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Mentor Monthly #103: Pricing and Negotiating Fees

1. Announcements/Offers

30 Challenge – keep your eyes open!

The challenge was so wildly successful, we’ve decided to hold a second one starting Jan 26! Keep your eyes open for the early bird special that will cut the program price in half.

Let us congratulate our big winner in the 30 day challenge – Jerry Clevenger. (As first place prize, Jerry gets an ad slot in the Mentor Monthly, and here it is!)

Credit coaching is a leading niche in today’s economy

Let Consumer Credit Coaching be a partner on your path to a prosperous coaching practice.

Learn how to quickly and easily get started as a Certified Credit & Finance Coach and build a six figure income.

Visit : www.consumercreditcoaching.com

to learn more about becoming a CCFC.

 

For Serious Players Only…

Ready to really BUMP your practice to the next level?

Ready for advanced training on creating long-term marketing engines?

Then listen in to this extensive collection of my most powerful mentoring sessions over the last three years, with your own copy of:-

“EXPLODE YOUR COACHING PRACTICE™: Proven Practice Building Secrets to Give You More Clients Than You Can Handle.”

Get your copy now:

http://www.ExplodeYourPractice.com

2. FEATURE: Pricing and Negotiating Fees

One of the most difficult parts of coaching is figuring out what your clients are willing to pay. Most coaches think that their fee is a reflection of what they are worth but that is not the whole picture. Sure, your credentials play a part in your fee but not entirely. From the moment your client starts to communicate with you, whether in person, over the phone or through your website, they are getting a perception of your value as a coach. You can build a perception of value by adding things such as a money-back guarantee. Also, adding actual results in testimonials from your clients is an easy way to build value but only do so with their permission. 

I have had many questions from coaches about listing their fees on their website. Only include your fees if your desire is to screen your potential clients. If you are a new coach who is still building a practice, you probably don’t want to do this. Getting clients to coach is a top priority for a new coach so it’s best to remain flexible and negotiate after the free introductory session. 

The most important part of negotiating a fee is to get a commitment from your potential client. Before moving into the cost of your coaching, be sure to get their commitment to move forward with their goal. Once they make the commitment, they basically have said yes to your fee!

Here are some ideas:

  • Are you willing to commit to this?

  • Are you ready to commit to having these things in your life and doing what it takes?

Once they make the commitment, now you are ready to discuss your fees. Always present the discounted 3 month or 6 month option to your client first. Then you have the power to easily negotiate if needed. Remember, they have made the commitment so now they are ready to move forward and achieve their dreams. If they do have objections to the 3 month option, here are some great options:

  • I do have a payment plan, but it is more money.

  • You can always negotiate a one month trial only if they agree to move forward with the 3 months at the end.

  • Try a 6 month option which is like paying for 5 months and getting a month free.

  • You can run specials that are limited to the first “X” people who sign up for 3 months.

Part of negotiating your fees is offering discounts to friends and family but this can prove to be very uncomfortable. Some coaches are very successful at coaching friends and family and some have another coach as a referral partner where they trade friends and family referrals. If you choose to coach friends and family, it can be difficult to come up with a fee that you feel comfortable with. I have had quite a bit of success asking my friends what fee THEY feel is fair and going with that.

Don’t forget that the more your client pays you the more seriously they are going to take the coaching. There is no need to justify your fees. So be sure to increase your fees as you gain experience. Follow the saying, “you get what you pay for”. Your clients certainly know that.

***

Action

1. Write a fees script offering 3 month or 6 month terms. Memorize and practice it. 

2. Write an “objection eliminator” or fee negotiation script. Memorize and practice it.

These two scripts will give you confidence and make discussing your fees second nature or at least more comfortable.

3. Add value to your site. Look at other websites and see how they add value. Post how you will add value to your site at the BLOG

***

This article came from an audio from Explode Your Practice. If you are looking for ways to get more clients right now, visit:

http://www.ExplodeYourPractice.com
 

Enjoy!

P.S. Got a comment on this article? Please add it to the BLOG

Mentor Monthly #102: The Power of Packages

1. Announcements/Offers

What People are Saying About ‘First Fifty Clients’?

