03 May 5 Tips to Create a High Priced Coaching Service
In this article, we’ll show you the fastest way to grow an executive coaching company. It begins with having premium priced programs. It’s much easier to grow and scale a company when you have the most expensive programs to sell in your industry combined with a properly engineered consultative process. The truth is that most people don’t want to spend money on things they can get for free, and in order to sell high-priced coaching programs (which cost more than $5,000), you need something really unique and valuable to offer.
When you have a premium coaching program, you can charge more because you’re offering more value. And the more value you can offer, the faster your coaching company will grow. In fact New York Times’ best-selling authors, Marcus and Curt Coffman, state (and I paraphrase) that for entrepreneurs to survive in today’s hyper competitive market place two things are advantageous: 1. Involve your clients in your marketing; and 2. Have premium priced services.
So how do you create a premium priced coaching program?
Here are 5 tips to begin to implement in your coaching business.
Create a great presentation. It’s our belief at Sherpa Coaching that you can build a world class company from a great presentation.
What is a company presentation?
A company presentation is a slideshow or other presentation that showcases your company in a professional way. It can be used to attract new investors, land a lucrative contract, or just show off your company’s successes.
Why do you need a company presentation?
Our research has shown time and time again, that the company that has the best conversion process is a distinct advantage. When you know how to convert potential clients faster than your competitors, you make it easier to grow and scale your business. A great presentation doubles as an even better conversion process if it’s consultative in its design.
How to make a great company presentation more consultative?
There are a few things that you should keep in mind when creating your presentation. First, make sure that your presentation is well-organized and easy to follow. Second, use high-quality visuals to make your presentation more engaging. Finally, practice your presentation so that you can deliver it confidently and effectively.
Combine it with a consultative process that flips the business funnel and positions a premium priced program.
The first stage of this process is knowing the value and importance of your product, then assessing the client’s needs and understanding their budget so that you can present them with the best options for both their needs and budget. The next step is to learn your client’s decision-making process so that you can more effectively guide them through it. Finally, you’ll need to have a strong understanding of your competition and how to best position yourself against them. By following these steps, you’ll be able to successfully consult clients who are considering purchasing a premium priced service as they fully understand your value against what your competitors bring to the market.
Integrate accelerated learning to get potential clients to consume key business insights in a way that gets them to want to work with only your company.
Accelerated learning is a process of teaching and acquiring knowledge at a rate that is significantly faster than the traditional methods. It is based on the principle that the brain can learn more effectively if the information is presented in short bursts, with regular review and practice. This approach has been proven to work well in a variety of settings, including classrooms, businesses and military training.
The sales process is a perfect candidate for accelerated learning techniques. The reason is that in order to close a sale, you need to present a lot of information to the customer in a short period of time. If they can’t learn and remember all the key points, they are not going to buy.
Fortunately, there are a number of ways to use accelerated learning methods to help your customers learn more quickly and retain the information better. Here are three of the most effective techniques:
Spaced repetition: This technique involves presenting the same information multiple times, with regular intervals in between. Each time the customer is exposed to the information, they will learn it a little bit better. Eventually, they will reach a point where they can remember it perfectly.
Associative learning: This technique involves linking the new information to something that the customer already knows. For example, if you are selling a new car, you might associate it with the customer’s current car. As they learn more about the new car, they will also be reminded of the old one.
Chunking: This technique involves breaking down the information into small pieces, or “chunks.” This makes it easier for the customer to learn and remember. For example, if you are selling a new car, you might break down the features into groups such as safety, performance, and comfort. This will help the customer to remember all the important points about the car.
A key take-away here is that you will want to create a model or a framework for your coaching methodology and then deliver the core insights you want your potential clients to consume. Reframe from teaching content, and focus more on the key insights you want others to see that would make it easier to want to hire you as their coach.
By using these accelerated learning techniques, you can help your customers learn more quickly and easily. This will allow you to close more sales in less time, and improve your overall sales results as your potential clients will see you indispensable to their success and will be much more inclined to select your service over the competitors’ services.
Position your value in front of the major trends within your industry.
It’s important today to be seen as a trusted resource for potential candidates. The notion of positioning yourself as a “trusted advisor” is of paramount importance with so many competitors for your potential clients to choose. With the number of competitors increasing every day, it’s important that you stand apart quickly from the increased noise in your industry. One of the fastest ways of doing this is through the power of “prognostication”. If you have watched any “expert” being interviewed, one of the first questions asked of the expert by the interviewer is to discuss their thoughts and predictions regarding the future of the industry. Said another way, what are the trends that you can foresee happening that will impact the market you are in, and how can you protect your potential clients from these. The fact that you can address these pre-emptively with your potential clients makes it easier for them to trust you over your competitors. Address trends from three perspectives: Technological, economic and social. By doing so, you will make it easier to build a stronger case for your solution to the problem over your competitors. Tie these three types of trends into the bigger problem that you solve and this will magnify your solution while increasing the urgency that potential candidates will have for hiring you.
Create your content in a way that juxtaposes your advice against what your competition fails to do.
The fifth tip is an incredibly important one. Never begin a consultation or a presentation by launching into the features, benefits and advantages of your service. Most people who have gone through a basic marketing course will understand the difference of each of these three important variables and how to use them selling your program or service. However, with a proper understanding of how your ideal candidates want to hear your message, you will want to refrain from discussing these attributes of your service until you first showcase what’s missing in your market. Before discussing how great your service is, first begin by identifying what’s missing in your industry.
The rule here is never “dis” your competitors. Without mentioning your competitors by name, discuss the type or degree of assistance which is missing. By first communicating the “gap” or “gaps” that exist currently, you fortify your competitive advantage by building the proper context for your advice if it is positioned in contradiction to what’s currently missing. This will allow your potential clients to value your advice and solution to their problem in a more meaningful way than what your competitors are communication or doing.
NOTE: The advice provided above is part of Consultative Speaking™, a business conversion process that provides Sherpa coaches the fastest way to consult potential clients on the genius of their service to charge premium fees. By using a new framework of presenting which combines the three key pillars of business…marketing, sales and positioning…you too can use the power of predictive learning to upscale your presentations and conversations with potential candidates much faster. The advantage is that you have a tool to close more deals, and at a much higher price point. The net result is that you can build a world class company from a great presentation.
Take part in our $6,000 Sherpa Giveaway!
We’ve decided to give away 3 copies of our new $2,000 program to our independent and external coaches wanting to grow their business.
To enter, all you have to do is fill in this survey in full. We’ll read through all the answers and pick 3 people to win Consultative Speaking: A Faster Way to Sell High Ticket Executive Coaching Programs.
As our company expands and we get ready to launch our Sherpa Accelerated Business Builder service, this survey will help us create even better programs and products to let us help you even further!
The survey is mostly multiple choice questions so it should take no longer than 5 minutes to complete.