Why I Decided to Publish Prices for Coaching
I've gone back and forth over the years on publishing prices and not posting them as a certified life coach. It's easier to sell people services when you meet with them first and figure out their pain points, which is why most coaches don't list the prices.
The other day, I quietly published my prices and put my standard coaching packages in our store. Considering it is easier to make the sale by not publishing the price, why would I do that?
Here are the five primary reasons why I decided to make a change and make my prices public.
1. Pre-Screen Prospects to Save Time
I run two businesses and have five kids, so it shouldn't be hard to figure out that I hate wasting time.
The other day, I gave a lady a free consultation. We visited for a half-hour, and it was obvious to me that I could help her with her goal of improving her financial situation so that she could create a better life for herself and her children. I knew that if she followed my advice, she could eventually end up adding tens of thousands of dollars every year to her salary by switching her career path.
The return on her investment would probably have been astronomical, but she was hung up on the cost and didn't buy. I lost a half-hour of time on that call that I'll never get back. While I do convert a large percentage of free calls like that into paying customers, there are also quite a few that end that way. By publishing my coaching prices, I should avoid wasting time on calls like that.
2. Make it Easier for Serious Clients
Another reason I decided to make my prices public is it makes it easier for someone who already knows they are ready to buy. They don't have to waste their time on a free consultation call (a.k.a. a sales call), they can buy off my coaching page and schedule their first appointment right away.
I'm a big fan of anything that saves both my client and myself time.
3. Encourage People Who Think it is Going to be Too Expensive
Private one-on-one coaching with Tony Robbins is reportedly $1 million a year, which gives you an hour session each month. That's because he's a celebrity, and someone is going to pay that to say that they did. If you have a million a year to blow and want to be able to brag to your friends that you are working directly with him, go for it.
There are also twenty-year-old kids supposedly charging tens of thousands of dollars for coaching. The funny thing is that I've noticed that most of those kids seem to be earning money by telling others how to make money
Prices like that can scare off nearly anyone, and knowing those; people may think a guy with decades of field experience is going to charge them hundreds of thousands of dollars, so why even bother jumping on a call? I hope that by publishing prices, it'll allow some to realize that it can more affordable than they initially thought.
If I've learned one thing by being in business for several decades, it is that limited availability and deep discounts can drive business. By publishing prices, I can run sales, which will lead to more clients.
Which reminds me, all coaching services are on sale this week!
5. Crowd Control
If things get too busy, I can always increase my prices until people stop signing up. Maybe I'll stick it at a million a year if I get fully booked just for giggles as Tony does. Who knows, maybe someone will fork it over.