I have something in common with Indiana Jones:
I hate snakes.
But if there’s one thing that I hate more than snakes, it’s seeing coaches charging too little for their services!
Last week, I shared a story in The Coaching Jungle Facebook group which highlights an important point about pricing …
==========
Waiting at the car dealership while they’re doing something to my vehicle, and I’m learning LOTS from “Influence” by Robert Cialdini …
Being an impatient guy, this makes waiting at the dealership for a few hours much more bearable 🙂
One good story relates to coaches and how we price our services. Here’s the Cliff’s Notes version:
A jewelry store owner was having trouble selling turquoise pieces that she had in her inventory. She tried everything she could think of to sell them, but had no luck.
The night before leaving on an out-of-town buying trip, the frustrated owner wrote a note to her head saleswoman: “Everything in this display case, price x 1/2”.
When she got back a few days later, every piece was sold!
But guess what? The salesperson misread the “1/2” on the note as a “2”, and had doubled the prices instead of cutting them in half!
Prices were doubled? And they sold out? Why?!
The tourists coming into the shop naturally equated the higher price with quality, and snatched them up.
How can you apply this lesson to your coaching?
It kills me to see coaches charging peanuts (or even worse, free) to “gain experience”, “build up my name”, “get referrals” etc …
Talking with coaches on a daily basis, I see crazy examples. One was a coach charging $47 for a 6 week group coaching program. That’s not $47 per call, that’s $47 for the WHOLE program (note: this wasn’t a DIY program, she would be working directly with them for this fee) …
She priced it so low to fill it up, but had zero seats filled.
It’s a bad way to run a business, and you’re killing your confidence the longer that you do it.
You’re providing a valuable service. If someone can’t grasp that, move on and work with someone who does!
==========
If you’re having trouble getting the fees that you should be getting, drop me a line. We’ll connect and I’ll show you what you can be doing to get paid what you’re worth (without mistaken price stickers!)
