How to price your offers AND discuss your rates with confidence #LIKEABOSS
It might just be the most stressful decision you ever have to make…
What on earth do you charge?
You’ve got the competition to consider, your own skill set, what you perceive to be your skills (yes, this is different from the former for most of us), what your market will pay, your location, and a host of other variables.
Working it out can feel like a hurdle you can’t quite get past.
Creating a solid pricing structure requires you to do a little more digging.
If you have not yet watched this quick video about pricing check it out…
Here are the 4 things to consider when pricing your offers:
This might take a little detective work, since a lot of coaches and service providers don’t publish rates. But if you pay attention to their websites and social media, ask a few discreet questions, and get on their mailing list, you can figure it out.
Be realistic about who, exactly, your competition is, though. Don’t undervalue or over-sell yourself. In other words, make sure you’re comparing yourself to another provider who shares the same skills, market, and track record, rather than simply looking at who you strive to become.
Find at least 5 experts in your industry with similar offers and see if you can dig up (AKA internet stalk) their offer pricing
YOUR SKILLS + SOCIAL PROOF.
In some fields, this is easy. There are certifications and educational programs that allow you—by virtue of having achieved them—to charge a certain rate. If you’ve followed this path, then pricing will be easy for you. If not, take a solid look at what you can legitimately claim as a skill.
Look, too, at your track record. Have you proven yourself by helping former clients (and do you have the testimonials and case studies to show for it)?
Have your former clients moved on to bigger and better coaches after working with you? (That’s a good thing!)
These are all reasons to maybe consider a higher price range than you might have first thought.
Start collecting your testimonials and any media, and start pumping your own tires by listing your credentials.
In the game of setting rates, it’s your market that has the final say. As any first year economy student can tell you, the price of anything lies where what the buyer is willing to pay meets what the seller is willing to accept.
If your goal is to give newbies a helping hand and lead them down the path to success, that unfortunately means you can look forward to low paying gigs.
That’s not a bad thing—everyone has to begin somewhere—but it does need to be acknowledged. If, on the other hand, you’re target market is more established and economically stable, then a higher fee isn’t just warranted—it’s a must.
They will expect a higher price, and will not find value in the lowest-cost provider of anything, whether it’s coffee beans or business coaching.
Factoring in your time is a big component of how much you will charge, how much time will you be spending coaching, is it 1:1 or a group coaching setting, how much time do you spend working behind the scenes reviewing questionnaires, creating programs and protocols? Factor in how many hours it takes you per program and how much an hour of your time is worth.
Finally, don’t forget that pricing is never set in stone.
If you find you’re attracting the wrong market (or no market at all) you can always change your rates. Working too hard for not enough return? Raise your rates.
It’s your business. You get to call the shots.
DISCUSSING YOUR RATES WITH CONFIDENCE
Does the topic of money make your mouth dry and your hands sweat?
If you are offering your product via a sales page and doing all the selling in your emails, well you can kinda hide behind your computer right?!
What if you are selling on a sales call? (gulp).
Discussing your rates LIKE-A-BOSS can make or break it for you.
You know that dreaded point in a conversation when someone says, “So what do you charge?”
I don’t even want them to ask you what you charge. This is YOUR call. This is YOUR show. You’re the boss (remember?!).
I want you to present your rates with confidence and I know this is where so many passionate folks have a struggle-partay.
You’re not alone.
Most of us have difficulty talking about money—especially when it comes to quoting prices for our own work (when you’re selling for someone else it somehow doesn’t feel so icky).
But if you’re going to be successful in business, you have to get over it.
Here is how I want you to do it…
1] PRACTICE IN THE MIRROR.
The first rule for declaring your prices with confidence is simply to practice. Talk to yourself in the shower. Tell your dog what your rates are. Stand in front of your mirror and say, “I charge $XXX.00 per hour.”
The more you say your rates out loud (not in your head) the more natural it will be for you.
2] SAY CHEEEEZE.
Even if you’re on the phone or writing an email, smile when you say your rates. Your tone of voice changes when you smile (as does the “tone” of your typing), and that tone can convey confidence and authority, not to mention professionalism.
3] AVOID BEING WISHY WASHY.
Listen to yourself as you speak to potential clients. Do you say things like, “Well, normally I charge…” or “Actually, my rates are…” or “Do you think that $XX.00 will work for you?”
These (and others like them) are all wishy-washy ways of talking, that do not instill confidence in your client, and worse, they make you sound like you don’t believe in yourself.
Rather than squeaking out a timid, “Um, I charge, like $1,000 per month,” straighten your back, smile, and say, “My rate for VIP coaching is $1,000 per month. Where should I send your invoice?” And then…
4] ZIP IT.
When we’re nervous or feeling intimidated, we tend to talk. We want to fill the silence with something, anything, just to avoid having to sit there uncomfortably and wonder what the other person is thinking.
But guess what?
He or she is just as uncomfortable with the silence, and psychologically, the one who speaks first is at a disadvantage.
So when you’re talking price, avoid the urge to fill the silence (especially because you’re most likely to try to justify your pricing) and let your potential client take time to respond.
Will speaking with confidence always land you a new client?
But being able to share your pricing in a clear voice will help potential clients know that you’re confident in your skills, and consequently, that you are the right coach for them.
You've got this!
~ Stephanie Joanne