Are you not sure of where to land when it comes to pricing your high-level coaching program?
Well, have no fear because I’ll be sharing with you the five strategies to help you land on the perfect price for your group coaching program.
This is step four of a five-part series, helping you create, launch, and sell your high-level coaching program. I used the exact five steps to pave out of my living from pay-check to pay-check to creating my program and landing $11,964 in just five days.
If you missed steps one, two, and three of the five episodes, I highly recommend going back and have a read. Over there, you will learn how to get crystal clear on your promise to clients, how to outline and identify your process to help them, and how to package your first group coaching program, respectively.
I’m so happy and grateful that you’ve taken your time to dive into this five-part series. Not only have I proved it in my own business’s health, but also to one of my clients who barely afforded $5 for an initial coffee meet-up and was facing eviction. She went through the series and successfully turned her life around, earning her $200,000 in her first year of high-level coaching.
So, if she can do it, if I can do it, you can do it!
Here are the five quick strategies to help you land on the perfect price for your program.
Identify your value results, both tangible and intangible.
Write down both the tangible and the intangible value results that your prospective clients will get from going through your program. Some of the intangible values include a sense of peace, joy, and freedom. Tangible costs are things you can quantify. Examples include an increased number of clients, increased sales, and the number of inches lost around their waist.
Identify the financial value of your own experience and expertise.
If you have the experience of helping people in your professional life, in your regular 9-5 job, where you earn $50 per hour, for example, and you’re just paving it into your side hustle, then you could hold yourself still at that $50 per hour value.
If you’re entirely a newbie, you just decided into navigating the coaching world; for your high-level group coaching program, I recommend that you go anywhere from $497 to $997 for a start.
For experts who have a proven background, education backed, professional development, and who have gotten their clients’ real-life results, you can price your monthly coaching program anywhere from $2500 to $3000.
These are just suggestions. Ultimately, the best strategy that can work is, find a quiet place, calm yourself, take a deep breath, and then ask yourself the question, “What’s the perfect price for my program?” And then listen, your intuition will give you an answer, it might be in the form of a whisper, but you will get an answer.
Jot that number down, pen to paper, and then give it a day or so and see if it feels okay. Do know that, even if you get one number, you can always change it. You’re the boss; there are no rules.
Think about the goals
If you work currently in a 9-5 gig, and you’re trying to turn your side hustle coaching into a full-time salary, then you need to set targets that will make the equivalent of what your 9-5 gig is. If you’re earning about $50,000 in a year, and you’re ready to ditch your 9-5 gig, then set that target goal of $50,000 or more.
Remember, you’re the boss; there’s no right or wrong answer here. Reverse engineer your target goal and ask yourself, “How much time do I want to spend with each of my clients in this high-level group coaching program? How much can I charge them that I would feel comfortable? How many people do I want to serve?”
Understand conversion rates
In the online marketing world, especially if you’re a newbie, you need to learn that if you’re going to rely on just email marketing, your conversion rate is about 1%. Whenever you decide to land on your ideal number of clients inside of your group coaching program, you need to divide that by 1% so that you know how many people you need to reach via email to have a shot at closing that sale at that price.
If you’re going to do more of the old school, when you’re just beginning, and you have no email list, I highly recommend you do this. It’s exactly what I did to land my first round of clients and to successfully create, launch, and sell my group coaching program within a week.
A typical conversion for over the phone closure is 25% to 75%. If you’re terrible and you’re closing with 25%, and you aim to enroll ten students, that means you’re going to speak to at least 40 people.
Set up a merchant account
You can use something like Paypal, Square, Stripe, or whatever account works for you. Do factor in that your merchant account does take a 3% service fee. When you’re reverse calculating your target goal, and you’re landing on that perfect price for yourself, make sure to consider that 3% fee.
There is no wrong or right answer for creating your perfect price for your program. It’s okay to try something out and change it later.
When it comes to creating your own coaching business, there are no rules. You’re the boss; you decide.
00:00 Episode introduction
00:44 Episode intro - 4th video of the 5 part video series - Landing on the perfect price
02:20 5 Strategies to land a perfect price for your program
03:09 Write down the tangible and intangible value results
03:44 Identify the financial value of your experience, expertise, knowledge, skills, and abilities
05:09 Honestly ask yourself what your perfect price is
05:45 Think about your goal
07:12 Understanding conversion rates
08:38 There is no right or wrong answer for creating your perfect price
09:50 Take the step, overcome that fear, and keep striving
Get your free Step Up copy here: https://www.mollyannluna.com/stepup
Connect with Molly Ann Luna on Social: @mollyannluna
Youtube version of the episode: https://youtu.be/ltY5xvux8_w
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