Believe it or not, pricing is just a made-up number. But there are things to take into consideration to come up with that number.
Pricing is just a number, you can charge whatever you like, you can say it’s a million dollars. It’s $3,000. It’s $2,000.
But how do you come up with a number that reflects a profit you are happy with?
How we come up with a price is firstly competitors analysis, we need to see what other people are charging. It is not so that we can copy them, it’s so that we know what is out there because we have to handle objections.
If you can handle someone’s objection, if someone says ‘but they charging $7 and you charging $700’ you need to know that information so that, straight away, you can give them the reason.
These guys who run an online fitness business, they contacted me and they had about four meetings with me, but they kept saying to me, ‘I don’t understand because I can go into YouTube and I can get this information for free’. Or ‘I can download an ebook and I can get this information for free’. ‘Why are you charging this much?’ And I said well if that works, wouldn’t everybody be rich? If downloading those ebooks and following those steps and watching YouTube videos and on how to grow Page was all it took wouldn’t we all be rich if it was that easy?
So you just need to be able to justify your price. And more than anything people pay for accountability. All the gyms are going, ‘we are doing online programs’. Well, guess what? Yes, you have to. So that’s nothing new. We’re charging $20 a week. Well, everybody’s charging $20 a week but why must I pay you $20 a week for standing and staring at a screen watching you and I can watch Michelle Bridges online for free? But, most of the time when it comes to coaching, it’s accountability.
Whatever objections you get with price, you have to be able to show that you have success stories, people want to see or hear from other people, their achievements that they’ve had. And they want social proof which is testimonials. Believe it or not, some people will pay you because you are more expensive because you are more professional, others will go No, no, I’m quite happy not to. And guess what, they’ll get screwed and they’ll come back full circle, it always happens. The other thing is that it has to be a desirable offer if the offer is not right, they’re not going to do it.
The next thing is the delivery. How are you delivering it because if the delivery is not smooth, and it’s cheap and nasty, people aren’t going to be prepared or happy to pay for that?
You can charge whatever you like, but you have to deliver it well. You’ve got to market it well with the right language. You’ve got to solve the right problem with a desirable. You’ve got to handle those objections before they even get placed. So we handle those objections in our marketing. And we want to make sure that that we’re talking to the right person, and we’re using the right language that we’re effectively communicating it. You know, people hear me say it again and again. And I just think, I hope that they understand the importance of what it is that I’m saying. Because if someone doesn’t understand it, then they’re not going to do it. The gym ones that are coming through at the moment, the first three lines say the same thing, ‘online and in the safety of your own home’. No shit Sherlock. It’s COVID that’s where we’re stuck. So you’ve wasted the first three lines of your heading to capture the right person?
In summary, the pricing is important, but more important is your ability to justify it and your marketing of that price.
Sometimes it takes working with a coach to figure these things out. Feel free to book a call using the buttons below.My Signature Programs Book A Call Subscribe