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If you've been coaching for awhile, you may be asking yourself when and how to raise your prices. Many professionals are hesitant to do this - worrying they'll scare away new clients, and lost existing clients.
However raising fees is a natural, healthy progression as you gain experience and clients. And - it can make you more attractive!
Here are some tips to help you with the process.
Know your worth
The biggest barrier to raising prices may not be the client, but you.
If you don't think you are worthy of a higher price it will be difficult to ask for, and very difficult to get. Become clear you are offering value at this higher price, before you raise your fee.
How do you do this? Look to the results your clients are achieving in their lives. And look to your testimonials to remind yourself what they are achieving.
Add value to your services
Could you add more support emails? 'Power' coaching calls between sessions? Lengthen your sessions?
Wouldn't your clients feel better paying you $2,000 if you said: "And, I'm currently including a year of email support following our 3 months together". 99% of clients won't use it, but it will help them to justify paying you more.
Can you give them access to forms? Ebooks? Maybe mail them a very useful book?
Do you have access to many contacts - so you can put them in touch with the right person at the right time?
Will you offer a complimentary session to their friends or colleagues when in need?
Would you record your phone sessions (or face to face sessions) on your computer and email them the session? (Or use old fashioned cassettes). This way they can listen to it again and again -perhaps in several month's time when they need a pick-me-up. How valuable is this?
Another cool tip is to offer a guarantee. You could increase your fee by 50% and offer a full re'fund if they don't achieve their result. I don't use them myself because I want my clients to take 100% responsibility for their actions and results. But if you're very confident they'll achieve the results, this is another way to get your fees up.
Create a 'Gold Package'
Instead of raising prices for your current service, you can create a new and improved service. You can split your service into say a silver and gold version, and add all the value to the second or gold service. People like different price points.
For example, the Silver Package might be 3x 30 minute calls per month. The Gold Package might be 3 x 45 minute calls per month, plus 'Power Call' access as required, and free emailed copies of your sessions.
Negotiate a performance-related payment
If clients are hesitant to pay you 50% more, how about: "Here is my flat fee, and here's the bonus payment that is paid ONLY when you achieve your target."
This way if they don't hit the target your fees haven't increased. If they do - well they're pretty happy to pay the higher fee.
Enhance your credibility
I felt able to increase my fees when I did things that made me feel more like an expert. A few radio interviews - and I put them on my site. A few newspaper stories - again on my site. Achieved certification as a coach - put that on my site. Coached on national TV, Chaired the ICF publicity committee, founded a school......as I did each of these I was perceived by myself and others as a leader in what I do. Some of these things may take you some time to achieve - but it helps you justify the higher fees.
Fill your practice
When you have 5 clients and are hungry for more, it's very hard to increase your fees. However, when you're coaching 20 people and feeling fine if the next five people say no, then RAISE YOUR FEES. I have done this several times, and the drop in the number of clients was very small. Plus - it gave me a little more breathing space.
[END OF PART I]
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