For Serious Players Only…

Ready to really BUMP your practice to the next level?

Ready for advanced training on creating long-term marketing engines?

Then listen in to this extensive collection of my most powerful mentoring sessions over the last three years, with your own copy of:-

“EXPLODE YOUR COACHING PRACTICE™: Proven Practice Building Secrets to Give You More Clients Than You Can Handle.”

Get your copy now:

http://www.ExplodeYourPractice.com

Join the Small Business Growth Club

Get the Step by Step Training You Need to GROW, and ProfitNOW from Your Coaching Practice. Even in this economy! If you are tired of not implementing. Not getting results. Well finally, here is the step by step action program you have been looking for, for years.

Small Business Growth Club

2. FEATURE: The Power of Packages

Scott Hallman REALLY knows business.

So in this issue of MentorMonthly I’m bringing you his article
on how to greatly increase your revenue with packages…..

How To Turbo-charge Conversion and Skyrocket Profits By Finding “Sweet” Spots in Your Product or Service Offerings

Recently we have been having enormous success with teaching clients how to use packages – that is a combination of products or services that create greater perceived value and allows you to reach different price points in the market place.

Here is one of the three ways we teach on how to use The Power of Packages to instantly increase profits without spending a dime.

Tony Robbins Gets it – To the Tune of $1.7M Per Event

My friend Chet Holmes invited me to attend a Tony Robbins Unlimited Power Weekend. To my amazement, there were 3,500 people there. I noticed that people had different colored name tags and quickly learned that that was based on the “package” they signed up for. The basic “package” seemed to include the right to sit 400 rows away from Tony and a free name tag holder for $995. Then you can upgrade to the Executive Package that cost $1,295 that gives you the right to wait in line for 45 minutes before you get to make a mad dash with 1000 other people to try to get the best available seat….and you get a free coaching session (another word for soft sales call)….and then the VIP…even closer seats and a few more slicers and dicers at $1,595…then Diamond at $2,095 which lets you sit upfront and includes several extra cool things…and finally Diamond Premier at $2,595.

Based on the seating chart I created a quick Excel chart and guesstimated that this “packaging” strategy adds about $1.7M in revenue to the event I attended!

 

It hit me that there are ALWAYS people that will pay for a premium service. Yet few businesses take advantage of this simple to use strategy.


Real World Example #1
Increased New Clients Revenue by over 325%

Derek Lee of betterHealth used packages to increase average client revenue from $450 to over $1,500 by offering a package of services that are delivered over a 12 week time frame. And the cool thing is they created it and tested it on 6 prospects in just one week….all 6 took the upgraded package at an average of $1500!

Real World Example #2
Doubled profits on 20% of the Customers

Pasha Lake Cabin’s income is limited by the available cabins to rent. So they recently decided to create special premium packages that include fishing guides, special meals and more. This is a new offering but they expect 20% of the lodgers to take the package upgrade.

Real World Example #3
Increased average patient income by 30%

Dr. Eric created premium packages for the purpose of making their standard package look like a great deal…but unexpectedly, over 50% of the people opted for the premium package that cost 60% more!

As with every strategy I share with you, the Power of Packaging costs virtually zero to create and test. So go for it and ProfitNOW™.

For coaching, you can use packages in several ways:

  • Sell a “package” of months as opposed to month to month coaching. If you typically keep clients for 4 months, try selling a six month package at a discount. This can dramatically increase your income per client.
  • If you provide more than one service or product, bundle these at a discount. For example, a Fitness Coach could have a Platinum Package that includes 24 training sessions, the supplement pack, and a body fat index test.
  • A business coach could have an “upsell” package, four hours a month vs standard two, or a “downsell” package of two half hour sessions. This not only leads to increased revenue per client but also an increased client conversion as well.

So create a few versions of packages and test them out. You will be surprised how many people take advantage of them…and how your profits grow.

To Your Success,

Scott Hallman

www.smallbusinessgrowthclub.com

 

***

Action

1. Brainstorm a list of packages you could offer your clients.

2. Choose one to test out this month. Share with the blog how the package works.

3. If you already use packages in your business, share with the blog your experience with them.

***

 

Enjoy!

