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How do I create high end packages?
This is one of the most often asked questions we get from folks in our community. They want to know how to make a BIG impact AND how to make good money doing what they love! Because I believe in the Both/And Principle, that’s why I love the work that my good friend Bill Baren is doing in this world! Helping thought leaders, practitioners and experts like me and you structure their Premium Packages! In fact, when Bill mentored me around this in our business several years ago, it made a significant shift in our business. We went from charging $4500 for a coaching package to offering Premium Packages at $25,000 (and getting it!). My only regret???? Why didn’t I do it sooner! So NOW is the time let to Bill walk you through every little detail!
Here’s to your outrageous and unapologetic success!
Melinda
As you plan and launch your coaching business, you’re bound to have questions.
I know an AWESOME place where you can go to get answers: The Coaching Lifestyle Facebook Group.
I want to share with you an example of the depth of support you can receive—at no cost—when you join our community.
I’m going to paraphrase a conversation that occurred in the group when someone recently asked for advice on how to charge for a six-week course.
Ready?
Here we go:
The first step in deciding on pricing for any program is to get absolutely clear on the results someone will experience if they go through the course and play full-out.What are the promises of this course?
Patricia’s course, Starting Over After Divorce, is designed to provide the following transformation:
During Starting Over After Divorce, Patricia guides participants in getting their lives back on track after a divorce. Her program walks them through the grieving process, challenging their fears, effective communication, problem solving, working out a business relationship with their ex, and co-parenting effectively.
The next step in determining pricing is to identify what the course must entail, or how it must be structured, in order to support someone getting the promised results.Starting Over After Divorce, includes:
Six weekly, two-hour coaching sessions.
Two monthly support group sessions, two-hours each, after the initial six-course.
Invitations to a monthly live event.
Pricing a program, course, etc., is a three-part process. It’s one part, “What do I want to make?” and one part, “Reverse engineer,” and one part, “Psychology.”
First, start by asking yourself how much you’d like to charge for the program, keeping in mind the transformation you’re promising (I’ve seen successful six-week courses at all price points: $197, $497, $997, and $1997).When you consider each price point, which one lights you up? Which one makes you squeal? Which one makes you a bit nervous?
Notice how you respond to each of the price points you explore.
Next—and this is the most important consideration—look at the results your clients will walk away with. People invest in results (not coaching or masterminds or consultations or group programs).When you can convey the value of the results, people are more likely to invest.
It’s important to ensure that the value of the results is in alignment with the investment level of the program. In Patricia’s program, for example, she promises participants will “get their lives back on track after divorce.”
How much is that worth to someone?
A lot, right?! $1,000, $5,000 … some people might even say it’s priceless.
So if people perceive that the promise carries a huge value, and the product is priced at $97, then there is a disconnect. This is especially true when the participant is getting direct access to you—the more access, the higher the value.
Keep this in mind as you structure your program to actually deliver the results—and the value—people are anticipating when they pay the investment level you’re asking for.
Next, add in some psychology.The more access a participant has to you, the more they’re willing to invest. Consider whether your clients will get access to you between those weekly and twice monthly sessions. This factors into the price point.
First, pricing an item just below an even number—for example, pricing at $49 instead of $50 or $99 instead of $100—dramatically improves conversion rates because buyers perceive a greater value.
Second, studies show that there are specific breakpoints when it comes to pricing.
These include:
In other words, someone is as likely to pay $900 for a program as she is to pay $700. However, that same person may not be willing to break through that $997 price point.
You may be feeling like $997 is too high, and you may feel more comfortable charging $750. The psychology of selling factors in, here, and tells us that a buyer willing to pay $750 is just as willing to pay $997.
Set your price at $997 and add $247 to your bottom line for each sale.
From what Patricia told me, I’d consider pricing Starting Over After Divorce at $497 or $997 with installment options.
Pick that one!
I’m serious.
As entrepreneurs, we always undervalue ourselves, our impact, and our services.
But when you can stretch into that price point—the one that makes you want to vomit—your prospects will sense the value of what you’re bringing to the table.
Just as importantly, you’re able to rise to the occasion and bring the absolute best version of YOU and your services to the table. This, of course, only helps your clients get bigger, better results—faster.
Weigh everything I’ve just talked about and select the price point you feel called to select.
And keep this in mind: everything we do in our business is research.
