In this article I’m going to show you step by step how to increase your prices and make more money.
Even a 5-10% increase in prices is significant. That could be 5k a year or more easily. What could you do with that?
If you get this right you’ll make more money of course, but you’ll also deliver more value to your existing clients, make a bigger impact and actually attract more people to you. Pretty cool right?
Unfortunately, most coaches and educators simply do not know how to do this and as a result are working with the same prices they did 5 years ago are poorer, not delivering the value they want and gradually eroding away their goodwill and energy! Not cool at all.
The reason why is simple – you’re afraid that you’ll upset your customer base and that people won’t pay that higher price point.
From experience this is one of the major issues, even for experienced coaches. And often you know this, but still don’t do anything about it. Why? I figure it’s one of three reasons.
Because it can feel uncomfortable having these conversations.
Your business is on a knife edge and losing one or more clients is scary.
You just do not know the process of how to do this.
The good news is that I’m going to share that exact formula with you now, and you will be able to implement this immediately and begin to make more money.
Ready? Let’s go.
Step 1: Understand your current position by conducting a brief audit. What are all your customers paying, how long have they been paying this and what support are you giving them for those prices?
This is critical because if you don’t know your current position how can you improve it? It can only go up from here!
Not too long ago I was working with a client and when we did this task it was clear that her prices had not increased for over 8 years! When you frame it like that it’s pretty easy to have a sensible conversation with each client and let them know that you need to bump up the numbers a little.
Step 2: Add leveraged value to your programmes.
You’re not just selling sessions you’re selling an outcome, a transformation, and you’re also selling an experience. The goal here is to add value in a way that doesn’t cost you too much time.
Some examples would be setting up a Facebook or whatsapp group to support them with a daily video. Writing a general nutrition plan, giving them mobility and stretching work, inviting them to events, lots of options here.
The key is committing to this new structure and delivering a higher level of experience.
Step 3: Create new programmes at your idea price point and publish them!
This a huge step and actually could be the subject of an entire newsletter. Keeping it simple start with a question to yourself – if you knew that people would buy your stuff what would that programme and offering look like and what would you charge?
In other words don’t be bound by what’s gone before think about what you really want to offer and what you want to be paid. Then publish it on your website, socials or wherever you do things.
By publishing it your existing clients may see it which is a good thing, but even if they don’t it shows people you’re serious about your business growth and the impact you want to make.
Ideally you would publish on your website, then send an email to your email list (if you have one – you definitely should!!), and then you know your existing clients will see it. Maybe do an explainer video on your socials telling people about the programmes and what they deliver for people.
Which takes me into the final step…
Step 4: The ‘pre-meeting’ message.
So if you’ve followed steps 1-3 some cool things will have happened. You’ll know what your currently charging and your current position, you’ll have already committed to adding leveraged value to your existing clients which they will have noticed (because they will be experiencing the value), and finally they will have seen that you mean business and have published new programmes at new prices.
This is all good.
Now what you need to do is drop each client a message and say the following: “Hey X, could we grab 5 minutes before the session tomorrow for a quick catch up, I have something to talk to you about”.
More than likely the client will figure things out. But it doesn’t matter if not. The message positions the meeting, and that’s the goal here.
Step 5: The Meeting.
Ok this might sound scary but just go with me for a minute because remember this is about giving yourself a handsome pay rise that gives you more freedom.
When you get into that conversation with them you’re goal is to have a sensible conversation where you simply move the client up a little bit.
If you’re new programmes are double your current programmes don’t jump straight to that. Instead position them at double but say something like:
“My goal is to grow the business and I love working with you. You’ve probably already seen that I’m delivering more for you in the group/whatsapp/events etc. I’d like to get you onto this programme (you’re new thing) but I appreciate it’s a big jump in price. I wondered if I could talk you through it now and we can agree on something that’s works for both of us. How does that sound?”
Now wait for the client to speak next.
My bet is that they will be more than agreeable and you can have a healthy conversation with them. If you have a bottom line of 10% in your mind anything more than that is a huge win right?
Step 6: The Follow Up.
That same day send another message to that client saying how you’re really pleased to be working with them and how you are excited for the next phase. And then really double down on the leveraged value and the deliverables you’ve agreed.
What’s next?
This is just for existing clients not for new clients. that’s a whole different ball game, but it does start with step 3 above, creating new programmes. I’ll cover that in a newsletter soon.
If you like this post please share it with someone.
Follow me on instagram for video content, I did a video version of ‘the meeting’ over there for you to check out.
Follow me on Linkedin for business content that will help you.
Join my entrepreneur coaches group for free support.
Contact me if you want to talk to me about bespoke business coaching support.
I’ll be back soon,
Much love,
Brendan
