If you are offering high quality coaching programs or those that are considered the best in your chosen niche, you should definitely consider charging more. Depending on the field that you are involved in and the amount of assistance you are willing to offer your paying customers, you can charge as much as $ 5,000-$ 10,000 per program.
Here are the steps that you need to take when you want to raise your high ticket coaching fees:
1. First thing to do is to decide as to how much more you will charge your customers. There are so many things that you need to consider when doing this. First, you have to consider the exact revenue that you would like to get from this endeavor. For example, if you want to earn $ 2,500 more at the end of the month and you are usually getting at least 5 clients to sign up on a monthly basis, the price increase could be more or less $ 500 per program. Donot forget to consider the buying power of your customers. How much more can they shell out to get ahold of your offerings? It is very, very important for you to ensure that they will still be able to afford your programs even after the price increase otherwise, this will surely drastically affect your sales.
2. Conduct survey. I will not lie about it; raising your asking price can possibly harm your business but only if you donot do your homework before taking bold steps. What I suggest is that you get to know ahead of time the possible reactions of your customers when you change your tag prices. You can do this by conducting surveys. If you have lots of time to spare, I would recommend that you call them up otherwise, you can send them questionnaires through email. Analyze their response. This should help you decide if you can push through with your plans or wait a little longer before you make this change take effect. It will also help if you use test groups to test the waters first. You may apply the price increase to some of your customers and see their reactions.
3. Check on your competitors. Before you even think about changing your tag prices, I would recommend that you get to know the people that you are going up against and the programs that they are offering. How much are they charging for their coaching programs? What is the quality of their offerings? Are their programs considered better than yours? If these people are offering better programs and they are charging less, your prospects might not even consider doing business with you. Why would they spend more on your offerings when they can get better programs at lower price from your competitors? So, what you can do is ensure that your programs are the best in the market. If you can make that happen, people will not mind spending more on your offerings.
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