You layout your offer, but the client responds with, “That sounds great, but I can’t afford it.”
So what’s a person to do?
Many times, a coach’s first response is to lower their rate. After all, they reason, she really does need my help. Plus it’s good karma, and she’ll talk about me with her friends, and refer business to me later.
That may be true but what you end up with is a client who takes far too much of your time, and for less money than you deserve. You wind up resentful, and wondering why you aren’t earning the living you know you’re capable of.
Does this sound familiar?
If so, then here’s what you need to do: Make a promise to yourself right now that you will never again lower your rates to appeal to a client! Doing so devalues your services, makes the client less likely to follow through, and worse, makes you feel terrible later.
It’s not that you can never have a special offer or deal but I do want you to change how those offers are made. Here’s how it works.
Let’s say you offer:
- 1 45-minute call per month
- 1 email per day
- 1 in-person meeting per quarter
- and 1 mastermind retreat per year
and a potential client claims to not be able to afford your asking price of $1,000 per month, instead of offering to reduce the price, you offer to reduce the price and the package.
What’s happens is the offer you now make to her now excludes one of the previously included items. Make sense?
Your rates aren’t so low that you feel used, but at the same time, you’ve worked with her to create a plan she can afford. It’s a true win-win for both of you.
This technique isn’t only for a specific type of coach or niche, unless you’re charging strictly by the hour. If that’s the case, take a look at how you can reduce the number of hours you need to invest while still providing value.
One example I can give you is that if you were offering four one-hour calls, change the plan to just two calls, including email follow-ups. She’ll still get plenty of value, and you’ll free up some time by inviting email questions rather than blocks of time on the phone.
Remember these tips if the future if you’re asked to reduce your rates. Instead, take a close look at how you can lower both the cost and the services you’re offering. That way you’ll never feel as if you’ve been taken advantage of, and your clients will still get great service.
After you’ve set prices, its time to start marketing! If you’d like 1 on 1 help with pricing OR marketing for your products or services, we would love to talk to you! You can schedule a complimentary call with our chief Business Strategist & Productivity Coach Angel Santos at schedule.growmybrand.org or call us at 713-348-5157.
Can’t wait for a call? Check out our Business Building Bundle at http://growmybrand.org/index.php/training/!