You’ll choose a price, put it out there, see how folks respond, and see how you feel … and you’ll make tweaks and adjustments as necessary for the next round. Give yourself permission and time to research!
Finally, ask yourself what you need to set up behind the scenes to create great engagement and a strong onboarding experience, and to offer exquisite client support to help your clients get the best results in the shortest amount of time possible. Make sure your back end is organized to support you in delivering what you promise.And … that’s it—a real-life example of the kind of support you can expect to receive when you join The Coaching Lifestyle Facebook Group.
Request to join here:
Several people responded to my post saying they’d received so much value:
What can YOU gain from the group? Join here to find out:
Part Six of Six
A coach can have a huge impact on the lives of his or her clients, and I certainly know that’s been the case for me. I’ve worked with five different coaches. I hired each one for a different reason, at a different time in my life and career.
That being said, the work I did with each coach built upon the work I’d done before. My results have been greater because at each step of the way, I’ve already laid the foundation for further growth and expansion.
Here’s a summary of my experience with my fifth coach:
Stu McLaren
When Kate Steinbacher and I launched The Coaches Console, we were essentially two coaches launching a technology company. As time passed, we found that we alternated our focus between coaching and the technology, but we didn’t focus on both at the same time.
As The Coaches Console reached and surpassed the million-dollar mark, we realized we could reach more coaches if we focused on coaching and technology.
That’s where Stu came in. I hired him because he’s successfully built several multi-million-dollar businesses that bring two different worlds together under one business model—and I knew he could help me do the same. And he is. And it’s going great!
You know how you have the reason that you think you do something and then after you move forward, with hindsight, you realize there was a different reason that was necessary but you just weren’t aware of?
That’s what happened when I hired Stu. The real reason I “needed” Stu became obvious very quickly. My dad made a comment once and said when describing someone in his community “she is more gifted then she is confident.” When my dad made that statement, although he was referring to someone else, it rang through my body like a bolt of lightning. He was describing me and he didn’t even know it.
As I continue to grow my business and move deeper into unchartered territory (I’ve never created a multi-million-dollar business. I’ve never had to assemble and manage a team.”) my confidence continues to take hit after hit. My doubts creep up and sometimes it gets the best of me leaving me paralyzed or succumbing to my resistance. It wreaks havoc on me as a business owner, as a leader, as a woman.
What Stu actually provides me through his coaching is someone believing in me more than I believe in myself. And to have someone remind me, regularly, that I DO know more than I give myself credit for. That I AM more capable than I realize. Stu is there as a mirror for me to remind me of my own greatness. So often I just need that mirror and that push as I continue to take leaps and bounds outside of my comfort zone (and lead others with me). Through Stu, I’m reminded of and realizing at whole new levels the importance of surrounding myself with those people that will give me that loving push when I most need it.
Under Stu’s guidance, The Coaches Console is simplifying. And by that I don’t mean scaling back! We are putting in place the next level of systems, processes, and teams so that we can continue to better support our existing clients in even bigger ways to create their business beyond their wildest dreams so they can live the lifestyle beyond their wildest dreams. And we want to scale to bigger levels and reach even more people.
Stu has guided me in defining a simple, consistent “mega brand”: we’ve mapped out a new evolved business model, along with marketing strategies that blend together the different elements of our business. He has helped me refine our current programs, trainings, and offers to reach more people—and to structure those programs, trainings, and offers to ensure our clients get better-than-ever results. All of that in under 10 months – that’s the power of coaching, support and accountability.
I’ve never built a multi-million-dollar business before. I have no idea what I’m doing. Because Stu reminds me of what is possible, that I DO know more than I realize and that I AM capable, my confidence expands daily as I continue moving forward in this uncharted territory. He reminds me of what’s possible, what my talents are, and how they’ll assist me on this journey. He reminds me that I am capable.
And (thank goodness) he brings the fun factor into the serious nature of business growth and working with clients! Because the more fun our clients can have in the coaching and learning process, the more momentum they create, the more wins they experience, and the better results they get.
Working with coaches has transformed my life, personally and professionally.
Because you’re a coach, you already know about the benefits of coaching. But what you may not realize is the huge ripple effect that happens when you coach someone effectively; the amazing impact it has on his or her life for years to come.
