BBC 016 : Pricing and Packaging - What You Need to Know (2 of 2)

Better Business Coach Podcast: Sales Training | Proven Education | Actionable & Downloadable Worksheets

We have all been there.

Following on from last session with Dev Singh where we talked about personal branding, differentiation, and how so many get it wrong, in this session we discuss how you can use packaging to remove the dollar sign from your forehead. Dev also gives some great ideas on how you should decide on your hourly rate, which makes it another great follow-up session to session 14 on pricing and packaging.

Episode outline:

Per hour mentality

People have a misconception that if they are going to be an expert they need to charge big dollars by the hour – after all, that’s what the family accountant and lawyer does. If you want to be successful as a coach, you need to lose the “per hour job mentality.”

Charging as a package or monthly fee

Doing this will remove the price tag from your forehead. This means people stop looking at the clock to ensure they don’t run over their budgeted time. Also, if you need 10 minutes more to bring home the entire point of the session, the client sees it as extra value rather than you pushing for extra charge time.

Next, selling a package with defined outcomes instead of by the hour will allow you to charge higher rates as people are happy to pay much more for outcomes than they are for hours.

Meaningful and measurable results

Don’t be the coach that says, “So what are we talking about today?”

Dev suggests that coaches get stuck feeling that they need to just string the client along until they have built up enough rapport and engagement that the client doesn’t want to let them go. Here the coaching focus is not on results, it’s purely on the feel-good nature of coaching and it doesn’t last; at the end of the day your client needs to feed their family and pay their bills. If they are not seeing results, they will stop working with you and say something akin to, “I think we should be friends.” Dev suggests coaching can be like dating in that way – you can get friend-zoned, and you deserve to be, as you’re not showing up as a professional; you’re showing up as a friend.

Don’t be afraid to put yourself out there. You can say something like, ‘”At the end of working with me on this 3 month engagement, I want you to be able to look back and see you have had x measurable result, and that that result was meaningful to you and your business.”

If you achieve the measurable result you agree to with a client, they will stay with you for life.

Figuring out your pricing

Dev suggests that working out your pricing is the number one thing you can do to help your business, suggesting for most people they come up with a figure that has no basis.

You want a six figure business. Why? You need to be clear about what you need to make and why before you work out what you want to make per hour.

To be congruent about your pricing, you need to first figure out what you need to be making per month. To do this, Dev suggests the following:

Step 1 – Open Microsoft Office application Excel, or your preferred spreadsheet tool.

Step 2 – Add the following:

Column 1 – List all of your personal expenses in categories, i.e – eating out, mobile phone, petrol, car maintenance, massages, gym membership, gifts, etc.

Column 2 – List the estimated dollar amounts needed to pay for all the categories in column one.

Column 3 – List all your business expenses in categories, i.e. subscription services, office rents, accommodation when off site, utilities, travel, etc. Don’t forget to add in education, education debit, the percentage you want to save, and your super/401K contributions.

Column 4 – List the estimated dollar amounts needed to pay for all the categories in column three.

The results of this basic exercise will surprise you. Your relationship with money will improve as you start to make more. For some, it is a surprise to realize that they need to charge more because a lot of their time is unpaid, such as their time preparing for a session, upkeep of business account, sales and marketing. Many people realize they don’t charge enough and become congruent with not only what they charge today, but with increasing their price dramatically.

About Dev Singh:

Dev Singh is a world renowned business strategist, executive coach, and entrepreneur specializing in brand optimization. He is also a certified coach, Master Practitioner of NLP, founder and director of strategy at Sketchpad Ideas, and also hosts his own podcast, “The Life: Optimized Show.”

How can I find out more about Dev Singh?

Check out http://www.devsingh.net and http://www.sketchpadideas.com

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Items/links mentioned:

1. BBC 014 : Price Come’s Last, Let Them Decide And Packaging
2. BBC 015 : What’s Wrong with ‘Being Different Just Like Everyone Else’ – With Dev Singh

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