Are you selling yourself short when it comes to pricing your coaching services?
Ask too much, and you’ll struggle to book new clients; ask too little, and potential clients might question the value of what you do.
Your coaching rates will depend on several factors, including your coaching niche, what your competitors charge, how much your ideal clients are willing to pay, and your track record.
Some of those factors are outside of your control. But here’s another one that’s entirely up to you, and it plays the biggest role in pricing for business coaching: The long-term value your clients get from working with you.
This article will help you find the sweet spot of coaching prices by creating maximum value – and results – for your clients.
Coaching Pricing Options: The Best Way to Structure Fees
The first big decision when it comes to pricing is how to structure your fees and coaching packages.
In this section, we’ll cover four pricing models along with the pros and cons of each:
- Hourly: the traditional pricing method for one-on-one coaching sessions.
- Value: pricing based on the value of your clients’ increased revenue after they start working with you.
- Retainer: charging a monthly rate for access to your advice.
- Subscription: clients pay a monthly fee for services beyond the traditional one-on-one coaching sessions.
Authentic Sharing Technology (AST)
With RapidFunnel’s Authentic Sharing Technology(AST) you can easily scale your business to reach more people than ever before while still connecting in meaningful ways with a growing number of clients.
Hourly: Pricing Your Time
Most new coaches start with this pricing strategy. Hourly rates are straightforward — the client pays you based on the number of coaching hours they receive.
It works, up to the point that your schedule is maxed out. Your “hourly rates” will also have to cover your prep time, sales calls, and follow-up work for each client.
That makes it tough to scale your coaching business — you’re limited to selling your time.
Another downside to this model is that the client will always be thinking about what they’re paying you every time you meet – rather than focusing on the value of what you’re helping them achieve.
Value: Pricing Based on Expected Results
Value-based pricing is determined by the results your client expects to receive from your coaching. It could be a negotiated price for a package of coaching services, but the price reflects the revenue your client will gain – not the services themselves.
For some types of business coaching and consulting, it might be structured as a percentage of the client’s increased revenue.
This can be a great option, but only if you’re confident your client will execute on your coaching. You need to be sure they’ll increase their revenue enough for you to make what you deserve.
The downsides to this model are that if the client doesn’t increase revenue based on your coaching, you don’t get paid.
Retainer: Pricing for Access
This coaching pricing strategy is where you charge a set amount per month for access. It’s a great option if you offer coaching packages in a set period, for example, a 3-month package that includes 12 coaching calls.
One of the best things about coaching retainer rates is that you can create a stable and somewhat predictable income for your coaching business.
But you’ll need to be very clear on your boundaries: how many sessions your clients will get and how often they can contact you – some clients may expect unlimited calls, texts, or emails.
With a retainer, you’ll run into the same limitations as hourly pricing. It’s easy when you have only a few clients, but difficult to scale.
Eventually, you’ll have to find a way to unlock more value for your clients – that isn’t linked to your time.
Subscription: Pricing to Unlock Your Time
This pricing model is based on a package or program to which your clients will have access as long as they continue to pay for a monthly subscription.
It might include a number of coaching sessions, but the real value lies in the resources and support that come with the subscription. Clients pay for monthly access to content that helps them execute a business goal – and you can sell an unlimited number of subscriptions.
This model is ideal for coaches and consultants who can teach an established, turn-key process to help clients grow a specific type of business – the more niche, the better!
For example, a business coach for psychotherapists might offer a subscription that includes live coaching calls – along with access to a resource library of training, templates, worksheets, and blueprints clients can use to grow their practice.
Subscriptions help you deliver maximum value to clients when they provide highly-executable processes. Depending on the niche, you might offer anything from video-based training modules and sales scripts to customizable marketing funnels and landing pages.
The main advantage of a subscription model is control over your time. It gives you more potential for long-term income, while offering more clients the ability to execute on your advice.
The trick is creating a subscription model that offers enough long-term value that clients will never want to leave!
Tips for Maximizing the Value (Аnd Price) of Your Coaching Subscription
For a subscription coaching pricing model to work, you have to offer more than just individual coaching sessions. You have to create systems and processes clients can implement in their everyday business-building activities.