That’s why, over the course of the next several weeks, I’ll be posting articles that focus on my coaches and what I learned through working with them. Stay tuned!
Meanwhile, comment below:
Have you ever had an experience where you were navigating completely uncharted territory? How did your coach help you remain confident as you did? Or, if you’ve never had a coach, tell me about how you coped as you navigated unknown terrain—and now, from hindsight, what would have been helpful to know in advance, that a coach could have pointed out to you to make this journey smoother?
Part 1 > Two Things I never go without
Part 2 > The Importance of Coaching: Kate Gave Me Possibility, Accountability, and Encouragement
Part 3 > The Importance of Coaching: Michael Showed Me How to Turn My Plan into Reality
Part 4 > The Importance of Coaching: Regena Helped Me Evolve into the Woman I Needed to Be
Part 5 >The Importance of Coaching: Justin Taught Me the Seven-Figure Strategy
Part Five of Six
A coach can have a huge impact on the lives of his or her clients, and I certainly know that’s been the case for me. I’ve worked with five different coaches. I hired each one for a different reason, at a different time in my life and career.
That being said, the work I did with each coach built upon the work I’d done before. My results have been greater because at each step of the way, I’ve already laid the foundation for further growth and expansion.
Here’s a summary of my experience with my fourth coach:
Justin Livingston
I hired Justin because I needed someone to tell me what to do to reach that seven-figure mark. Michael Port gave us the model, or structure, for The Coaches Console. Regena Thornhauser gave me the feminine, personal development piece.
Then it was time for strategy and implementation.
Bottom line: Justin took The Coaches Console to that seven-figure mark. Using four different strategies, he helped us scale to that million-dollar-mark more quickly than we would have on our own.
Obviously, the fact that Justin gave us the strategies and the action plan to get to that seven-figure mark is priceless.
But that’s not why he was invaluable. Justin was invaluable because when he brought me the proposal for our work together, I almost choked on my lunch—the dollar amount he wanted to charge us was more than I’d ever paid for anything.
At first, I was like, “There is no effing way.”
Seriously.
I told him it just wasn’t possible; we just didn’t have that kind of money to invest.
He put together a video and told me the four ways he would show me how to get to seven figures. He said, “Here’s the strategy. You’re a smart woman and I know you can do this on your own. But you’ll do it faster with my help.”
And then he showed me the Return on Investment. It was huge. Our investment paled in comparison to hitting and busting through the seven-figure mark.
Then, he sat back and allowed me to make the choice.
I had the time and space to turn my definitive statement of, “I can’t afford this,” into a creative statement of, “How can I afford this?”
That spark of creativity allowed me to see beyond the immediate “no money” situation to the potential Return on Investment when new strategies brought in more money than I could imagine.
Instead of letting that kneejerk, “there’s no effing way” reaction stop me from growing, I realized the choice was mine.
Was I willing to change?
Because he laid out the plan, right there in front of me, and I saw the exact strategies—when I’d execute them, how much money each one would stand to create, and when I could expect to see that ROI—I realized that I could afford to invest. It was just a matter of navigating my business to manage my cash flow and make it happen.
And guess what? It worked. Because I asked myself those questions, Justin was able to help us grow to seven figures … fast.
Working with coaches has transformed my life, personally and professionally.
Because you’re a coach, you already know about the benefits of coaching. But what you may not realize is the huge ripple effect that happens when you coach someone effectively; the amazing impact it has on his or her life for years to come.
That’s why, over the course of the next several weeks, I’ll be posting articles that focus on my coaches and what I learned through working with them. Stay tuned!
Meanwhile, comment below:
How has your investment in working with a coach paid off? I’d love to hear about your ROI. What is something that you’ve implemented as a result of working with your coach that produced a significant return on your investment? How did it impact your life or business? And if you haven’t worked with a coach, tell me about how you’d like your investment to pay off, in your business.
Part 1 > Two Things I never go without
Part 2 > The Importance of Coaching: Kate Gave Me Possibility, Accountability, and Encouragement
Part 3 > The Importance of Coaching: Michael Showed Me How to Turn My Plan into Reality
Part 4 > The Importance of Coaching: Regena Helped Me Evolve into the Woman I Needed to Be
Part 6 > The Importance of Coaching: Stu Has Shown Me That I AM Equipped to Run a Multi-Million Dollar Business