Have you ever wondered what the best way is to find the pricing ‘sweet spot’ for your program and services?
It’s that perfect blend of what your education and experience is worth compared to whether your would-be clients see the value in your offer and have the money to invest.
Whew! That’s a lot of ingredients to take into consideration, right?
It doesn’t matter if you’re pricing a paid workshop, one-on-one VIP coaching or a group program, it all comes down to the offer and what your ideal clients are willing to invest to get a solution.
A very common question we see from health coaches is how to price their coaching programs. This can be a real quandary since there are several options to consider, and it can keep them stuck in analysis paralysis.
Because there isn’t one set answer about how to do this, we wanted to share a formula with you on the podcast to help you make a plan that you feel good about, so you can check this off your to-do list once and for all.
THE FORMULA FOR PRICING YOUR HEALTH COACHING PROGRAMS
In episode 260 of The Wellness Business Podcast, we are sharing the 3-part formula we teach our clients that break down the following elements of the pricing puzzle:
- What Your Ideal Client Wants
- Your Revenue Goals
- Pricing and Program Model Options
Once you have these 3 elements figured out, you will feel more confident about what you are charging and the value you are providing to your clients.
THREE WAYS TO PRICE YOUR PROGRAMS AND SERVICES
STEP #1: Know What Your Ideal Client Wants
The first step to pricing and packaging your coaching programs is to find out what your ideal client wants and needs so you can present the perfect solution. A coaching program that is general or vague will be hard to sell because people are looking for help with a specific issue, goal or challenge.
Here’s what you want to get clear about:
- What specific problems or struggles are they facing right now related to your niche?
- How are they feeling about their current situation now, and what outcome or result do they want?
STEP #2: Know Your Revenue Goals
This is very important, but it’s often overlooked. If you want to have a business instead of a hobby, being clear on the revenue you want to earn is part of being a business owner.
- How much income do you want to earn? Be specific so you know what goal you want to achieve.
- Set short-term and long-term goals (30 days, 90 days, 1 year)
- Once you know your revenue goals, it will be easier to figure out how you’re going to achieve them, and we’ll be covering more on this in a bit.
Consider how many hours you have each month to dedicate to coaching clients. If you are working a part time or full-time job already, you will have fewer hours to dedicate to your business and that’s totally fine. The key is to figure out how to make it work for you where you are right now.
STEP #3: Pricing and Program Model Options
There are several ways to price your coaching programs, and one thing to keep in mind is that the more specific your solution, the more you can charge (one more great reason to go all in on a niche).
Here are a few pricing options:
- Per session
- Per month
- Per package
Links/Resources mentioned on the show:
Free Guide and Workbook: The Secrets to Pricing and Packaging Health Coaching Programs that Sell
Links to resources: