Pricing Psychology and Your Niche
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There is a wide range of pricing out there for coaching, whether it be one-on-one or group programs.
If you’ve been feeling confused and doubting how to price your own offers, this is the episode for you.
I’m talking about all things related to pricing your offers and the psychology behind it.
We often look at goods, products, or services and think the value is intrinsic. That the price tag is based on something solid and definitive.
When really, marketing and pricing are completely based in psychology.
We typically think if something is more expensive, then it must be better quality (even if that isn’t really the case).
There’s no magic answer when it comes to pricing, but there is an equation you can use to determine the right price for your offer and your ideal clients.
In fact, there are three main factors you need to consider when pricing your offer.
And you may be surprised to learn that free or low-cost offers can be harder to sell.
You also want to be sure that once they buy, your clients will actually follow through on the program so they get the results they want.
A lot of this has to do with not only what you’re offering but WHO you’re offering it to.
That’s where your niche comes in.
The more clear you are on who your ideal client is, the better you’ll be able to anticipate their spending habits and how they perceive value.
Here’s an example from my own business:
When I set the price for my signature program, Dial Your Niche in 5 Hours, I took all the pieces of the pricing equation into account.
It’s not priced based on the amount of TIME it takes to go through the course. Instead, the price is based on the VALUE of the results.
What it’s worth to my clients to have a clear niche. Which means they can then go out and find clients for themselves and start making more money.
So not only will they have the financial return on that investment of their time and money, they’re also going to feel a lot less stress and more ease when it comes to their coaching business.
Listen to the full episode to learn more about the pricing equation and how to apply it to your own offers.
And if you haven’t committed to a niche yet, I’d love to have you in Dial Your Niche in 5 Hours.