and then pass on signing up.

(Here are three tips to become comfortable with your new pricing structure:)

Practice saying your fees aloud, to your mirror, and to your family. (Pets are often willing listeners also).

Make a list of the top 25 ways clients get amazing results from hiring you and refer to it often.

Remember that if half as many people decline to work with you at your higher fees, but you’re charging twice as much, that’s half the work for the same amount of income you were making before. So don’t worry that less people are saying yes, you will attract even higher quality clients at your higher prices.

3. Have a systemized marketing funnel: There is a process to warming up clients who go from cold leads to hot prospects who are ready, willing and able to hire you and pay your steep coaching fees without any hesitation. For this to happen, there needs to be a relationship that you’ve previously established with your prospective client. This is where the marketing funnel comes into place. Most clients come into the funnel by trying something for free. They might download your freebie from your website, read your newsletters, read some articles on your website, attend a teleseminar, or any of these types of marketing strategies that you’ve put into place. They then will become more likely to advance through a series of products and/or programs which become progressively higher of an investment.

Once customers have become familiar with you and like what they have experienced at a smaller investment, then they will become more likely to invest with you at a higher level, such as group coaching program or a product.

Which of these three marketing strategies do you need to implement? Feel free to leave me a comment, I’d love to get your feedback.

 

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Comments

  1. I’m a total advocate for “VALUE.”

    The way I see it, you want clients value to be gained to be much greater than the coach fees associated. Then hiring you as their coach isn’t hard at all. It should be a steal!

    So the trick is how do you get the perceived value to be very high?

    I think one huge thing is that during the sample coaching session clients need to see a future place that is so much better than where they are at.

    And the difference between where the client is now and where you’re going to help them get to is a way to measure the value.

    Great post for helping coaches earn more.

    Kennhttp://www.CoachingSitesThatWork.com

  2. Thanks for sharing that Angela, glad you received confirmation in the way of positive results! Congrats. 🙂

  3. Hi friend! Spot on! I used to uncomfortable raising my fees but after witnessing the results my clients get, I know it’s worh it 🙂

  4. Hi Kayla, Thanks for your comment, I’m glad you found my tips to be helpful.

  5. Hi Carla, Clients rarely hire us because our websites are perfect, so be careful you’re not hiding out by working on parts of your business that won’t immediately attract clients and income.

    However, having an optimized website can absolutely result in having a powerful client attraction tool. Let me know if I can help you with your website, and thank you for your comment!

  6. Hi Maureen, You are absolutely right, clients who invest more, will then invest more of their energy and focus into doing the work of change.

    What would have to be true for you to get comfortable with a higher fee structure? And what is it that is holding you back? Sounds like there is a great opportunity for a mind~set breakthrough for you in this area! 🙂

  7. These are pretty good tips! The e-book is something that intrigues me…

  8. Hi Cheryl,

    You always have logical and wonderful tools from which to work with – I just need to practice all of them more!

    Thanks as always,
    Deb

  9. Great 3 tips, I need to work on all aspects! I probably need to start with updating my untouched website – and then work from there.

  10. Hi Cheryl:

    Great article and terrific ideas. I am about to raise my fees and am feeling a bit uncomfortable.

    I have also noticed that when people don’t pay the steep fees they are more likely to not follow through and as a result they don’t get the results.

    However, when we raise our fees; they clients have invested in themselves and they are more likely to follow through and experience those promised results.!

    Again, thank you for all your do!

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