P.S. Got a comment on this article? Please add it to the BLOG

Mentor Monthly #100 – Special 100th Issue

1. Announcements/Offers

What People are Saying About ‘First Fifty Clients’?

Simply Brilliant!!!!!   

I listened to the disc for the first time on Monday and have already booked 45 people for exploratory sessions. I may have to extend my goal to 100 people in 100 days. I never knew I could inspire people to take advantage of a free session. You have motivated me into action and I wish to thank you for this. ” – Loretta Digger, UK

 

Visit http://www.FirstFiftyClients.com

 

Want to become a coach? Could you use a coach?

If you want to become a coach, well… it makes a lot of sense to experience coaching, don’t you think?

And if you are a coach, could this be the time to work with a coach for a month or three to move some big goals forward?

Coach Christina Johnson is offering a 75% discount on coaching if you contact her by October 20th and she still has slots available.

Even if you’re not sure you want to go for a month or more, she has 15 complimentary sessions to give away. If you’ve been wanting to move something forward in your life, I encourage you to take advantage of this offer today, by contacting Christina at workofheart123@yahoo.com or 646 420 8124.

2. FEATURE: Special 100th Issue

You might expect something for this centenary issue about getting clients, making money, or being a more effective coach.

But you know….let’s reach bigger than that. Let’s look at impacting….well, say, the planet?

Most of you know that I am passionate about the environment. So for our special 100th issue of Mentor Monthly, let’s look at how you can make a positive impact on the environment. You don’t have to do everything but the more you can do, the better for us all – yes?

I invite you to PICK THREE and implement them within a week:

What you can do

1. Replace all of your light bulbs with compact fluorescent bulbs. 

Fact: They use only 1/3 of the energy of a regular bulb. Bonus- they last longer and lower your electric bill.

Bonus – Buy your bulbs and even holiday lighting here

2. Start a compost to fertilize your plants.

Fact: Enriches soil, reduces landfills, prevents erosion on embankments of lakes and rivers, protects water resources from chemical runoff.

3. Properly inflate the tires on your car.

Fact: Reduces 400 to 700 pounds of carbon dioxide per year and you can save up to 2 weeks of gas money per year.

4. Give your car scheduled tune-ups.

Fact: Keeping your engine properly tuned can save you up to 165 gallons of gas per year.

5. Recycle as much as you can.

Fact: Glass recycling saves over 25% of the energy necessary to make glass with virgin materials. Over 1 billion pounds of post-consumer plastics are recycled annually. Recycling aluminum saves about 95% of all the energy it would take to produce aluminum from its original source and recycling just one can saves enough electricity to run a TV for 3 hours! Producing paper from recycled paper reduces air and water pollution by 50%. Recycling one ton of steel (including tin cans) saves 2,500 lbs. of iron ore, 1400 lbs. of coal, and 120 lbs. of limestone.  

6. Carpool or use public transportation.

Fact: If everyone did this only once a week it would cut vehicle emissions by 20%.  

7. Combine your errands or outings- shop for groceries only once a week.

Fact: Cutting a 20 mile trip out of your schedule each week can reduce your global warming pollution by more than 1,200 pounds a year and save you over $100 in gas.

8. Switch to natural cleaning products.

Fact: Indoor air pollution levels can be 25% to 62% greater than outdoor levels.

Bonus- Cut to the Chase Cleaning

9. Eat local produce.

Fact: Shipping burns fuel- a 5 pound package shipped by air creates 12 pounds of carbon dioxide and 3.5 pounds if shipped by truck.

10. Buy on the internet.

Fact: Eliminates the need to drive so eliminates carbon dioxide.

11. Telecommute! 

Fact: If all commuters worked from home just one day a week, we could save 5.85 billion gallons of oil and cut over 65 million metric tons of carbon dioxide each year. Wow.

12. Fly non-stop when you travel.

Fact: Non-stop flights use less fuel because most of fuel use is during take-off and landing.

13. Turn off or unplug electronics.

Fact: Your electric meter is often adding up kilowatt hours when you don’t think you are using an appliance. Unplug toasters, cell phones, and other chargers when not in use. Cable boxes and video game boxes, and to a lesser extent TVs and DVDs, use almost as much energy when they are off as when they are on. Make it easy to turn them all the way off by plugging them into a power strip and turning off the whole strip. 

