281: Updated Pricing Strategies For Online Coaches - #GrowYourLife

Hey, what's up, everybody? Jeremiah Gracowski here. Welcome to the Grow youw Life podcast. This is for coaches, trainers, and mentors who want to get more clients, make more money in their businesses, and be more successful. Now, what I want to talk about today is a topic very specifically that a lot of my clients have had questions about. And what I want to do is I want to invite you into the conversation with us. This comes from my client growth accelerator program, which I'd love to have you become a part of that program. It's our premier coaching group, our mastermind program, where I work with coaches, mentors, and trainers to help them dial in their messaging, dial in their sales skills, their promotions, to be able to get more clients, to be able to scale and make multiple six and seven figures in their businesses. I've been doing this for over 21 years, and I know exactly what works. We have a proven system that has worked for our clients and it can work for you as well. Now, I want to talk today about pricing. Pricing is a topic that a lot of people have. And here's the truth. If you price your stuff wrong, it can be detrimental in your business. It can cause you problems. It can cause issues that you don't want to have to deal with later. And so that's what I want to dive into, is about pricing and how to price things right. And what's the art of, well, pricing in your business, in your mentorship business, in your coaching business and your online course business, so that you can actually get more clients and so that you can actually attract the right people to you. Number one, pricing is a determiner to the quality of person that you're going to get. You want to repel people that you don't want to work with. And I get it. Maybe you want to help a lot of people. You want to help everybody. But the truth is, not everybody deserves to work with you at the highest level. And I can tell you, as somebody who came from a position of I want to just be the cheapest option to help everybody that helps nobody when we do that because we end up devaluing ourselves and we end up having to work with people that don't respect us, they don't honor us, they don't have any desire to even do any of the stuff that we say to do. Listen, if that's you today, if you're listening to this and you aren't going to do anything that I talk about, please just do us both a favor and stop listening. I say that all the Time. Because that's the truth is I don't just talk just because I like to hear the sound of my voice. I talk because I want to get people results who actually take action. Action takers, history makers, people who are actually going to do something with their business. And so for you in your coaching or your online course business, your pricing is very important because it determines are people going to actually take action with the thing that they bought? People are more likely to take action with it when they have to make an investment, when they have skin in the game. So you don't want to be the cheapest option. You don't want to just give everybody all this information for free and then think, oh, I'm helping everybody or really cheap. Because the truth is, is that being the cheapest option, people just don't respect it. And so here's what I look at is I look at what is the level of pricing that people are going to respect in our business. And I also look at what do people pay in other industries, what do they pay in other business models and things like that. And so what I found is that basically anything that's under 500 to $1,000 people don't respect at all is that they, they don't put a lot of, of emphasis in their mind as to this is something that's valuable. This is something that I need to take seriously. And so that's what I recommend for coaches and course creators to charge at least 500 to $1,000 per thing that they sell. If you're selling one hour of your coaching needs to be at least 400 to $500. If you're selling a course, it needs to be at least 500 to $1,000. If you're selling a coaching program, it needs to be at least 500 to $2,000 minimum. And listen, some high ticket coaching programs we sell even go as high as 10 and 20 thousand dollars. And that's because not everybody is meant to be in them. Now here's one cool thing about that. You can offer payment plans, you can offer people an opportunity to make payments with you to these different things so they don't have to come up with the money all up front. And that's one of the cool things that you can do with pricing to alleviate some of that pressure on people is to help them by offering some payment plans. But you don't want to just bend over backwards for every single person and make an opportunity for everybody who can jump in. I've tried that before. I've tried it in my business. The problem is those people don't respect us. They don't respect what we're doing, and they don't actually respect what they're investing in. They're entitled. They think that everything should be handed to them. Whereas the people who actually make a significant financial investment, they're willing to go through the right process and to follow along and do the things that they're supposed to do in their business. And so you don't want to be the cheapest option attracting broke people, attracting people that are desperate, attracting people that quote, unquote, need help, but they're not willing to do anything. And they want you to do all the work for them. Your heart may want to help these people. I get it. I do. I really do, because that was me. But at the end of the day, not everybody deserves to work with you. And so you want to repel those people based on your pricing. You want to repel them based on that. You don't want them to say yes. You want a reason for them to say no. If the reason why somebody says no is it's too expensive, they probably aren't a good fit for what you're doing. Now. There's different levels of pricing that we can do. We can have different tiers of offers. And so that's what I want to break down right now, is I want to break down some of those different tiers of offers. First off, number one, definitely we can have some free offers. And free offers are great because they do give you an opportunity to grow your email list. But I see a lot of people putting a lot of pressure on themselves around their free offer, trying to get that perfect. You want to iterate these as quickly and with as little effort as possible so that you can get volume going out with different free offers. A podcast is a free offer. A webinar is a free offer. YouTube videos, those are free content. Those are pieces of content that people can watch, they can consume. They can get value from next from a free offer. And if somebody gives you their name and email address, they're now giving you some sort of a commitment, some sort of a reason that you get to send them some information. They're giving you a piece of them, a part of them, their contact info to be able to go get deeper into your ecosystem. And even with