How To Price High Ticket Online Coaching and Personal Training
How do you set a price that’s good for your business and that your market will respond to? Here are some of the guiding principles for finding your price point.
If there’s one question that’s on every fitness coach’s mind that they find a challenge to answer, it’s this one…
How do you figure out how much to charge your clients?
And in addition to that, how do you differentiate your pricing between online and personal coaching?
Those are the questions that I’m going to answer in this article. We’re going to look at some solid principles for how to set and test your prices so that your market responds positively. But before we get to that, we need to look at…
The Problems with Pricing
If you’re like most coaches, there are three big problems with how you’re pricing your coaching services right now:
- You don’t believe in yourself.
- You don’t charge enough.
- You’re undervalued and overworked.
What it all boils down to is that you’re not getting paid for the skills that you bring to the table. In fact, I see a lot of coaches stay at the same price point for years because they’re afraid to rock the boat. They don’t want to increase their prices because they think their clients will leave.
That’s the mental mind block that you need to overcome when choosing your price.
There’s no denying that the market will play a large part in dictating your price. But at the same time, you can’t allow fear of upsetting the market prevent you from earning what you deserve to earn.
Let’s jump into a few tips that will help you set your prices as a fitness coach.
Tip #1 – More Money = A Better Reflection on Your Value
One of those things that a lot of fitness coaches don’t realise is this:
The more money you make, and the more consistently you make it, the better reflection it is on your value.
What do I mean by that?
Money is a value indicator for your clients. When somebody sees that you’re making a lot of it, they’re going to conclude that you’re good at what you do. Because if you weren’t, people wouldn’t pay you so much for your services. They can see that others want what you have and that you’re able to fulfil their needs.
Increasing your price isn’t just about making more money. It’s about showcasing the value that you have to offer, which attracts more clients. That’s how you get the opportunity to create transformation for more people.
Tip #2 – The Price That You Charge Is What Customers Will Pay
During your career as a fitness coach, you will go through periods where you feel undervalued. And that feeling will push you to increase your prices.
But then, the objections start coming in.
Somebody will call you a rip-off or you’ll have a prospect who hesitates instead of jumping right on board. You’ll get a sale come through occasionally. But a lot of the time, you won’t know whether you’re coming or going when it comes to pricing.
This is why you need to realise that the price you charge is what your customers are willing to pay.
The trick lies in figuring out how much they’re willing to pay. And to do that, you’ve got to ask yourself one question:
How much is the result worth to the client?
Let’s say that you’ve set the result of your offer around a 12-week coaching period.
You need to define the problem that you’ll solve during that period and what result the client will get from it. You’ve also got to talk about what the result will look and feel like for the client. Then, you need to know what you can guarantee that you’ll give to the client in the timeframe that you set.
But to do that, you’ve got to figure out where they are now and where they want to be.
Your clients may come to you with a ton of different problems. Some of them will have low self-esteem and no confidence. Others want to make a change because they don’t feel healthy or they don’t fit into the right clothes.
Whatever the problem is, that’s the starting point. Your goal now is to help them see what life will look like after they work with you.
How are they going to look? How are they going to feel? What are the additional benefits they’ll experience because of the transformations they’ll make with you?
When you make the result look crystal clear, you position it as something valuable to the client. And when you do that, the client’s more likely to pay what you’re asking because they want the result.
Tip #3 – Know That They’re Paying for Your Accountability
Try asking your clients how long they’ve tried to get the result that you promise. Ask them to tell you what they’ve tried before and why it hasn’t worked.
They’ll usually tell you that they’ve tried a bunch of diets and fitness programs. In some cases, they’ve spent thousands on trying to create a transformation.
This should clue you in to what the client really wants from you.
They want an accountable coach. In particular, they want somebody who can provide organised knowledge over a tight timeframe that will get them a result.
That’s what you have to offer.
And by asking your clients what they’ve tried so far, you’ll see how valuable that offer is to them. As a result, you’ll also see that you’re likely undercharging for the value that you bring to the table.
Tip #4 – Consider the Amount of Money You’ve Invested
Does the amount you’re charging reflect the amount of money you’ve invested into coaching? Does it reflect the time you’ve put into building knowledge and gaining experience?
Every time you go to a Mastermind or take part in a course, you’re spending money to add value to yourself. You’re making yourself a smarter coach who’s more capable of delivering a result to your clients.
Your price has to reflect this.
You’ve got to periodically increase your price point to reflect the additional value you’re adding to your service.
Tip #5 – Don’t Fear Making More Money
I get that a lot of fitness coaches feel like they’re greedy if they ask for more money.
But that isn’t the case at all.
If you can make more money, you can help more people. The money will pay for advertising. It’ll pay for more education and for the tools that you need to deliver a better service to your clients.
So, you’ve got to get over these feelings of greed when it comes to money. You’re not asking for more just so you can line your pockets. You’re doing it so that you can reach more people with a valuable coaching service that will change their lives.
Tip #6 – Listen for the Word “No”
When you have a sales conversation, you’re trying to articulate and communicate your value to the client.
However, you’ve also got to listen to what the client’s saying back to you. In particular, you’re listening out for one crucial word:
If the client’s not saying “no” very often during the conversation, that’s actually not a good thing. What this tells you is that you’re likely undercharging for your coaching. It’s either that or you don’t know how to sell.
I’m going to assume you’ve got the selling bit down.
So now, I need you to look at your numbers. If you’re closing on about 70% of the clients that you call, that’s a sign that you can start creeping your price up. Such a high closing rate suggests that your clients know that they’re getting a bargain with you.
Of course, you want as many of your potential clients to say “yes” as possible. But if they’re all saying it without any objections, you’re probably giving them more than you should for the price you’re charging.
It’s Time to Tackle Your Pricing
The one thing that I can’t do is tell you exactly how much you need to charge for your coaching services.
You’ve got to answer that question yourself.
But to find that answer, you can use the tips that I’ve shared in this article. Each one of them will help you uncover the true value that you’re offering with your coaching. They’ll help you to see if you’re undervaluing yourself and if you’re seeing the pay-off from how much you invest in getting better.
They’ll also help you to see that making more money isn’t a bad thing. It’s something that you do so you can provide a better service to more people.
So, my challenge to you is to take a deep look at your current price point. Perhaps you’ll see that now is the time to start asking for a little more.
I hope this helps you to nail down the right price for the valuable coaching service that you provide. Take care.
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