14. Weather-strip and/or caulk around windows and doors.

Fact: Uses less energy for heating and cooling.

15. Insulate house.

Fact: Uses less energy for heating and cooling. 

16. Turn off lights when not in use.

Fact: A great way is to install motion sensors that will turn lights on and off for you. Lighting accounts for 12% of home energy consumption. That equals just over a ton of carbon dioxide each year.

17. Think before you print; set printers and copiers to automatically print on both sides.

Fact: It takes more energy to make a piece of paper than to print the image onto it.

18. Bring lunch to work or walk to lunch.

Fact: Reduce traffic congestion, pollution, and get good exercise.

19. Stop junk mail.

Fact: Average adult receives about 41 pounds of junk mail in a year. Eliminating 80% to 95% will keep at least 100 million trees in forests cooling the planet, protect 28 billion gallon of clean water, and would prevent the equivalent carbon dioxide emissions of 2.8 million cars.

Bonus- http://www.41pounds.org

20. Eat less meat.

Fact: If you are a vegetarian, you save 3,000 pounds of carbon dioxide emission a year compared to someone who eats meat. Poultry is less green-house gas intensive than beef. So eat a few more chicken and vegetarian meals per week. Cutting back on meat even once a week can make a difference.

21. Use energy star appliances. 

Fact: Energy efficient choices can save families about a third on their energy bill with similar savings of greenhouse gas emissions.

22. Choose green electricity from your power company. (Really – call them up and ask for the green option if they have one).  

23. Write your elected officials about your interest in improving the environment. 

Want to know your carbon footprint?

You can calculate your carbon footprint here:

http://www.terrapass.com

I hope you have enjoyed the 100th issue of Mentor Monthly. We can make a difference, so let’s!

***

Action

Choose three actions from the above list and post your commitment to doing them at the blog.
 

Enjoy!

P.S. Got a comment on this article? Please add it to the blog.

P.P.S. (I know we already sent issues #100 and #101, but those were articles we re-printed. We didn’t want to miss this opportunity to celebrate.)

MM #101: A Clever Strategy

1. Announcements/Offers

What People are Saying About ‘First Fifty Clients’?

Simply Brilliant!!!!!

 

  

I listened to the disc for the first time on Monday and have already booked 45 people for exploratory sessions. I may have to extend my goal to 100 people in 100 days. I never knew I could inspire people to take advantage of a free session. You have motivated me into action and I wish to thank you for this. ” – Loretta Digger, UK

 

Visit http://www.FirstFiftyClients.com

2. FEATURE: A Clever Strategy

Proudly reprinted from issue #50 of the Mentor Monthly

Suppose you got 1,000 visitors to your web site today.

How many would give you their email address so you can stay in touch?

5? 200?

And will they be engaged? Inspired to do a coaching session with you?

In this article I’ll tell you a very simple, yet clever strategy, which will engage your visitors in an interactive way, AND get their email address.

Start a relationship
People don’t tend to plunk down money the first time they visit a site. And they don’t want to become a client until they feel they know you a little better. So to get them interested in you and your site, try free downloads, articles and other freebies. These are excellent ways to bring people to the top of your marketing funnel.

Once you start a relationship by giving them something, it will be easier to convert your visitors to clients or sell your products.

Assessments as freebies
Assessments are a fantastic way to attract visitors. Assessments are quizzes and questionnaires that create an interactive experience for your prospects. “How Successful Are You?” “Are You Ready for a Relationship?” “Are You Stressed?”

People love to fill them out and better yet, they like to pass them on to their friends. And assessments can be powerful tools to help people learn more about themselves. In other words, they are already being coached!

Lyle Johnson, a client in my Coachstart™ Mentoring Program took this idea and turbo charged it. He created 38 assessments in one week!

I’m serious – 38 assessments, 30 questions each, and SIX EMAILS in an autoresponder series to follow up every assessment individually!

http://www.coachforoutcomes.com/assessments.htm

He used the Assessment Generator to get his assessments up that quickly (it does the programming for you).

