(This post was originally published on the International Coaching Federation’s blog, June 25, 2015)
Pricing is such an important topic, this will be a 2-part blog post. In this one I will cover pricing for your 1:1 coaching clients, and next month I’ll talk about pricing for your other offerings. (I’ll encourage you to consider offering other programs in order to supplement your 1:1 coaching revenues so your business will be sustainable).
Pricing – Part One:
Pricing your 1:1 coaching – with authenticity – is essential to both modeling the distinction you bring to your clients, as well as to ensure you will have a sustainable and revenue-generating business. It is important to get the pricing right for your client base – not too high and not too low.
Pricing involves both art and science in order to establish fees in a way that is both aligned with your values and vision (your personal brand), as well as what is right for your primary and secondary clients and for your market. It begins with establishing your pricing philosophy.
It is important to decide if, based on your experience and skill as well as your personal clarity, you want to be known as low cost, good value or high-end in your pricing. Do you want to be known for discounts, complimentary offerings, or staying firm on your pricing (and being willing to lose the client if you and your pricing are not a right fit)? All of this clarity and context provides guidance for the end pricing as well.
If your pricing philosophy is to be known as between good value and high-end and the clients you are targeting are new moms with low incomes, there will be a mismatch. If you have 25 years experience in a field that your organizational clients are in, and you have good relationships, you are ICF Accredited, have lots of testimonials, and a strong offering (not to mention confidence in the value you deliver) then there will be a better fit.
Here are some questions you can reflect on to develop your pricing philosophy and then to apply it to your 1:1 coaching.
The questions begin with getting the Right Mindset and Clarity to develop your pricing philosophy; second is to set up the Business Rigor and Discipline that is required to ensure everything you do in terms of pricing is aligned to your personal brand; Somatic Support is third (i.e. how will you align your body with your mind and heart in order to manage the “discomfort of the ask” for the pricing you have decided upon); and the final bucket is Learnings and Celebration as you learn and evolve.
Right Mindset (Clarity for Your Personal Brand)
- How do you think about pricing currently?
- What is your pricing philosophy? Do you want to be known as high-end, good value or low cost? What feels right given your personal values, vision – i.e. personal brand?
- What are your primary clients’ expectations for pricing? Your secondary clients?
- Are they the same or different?
- Do your clients work with other kinds of practitioners where they are familiar with the range pricing fits within?
- What fees do other coaches in your field use? Do they have the same pricing philosophy as you do?
- Have you tested your pricing out with your primary clients? What feedback have you received?
Business Discipline and Rigor
- How much will you price your 1:1 coaching?
- Will you price it using an hourly rate? An overall program rate?
- Will you offer coaching by the session? Several sessions/month? Several months/program?
- Will you have “hard” costs of materials you provide to clients (i.e. an assessment or reference book)? How are these included in your pricing?
- Will you offer complimentary sessions? If so, how long and what will is your intention for them?
- How and when will you communicate your pricing? In an initial meeting? Through a formal proposal (that when agreed upon becomes the contract)?
- If the overall price for a 1:1 program is too high for the client, do you reduce the price or the scope?
Somatic Support (Right Body Language)
Do you have an ongoing practice of paying attention to when you are aligned with your authentic self and values? If not, reflect on the following:
- What occurs for you in the body when you reflect on the price for your 1:1 coaching? Is it aligned with your authentic self or your personal brand? Where do you notice it in the body? What do you notice?
- What occurs for you in the body when your pricing is out of alignment with your personal brand? What do you notice in the body and where?
- How will you adjust your pricing to bring it into alignment?
How could you shift your body language, in the moment, to support you to stay present through the discomfort of asking for the pricing that feels aligned with your personal brand?
As a reminder, have you learned about the ABCs of self-managing? How often are you practicing this each day?
Learnings and Celebration
- What are you learning about your clients as you test your pricing?
- What are you learning about your self as you evolve your pricing philosophy?
- How will you apply what you are learning?
- What is going well in terms of pricing? How will you celebrate your success?
Email me at email@example.com if you would like a PDF copy of this blog post.
Want to discuss this topic some more? Join me for a FREE group “Virtual Tea” and conversation on the following date and times. This is a live interaction with Tana and other coaches – questions are encouraged!
Simply RSVP for the time that works best for you. See you soon!
Date: July 14th
Times: 9 am PT/12pm ET Register here.
or 3 pm PT/6pm ET. Register here.