The Fierce Business Babe Podcast Ep 189: 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. We are here for another brand new Thursday episode. These are a new shorter style episode that I am calling the Fierce Business Q&A. It is a micro episode, a mini episode, whatever you would like to call it. I am answering one question that a client asked. Every single week my team pulls a question that a client asked in one of my programs and I'm going to go into full detail about how we answered the question and supported our client. So yes, we're going into full on coaching with you right here, right now. So this week's question was, how to price your offer?

This question was pulled from my program The Fierce Business Academy. If you haven't heard about this program, it's one of my signature offers. It is a 12-week group coaching program where we help you start, build, and scale your online business to $5k a month. This program is for people who are at the very beginning of their business. You can be at the stage where you have zero clients and zero niche. We have many beginners in this program who we help sign high ticket clients and scale their businesses. The ways that we support our clients in this container currently are with weekly group coaching calls where we dive deep into content. We share screens, show behind the scenes, and put together action steps for you to move forward. We also have a Slack channel to ask questions every single day and an entire training library with over 20 hours of material to go through that you also get lifetime access to. We share all the scripts that you need for sales, handling objections, everything you can imagine, and so much 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. My new Instagram handle is the_melissalin. Feel free to send me a DM over there with that question about the price point, and we'll definitely support you moving forward, I will personally. You know that we're already getting ready for the next episode. We have another brand new, full, longer episode around a topic coming out Monday. We also have another shorter episode like this next Thursday. There are two brand new episodes every single week, so go ahead and get ready. Catch up on all of the older episodes because we have so many for you ready to go. We'll see you on the next episode of the Fierce Business Babe Podcast.

Topics we cover include:

Extended payment plans
Setting a price that serves you and your clients
Questions to ask yourself about pricing your offer

And so much more!

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