High-end clients are looking for proven processes and guaranteed results. When you get it right, your clients will continue to profit for months – even years – as a member of your niche business community.
It takes an initial investment of time (and money), but once you’re up and running, this model has the power to transform your coaching business.
Before you create your coaching subscription package, dig deep to find out everything about your clients and how you can help them succeed:
- How much time do your ideal clients have to commit to your program?
- How much time do you have to commit, and what exactly will you be providing? Are you offering one-on-one coaching, mastermind sessions, group coaching, workshops, training modules, or a combination of these?
- What are the biggest challenges your clients face in reaching their business goals? Is it getting leads, closing sales, marketing, training staff, or controlling operational chaos?
- What do your clients need to do to get the results they want? Is it a series of steps you can map out, a skill you can teach, tools you can set up, or motivation and support you can offer in your membership program?
- What materials will you and your clients need? For example, PDFs, workbooks, templates, sales scripts, etc.
- Will you offer any bonuses or extras? This could mean additional audio or video training, ebooks, a private community forum, or competitions and prizes.
Once you answer those questions, you’re ready to begin putting your coaching package together.
But where to begin?
Here are a few tips for creating a high-value subscription that empowers your clients to succeed, and creates maximum value for your coaching business – with a pricing model that liberates your time!
Set Up a Learning Management System for Video Modules & Training Content
A learning management system (LMS) is a software application that allows you to deliver training tutorials in the form of videos, step-by-step guides, PDF resources, ebooks, and more.
An LMS is a great place to house video coaching content, which often forms the foundation of a training program. Video content by itself is limited, though, in how actionable it can be for clients.
It’s important to address pain points as clients are more demanding – and more distracted – than ever before. They need solutions to be more turn-key, so they can take what they learn in a video and put it into practice.
Think about how you can provide solutions within your LMS that eliminate a significant problem or to free them from the “whirlwind” of running a business – so they can grow and reach their goals.
Offer Prewritten Marketing Emails & Sales Scripts
As a niche business coach, you’ve got step-by-step methods for everything from marketing the business, to making sales calls, to following up with potential clients.
Proven email funnels and sales scripts are incredibly valuable – they have a concrete dollar value when they work!
Of course, clients will need to personalize emails and customize with their branding before they send them out to their client base – but you’re giving them a massive head start by showing them just what to say and how to say it for ultimate success.
Create Ready-to-Use Marketing Surveys
Surveys help business owners understand their customer base, but they may not always know what to ask or how to use surveys in their marketing.
When you offer a coaching subscription, you can include ready-made surveys your clients can use in their marketing, on their website or email newsletters, or on social media.
Help with Custom Lead Capture and Landing Pages
As your clients build their businesses based on your guidance, you can offer the most measurable value with resources and tools tied directly to revenue – that means capturing leads and closing sales.
Figuring out the marketing technology to do this online is often the biggest challenge you can help clients overcome. You can provide examples in your subscription package, or better yet – offer a complete system for clients to implement.
This might seem like a lot for you to build as a business coach – but you don’t have to be a digital marketer, and neither do your clients! The RapidFunnel App has all of this built-in to make it easy for you to include personalized landing pages and analytics in your subscription offer.
Curate Helpful Third-Party Resources
Another great way to offer your clients value while saving time and money is to include links to third-party resources.
Examples include free content they can easily access online that doesn’t compete with the content they’re paying you for.
This curated content can be shared in your resource library and updated to ensure things stay fresh. Use it to keep your clients up-to-date on trends in your industry and new ways to improve their businesses.
Remember – you want your membership content to be an essential hub your clients rely on.
That’s how you reduce churn, increase recurring revenue, and keep growing your base of successful clients!
Ready to Create Maximum Value for Your Coaching Clients?
Creating value isn’t easy – it’s rare to see a coach who has it all figured out. But if you’re willing to put in the effort up front, you can push through the limits of live coaching sessions and massively scale your business.
And there is a whole category of technology built for business coaches, trainers, and consultants who are ready to scale into a subscription pricing model. With a single app, you can set your clients up with all the tools, training, and marketing technology to launch and grow their businesses.
Check out the RapidFunnel App today, and see how it can help you sell more high-value coaching packages.