Now I don’t expect you to be as prolific as Lyle, but you could definitely whack one up there in the next few days, and send the link to your colleagues and friends.

Get their email address
Once you have a visitor’s email, you can contact them more to build the relationship you started with the give away. And you get a chance to show them what else you can offer them (i.e. coaching, an information product, a teleclass, etc.).

Lyle has a great system for following up with potential clients who take the quizzes. He asks for their name and email address before they hit the score button. He tells them where they are based on their score, and then follows up 6 times via an autoresponder specific to that quiz! The autoresponder messages are to upsell to his coaching.

How do you set up the autoresponders? Well – that’s a topic for another article. To save you from overwhelm, I’d suggest you just start with the quiz. But for those of you ready to go to the next step – you can check out the system I recommend here.

Can you see the potential? Set up this system once and then you don’t have to email each prospect, each time. Just some tweaks here and there every so often.

What’s your freebie?
Now that you know how important having something to give away is to attracting potential clients and customers to your site, what are you going to do?

Action

  1. Brainstorm a list of 10 assessments or freebies you could offer which match your niche. 
  2. Think about what you want to upsell to (i.e. coaching, products, a course).
  3. Post the name of your assessments on the blog!
      

***

 

This was drawn from The CoachStart™ Manual, found together with hundreds of dollars in free bonuses, here.
 

Enjoy!

P.S. Got a comment on this article? Please add it to the blog.

MM #100: Using the Warm Invitation

1. Announcements/Offers

Make Your Own Coaching Career with the CoachStart™ Manual

After years of hands-on research, including personally mentoring sixty coaches, I’ve compiled everything I know about starting a successful coaching practice in one easy-to-follow manual.

Learn how to set up your business
and get clientshttp://www.CoachStart.com


And I’m so excited to hear such great feedback:

“Let me start by saying I think this manual is fantastic. It is exactly what each person thinking about starting a coaching business needs to read! The biggest thing I got from this Manual was a new sense of confidence and competence. The simple exercises and role plays you’ve provided have made me eager to try some new methods.

– Daniel Midson Short
www.lifestylerevolution.com.au

“David, I am really enjoying this Manual! It is clear, practical, comprehensive and inspirational, and it will be a great reference for me as I begin my coaching practice.”

-Carolyn Claiborne
sacredgatherings@ earthlink.net

Visit http://www.CoachStart.com

2. FEATURE: Using the Warm Invitation

Proudly reprinted from issue #11 of the Mentor Monthly

You’ve done the networking, looked through your contacts, and now have a list of people to approach for coaching.

You’ve then decided not to be so stingy, and added another 20 people to the list – people you’re not sure of, but hey – it doesn’t hurt to ask – right? And that’s where you get stuck.

How do you approach these contacts so they will become clients?

How do you do it without pressuring them?

How do you do it so you get a ‘yes’ over 80% of the time?

I call these kinds of approaches ‘warm invitations’. You aren’t calling a stranger so it isn’t a cold call. But, it’s not necessarily a hot prospect either. They are just people you know, and you would like see if they are interested in coaching.

In this article I’m going to give you a script that is proven to work. But it’s critical to note that you are NOT trying in this phone call to get them as a client. All you are going for is an ‘introductory’ or ‘exploratory’ or ‘trial’ session. Use the label that feels best for you.

The following is an excerpt from The CoachStart™ Manual:

The First Line
Are you stopped because you just have no idea what to say to see if someone would want to try coaching?

Here is a sample script to use:

“Hi, Jeff. How are you? I am calling about coaching. I am setting up my coaching practice and I am looking for high energy [put in your own descriptor if you don’t like ‘high energy’] people to do some trial coaching sessions with.”

[Pause/Listen]

Notice this is very non-threatening, yet straight-forward. It also compliments the person, making them feel good right away.

Check Interest
“But first, if you have a couple minutes, I’d like to check and see if us doing a session together even makes sense, because I don’t want to waste your time with this.”

[Pause/Listen]

Note no hard selling here. You are trying to gauge interest. This part shows that you value the client’s time.

Question
“O.k. great. So Let’s find out if there is something worth working on. What’s one thing you’d like to alter in your life?”