that, you don't want to put a lot of time and effort into these pieces of offers. Again, I get it. You got a spirit of excellence. You want everything to be perfect. You want it to impact people At a high level. Can I tell you this? You're going to impact people at the highest level when you don't put a lot of your effort into your free stuff and you really just iterate through that as quickly as possible to be a little bit more prolific overall. The next level is our low ticket offers, which I say are generally, generally between $97 to $27 right here. Okay. And then we have a tier two low ticket offer as well, which can be anywhere from $97 to $297. And these go into two different tiers. This low ticket offer right here, this is just one level above a free offer. It's just some little bit of money that people are paying to get a little bit of access to you. I see people though, they end up putting $10,000 worth of value into their $27 program. They put so much effort into that. The purpose behind these items, all three of these right here, is sales and marketing for you to build trust with people, for them to see you demonstrate what that value is like, to work with you long term and overall. Okay, now, and by the way, none of these levels are going to make you any level of profit, and I want you to understand that, I want you to get that through your mind, is that these are not profit producing levels in your business. They are for reaching people, for connecting with people. They help liquidate some of your advertising costs. And that is it. Because then what you're doing is you're going to take a small percentage of these people and you're going to ascend them to something that is between 500 to $2,000 right here. And then some of these people, you're going to ascend them to something that might be say 7,500 to $20,000 up there. And this is what we call the value ladder, the value ladder of ascending people to these different levels. So this, anything below this point for sales and marketing, you want to get as much of this out there as possible with as little time effort involved at pushing this. And then what you want to do is you want to build this right here once and sell it to as many of these people as possible. My client growth accelerator program, I offer to people at all of the different levels of content in my business. I don't make a dime of profit off of any of these levels right here. Our profit comes from these two levels up here. And that's a business model. That's how you want to build your mentorship and coaching business. Now anything that you offer at These levels, they are always strictly for the purpose of ascending people up to whatever the next level is. So I want you to keep that in mind. Yes, you can provide value at a $297 program. Yes, you can provide value for 27 bucks, and I do all the time. Yes, you can provide value for stuff that's free. But the purpose is for people to see and to taste and understand what it's like to go to a higher level with you and then at that higher level. And the reason why we want to charge this is because that's what people are going to actually take seriously for the right thing that you offer. People can find 500 to $2,000 to do those things. They can find 7,500 to $20,000 if they're already inside of that and they really want to work deeper. And you can offer a payment plan on those levels. You could offer very reasonable payment plan, $600 a month, you know, a thousand, fifteen hundred, sixteen hundred dollars a month at these different levels. And now people don't have to pony up all of this money up front and they can make an investment with you. And that's where your profit margins start to come in at those levels. All three of these levels of pricing are what I recommend my clients do. And I recommend they have some free offers to grow their email list. They got some low ticket paid offers to build, to build trust. And you might be saying, Joe, Jeremiah, there's so much stuff I gotta create. Yeah, but here's the thing is, if you understand how to create content without putting a lot of time, effort into it, if you understand how to tap into a flow state where maybe you only got 10, 15 minutes to create a piece of content, but you get it done and you don't overthink it and you learn how to actually tap into your zone of genius, which we mentor people on in my coaching program, you can learn exactly how to create offers like this without having to invest even 10 hours, even five hours into it. You can do so very simply on just five to ten hours a week and be able to build a business that creates multiple six and seven figures by doing this exact system right here. And this is exactly what we teach our clients to do. This is exactly what I would encourage you to do in your business. The other thing that you can do is you can design all of this into a membership. You can create a membership program or some kind of a recurring program of some kind around all of this right here. And when you do that, you can create A connection with people to bring them into your ecosystem and ascend them to that highest level. You get to answer people's questions. You get to provide support and accountability and build trust with people on those levels. The only reason why you wouldn't do this is fear of what other people think or it not working out. Are you worrying that you're not going to be able to impact the kind of people that you want to impact? I want you to grow past that worry and fear. Grow past the fear of missing out, grow past that juvenile thinking and that worry that well, I'm going to miss out on certain things or there's certain people are going to like me or they're going to worry, they're, they're going to not want to work with me. Listen, that's one of the biggest fears that we have as humans. But can I tell you this as a business owner, we got to grow past that worry and fear. We got to grow past that and focus on who are the people that I'm meant to impact, who are the ones that I meant to connect with in my ecosystem that I'm supposed to talk to, that I'm supposed to provide value to, that I'm supposed to make that connection with. And then from there we can take things far further to the next level in our businesses. Listen, if you want to grow your coaching or online course business and you're serious about working with somebody who has a proven track record and you don't want to have to do a bunch of trial and error, you don't have to worry about what's the right thing to do. Am I going to make a mistake here? Am I going to? Am I? Do I? What do I need to do to get this right and that right? I want to work with you in my client growth accelerator program to help you get the support, the accountability to be able to have consistent income, massive impact, to dial in your messaging and to create the kind of life time freedom and financial freedom that's possible for you like my clients have experienced in your business in my accelerator program. Jump in now. Jump in when there's an opportunity for you to jump in. We'll talk soon. Have a good one, everybody.