The Fierce Business Babe Podcast 313: How to Price Your Offer
Today, I will be answering a question that a client asked inside of one of my programs. Today’s topic is how to price your offer. I will be sharing how we supported our client with this question and giving you full-on coaching here in this episode.
How To Price Your Offer
By: Melissa Lin
Welcome back to another episode of The Fierce Business Babe Podcast. Let's dive into today's brand new episode. These are a new shorter style episode that we're calling this Fierce Business Q&A. It’s a micro episode for you answering one question that a client asked. This is how it's going to work: each week my team pulls a question that a client asked in one of my programs and I'm going to go into full detail here with you on how we answered the question and how we supported our client.
The question this week was pulled from my brand new high touch program to help you 3-5x your income: Fierce Circle: the membership! This program is unlike any other because it grows with you and your business. As you start, sign your first few clients, hit your first $5k month, $10k month, $50k month, and beyond, more and more content unlocks for you! And the best part? You get private access to me for your business coaching! The program is extremely personalized and meets you where you’re at in your business. You can be at the very beginning of your business, ground zero, or years into business ready to scale to 7 figures.
In this same program, we have hot seat coaching calls throughout the month where we dive deep into content, share screens, show behind the scenes of our business, put together action steps for you to move forward, monthly content drops (yes, brand new content every single month), a slack channel to ask business questions daily, private support from me, and an entire training library with over 50+ hours of material to go through that you get access to while you’re in the membership, and more.
The way that we supported this client with this question was the same day in the Slack channel. I’m in there multiple times per day supporting my clients. We also supported this client in the next group call, which was actually the very next day out. We helped them map out what their extended payment plan option could look like. You may have a few different options if you have some extended payment plans and don't have just pay in full.
This really depends on if you want more monthly recurring revenue or more casual income in your business. Extended payment plans do provide a bit more flexibility for some people who maybe just need that extended payment plan to hop in and get started with you. We can definitely chat about that in another episode, but let's get back to the question. So the question is, how to price your offer? Something to keep in mind is that the price, the investment for your program, it serves both you and your client. It gets to be at a price point that really excites you to show up and also at one that is going to support your clients in a way that your clients will be committed enough to lean in and do the work. You might ask yourself, how many freebies have you downloaded in the past and how have you been to two of them? Probably not very. Typically, the higher the price point, the higher the commitment.
Start asking yourself some of these questions if you've mapped out your program. The price point is always the last thing I recommend doing. Ask yourself, what is it that you are providing? How much time, what resources, what expertise are you providing inside? So, for example, if you are including weekly private one-on-one calls for a 12-week program and you're only charging $100 a month, that's less than $25 per call. That's not even including the transformation, the deliverables, the support between the calls, and so much more. Really consider how much value every part of your offer provides. Lay it all out. Bullet point everything included and add value price tags to it as well. Really ask yourself, how large is the transformation? What does that point A to point B look like?
What are they receiving? What is the ROI? Is this something that they're going to be able to take and continue to work on for the rest of their lives? So for example, in our Academy, the goal is to get them from starting their business to $5K a month and continuing to sign on high ticket clients. That's not just a one-and-done $5K once, that's continuing to hit that again and again, so that ROI is so big. They can also then take those strategies to continue to grow their business moving forward. So what is the ROI?
Also, what are you already charging? If you're a coach or maybe a service provider and you have one-on-one services, that's most likely going to be your highest level of accessibility to you. What that means is typically the highest investment as well. Let's say that you had a group program priced at $997, so right under $1,000. Your one-on-one would be much, much higher because that would provide one-on-one access to you.
Maybe it's one-on-one Voxer access where they can come and ask you questions throughout the day. Maybe it includes private coaching calls. It would not be just a few hundred dollars more, I would say much much higher. This is what we also support our clients with inside of the program, but I just wanted to give you that example. If you’ve got video trainings or worksheets, then start to also ask yourself, what would everything be priced at individually? What would a one time coaching session be by itself? Those are some things to keep in mind as you start to create your price point for your offer.
Know that you're able to increase this overtime. My prices have definitely increased every single year. We always have new rates at the beginning of the year. Remind yourself that you're allowed to bump up those prices. I can remember my very first client for high ticket one-on-one private coaching was around $2,500 for a three or four month program. Then it continued to build up after each client because I also continue to gain experience and continue to create new materials and things like that for my clients inside of my programs.
Let me know if you have any questions about your price point. Feel free to send me a DM today on Instagram. If you have a question about your pricing, let me know. I will personally send you a voice message response with what to do there or what I would recommend based on what you have already. Go implement, take action, and let me know how it goes! We will have the next episode ready for you bright and early Monday morning here on the Fierce Business Babe Podcast.