Or you can do other questions like, “What’s the biggest pain in your life?” or “What would you like more of in your life?” You can insert your own question and experiment with different questions. This gets them into coaching mode and helps you discover what they need.

[Pause/Listen].

Note: Discover what they want, but don’t try to work it out or solve it yet.

Set it Up
“OK, if we could find some great strategies to help you do that, would that be worth spending half an hour on?”

“Great-I won’t be charging for this. If we find a great goal that coaching could help make a big impact on, we can look at setting up a coaching structure for you. If not, then I appreciate your time in helping me with my training and development. Do you prefer Wednesday or Thursday? Phone or face to face?”

Here you are showing the value of coaching. You are asking them if they think coaching is worth their time. You are also honestly saying you are looking to gain them as a client, but at the same time allowing them not to feel pressured by thanking them for helping in your training.

Set the time and date now if possible, so there won’t be any phone tag later. Give them two date options to start them thinking of when, instead of second-guessing whether or not to do this coaching trial session.

Remember you are helping them. You are going to work with them to create an action plan for something they would love to change. It’s wonderful if they decide they would like to become a client, but don’t worry about that so much. Just get out there and do 50 trial sessions – to help the people you know! The rest will take care of itself.

So be confident and give them a call!

[Excerpted from The CoachStart™ Manual]

Action

  1. Make 3 invitations.
  2. Post your experiences on the blog!

***

This was drawn from The CoachStart™ Manual, found together with hundreds of dollars in free bonuses, here.

Enjoy!

P.S. Got a comment on this article? Please add it to the blog.

MM #99: How Big Will You Play ?

1.Announcements/Offers

How Did These Coaches Set Up Their Businesses So Quickly?

You can save yourself the hundreds or thousands of dollars you may have paid a mentor coach or training school. After personally mentoring sixty coaches and founding a coach training school, I’ve compiled everything I know about starting a successful coaching practice in one easy-to-follow Manual.

And it’s wonderful to see such huge results like this:

“I have just broken through the 50th client barrier! When I first read the Coachstart Manual, I had coached just 14 people, and thought ’50 clients…no way!’. But just five months later, it’s a reality! Thanks for all your help setting me up as a coach, I will always be grateful.”

Daniel Midson-Short, Australia
www.lifestylerevolution.com.au

“I wish I had known about the CoachStart Manual before I signed up with my training school. I could have saved myself almost £600!”

Clare Evans, UK

“I ‘inhaled’ the manual and loved it. You give very practical advice and I particularly liked the ‘sample’ dialogues that a coach might have with a prospect (warm and hot invitations) and the sample script. I practice it every chance I get. Thanks for such a great and inspiring Manual!”

Midgie Thompson, UK
www.brightfuturescoaching.com

So, let’s get started! Get your CoachStart Manual in the next 5 minutes at www.coachstart.com, and start building!

2.FEATURE: How Big Will You Play?

The year is just over half over. How have you progressed with your career goals? What do you want for the last half of this year?

For the next six months, you can decide to play full out, reaching between 10 and 20 clients and exceeding $2000 per month in revenue. Or, you can aim simply to take on a couple of non-paying clients – it’s up to you. You create your game.

Either way, one of the key principles of coaching is to get clear on what you will make happen.

If you’re committed to this process, write down or print out the below and put it somewhere you will see it regularly. Then put in place the supporting structure(s) you have chosen and come back. Tell three people you are doing this and ask if they can think of a way to support you.

Target Date

By Dec. 31, 2008 or _________________.

(You can pick a closer goal date.)

Target Clients

By target date I want to be coaching ________ clients.

Target Income

And have a monthly income of $______________.

Support Structure(s)

_____________________________________________

_____________________________________________

_____________________________________________

_____________________________________________

(What will you have in place so you can reach your target goals? i.e. regular marketing time in your schedule, a Mentor Coach, a mastermind group.)

***

This article is based on part of the CoachStart Manual, your guide to starting a coaching business.

Action

1. Decide on your career targets for the next 3-6 months.

2. Print out or write out your targets.

3. Set up your support structures.

4. Share your targets and support structures at the blog

***

Enjoy!

P.S. Got a comment on this article? Please add it to the blog.

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