The “Price Haggle” Headache For Consultants And Coaches
Note: This post was originally published on my Linkedin account, but I’ve made a few changes on this one…
Pricing is often a huge dilemma for most consultants and coaches, and if you are involved in this line of business, then there’s a chance you’ve been faced with this issue more often than not.
People haggle on price for various reasons, but I’ll point out a few here on this post.
- They don’t feel your service is worth the price you’re projecting (this is because someone else is charging far less than you; this could also be a trust issue)
- They are shopping around for the best deals (usually time wasters who may end up not taking your offer)
- They don’t not see the value of your service (due to the fact that you haven’t been able to differentiate yourself from the others in your industry, and you’re using terms such as “we’re the best in the industry” or “we’ve been around since 1950”). This particular issue is what is causing most of the setbacks.
- They just enjoy doing it, and they never buy stuff at the set price
- They can’t afford your service, even though they see the value you’re offering to them
All of these issues and many more often cause consultants and coaches to settle (compromise), just so they can get that sale and move on. But settling often carries its own headaches, and if one is not careful, he/she might find him/herself in a very messy situation with a client.
What’s my point? Let me explain…
If you are a consultant or coach who is always discounting your service just to win a client, then you are doing both your business and the client a great disservice.
Your aim is not to become the lowest priced consultant or coach, but to become the most trusted adviser in your industry; ready to ensure you help your clients succeed in their endeavor (that is what sets you apart).
Competing on price is often the worst mistake to make in this line of business, because the more you indulge in it, the more your true worth is devalued and the more you will attract clients who are not only prone to haggling, but ensuring that you deliver your service far more than what you’re actually being paid for.
To really succeed as a consultant or coach, you need to have set standards, and also start identifying the type of clients you really want to work with. Going after everyone will leave you exhausted and discontent, because your income will not reflect the energy you exert at the end of the day.
What should one do?
Learn how to communicate the value of your service clearly and effectively. The offer you put before your potential client is not a discount (most people could care less if the service is free; they need a painful problem solved, and they want to know if you are the right person to help them solve it); your offer is “the value of the result you are going to deliver to them“.
When you have that aspect sorted, you will be able to start charging your fees at a premium price, rather than allow yourself to indulge in haggling, and other negotiation tactics that might get thrown at you.
A premium price service sets you apart from the rest, because most people won’t attempt to do that, primarily because they fear they will never get anyone to pay for it. The bottom line is this… if you are the real deal and you’re confident you can deliver the goods, then be confident to go premium with your pricing.
If you’re not confident enough, then don’t attempt it. Remember, you are not selling information, you are selling transformation. If you take it upon yourself, based on your expertise, to help a client transform his/her life or business, then that client will always see you as a reliable person.
A “Smart” Approach To Getting Quality Clients
Let me share a smart way to ensure you operate your business in a way that will not only bring you value, but also bring value to the clients you serve.
It’s a simple 5 step process that you can apply now in your business to help you attract high ticket clients (if done well):
- Highlight the core problem you’re solving (be really specific about it), and create targeted ad campaigns on social media to target people who need this problem solved (most people shrink when advertising is mentioned… if you want to scale your business in today’s business world, then this is the way to go).
- Direct them to a landing page your website, where you will re-enforce the benefits they will get from you, and then invite them to register for a FREE training (best done online). Side Note: this is not about giving away a free report or ebook.
- Get on board the training (preferably a webinar) and give them your best content (don’t hold anything back… this bears repetition – you are NOT selling information, but transformation); do your best to ensure they leave there feeling inspired about how they can go about solving the problem they have.
- Offer to help them speed things up, by “holding their hands” and walking them through the process (rather than leave them to try things out themselves). Invite those interested to learn more to apply to have a FREE call session with you (this is not about selling them anything, but going deeper to know how you can help them… it’s called positioning!). This will only happen based on the value you share during your training. Create a sense of urgency… make the offer available only for a short period of time.
- Get on the call with them, ask them the right questions about where they are in their business and where they want to be and then you listen… don’t talk too much, just listen. Let them tell you their problems (this will help you identify the pain points, and how you can actually be of help).
Now, for this to be worth your while, because of the process involved, you must ensure you have a service that is worth a premium price (I’m talking about charging from $2,000 – $10,000+ per client).
If you plan to do this, and then charge $100/hour or maybe $497 per client you get, then it’s best you stick to your current system, because it’d be a huge waste of time and resources.
So, the question I have for you is this…
“Is your service worth charging a premium price for?”
The problem with a system like this usually lies with the actual implementation.
One might ask these questions…
- How can I get this process setup in my business?
- How would I know who to target?
- Which tools do I need to put in place?
- How do I setup a landing page and what do I need to include on it?
- How much do I need to spend on ads and which platform is best for this?
- I’ve never done a webinar before, how do I setup the training?
- What questions should I ask on the application and during the call? Etc, etc.
If that’s your train of thought right now, then here’s my offer (only if you’re interested… there’s no pressure to go for it, and it’s actually not for everyone).
I’m offering a complete Done for You service of setting up and integrating the 5 step process I’ve just explained above. But to get this going for your business, you’ll need apply for a limited non commitment Skype call session with me right away!
If after the call, you decide to come on board as a client, then here’s what you’ll get…
- A drill down on your core service and how to position it in front of the right audience
- Effective ad campaigns on facebook, twitter and linkedin, with split tests and hooks within the copy to trigger interest and click through
- Landing pages setup (either on your website or third party platforms) that will actually convert based on the headline and copy + content strategy for blogs and videos.
- Presentation slides design and training strategy (how to keep your audience glued to your content for the duration of the training)
- Setup of the application process for those interested to take your offer at the end of your training (call to action techniques) + a follow up email series
- Finally, how to prepare for the call and the questions to ask your prospects and how to tackle the objections they might have, and how to get them to decide to become your clients right there on the call (I will give you a template to use).
If this sounds like something you’d like to have going for your business, then waste no time, click here now to apply for the free session with me to talk about your business and what you want to achieve via Skype (only if you want to grow your income within the next 3 months. Remember, this initial call comes at no cost to you).
This will help determine if this service is right for your business or not.
To your success!
