Is My Service Worth the Price I Want to Charge?
As a coach, do you ever find it difficult to set a price for your services that is both fair and competitive? If so, you’re not alone.
Many coaches struggle with this same issue. The key is to think about the value you are providing.
What is the worth or value of the results your clients can expect to achieve by working with you?
When you can answer that question, setting a premium price becomes much easier.
Truth be told, I personally find the word premium subjective.
But just to give some context to this post, let’s say that premium means setting a high enough price for your services that allows you to pay your expenses every month without sweating or fretting or tapping into your savings or 401k account.
So, what is a fair price to offer in exchange for the value you give through your services?
Well, let’s explore that by asking and answering some key questions.
How do I know what my services are worth?
If you provide a non-tangible service like coaching or consulting, it can be difficult to get clients to see and understand the full value they are getting when it comes to service delivery.
Clients don’t often see the depth and breadth of what they’re paying for because these types of services are typically intangible – they can’t be touched, yet the client experiences them during the course of delivery.
They are subtle – clients sense they are present, but they just aren’t recognized by the five physical senses of seeing, smelling touching, tasting, or hearing.
They are indescribable, nevertheless, the client knows something has changed in a positive, good, and transformational way, they just can’t seem to put their finger on what caused the shift to happen. (Hint: it came through the course of you delivering your service.)
Many times, these are the priceless elements that are wrapped inside your service.
While you are delivering your expert service the intangible services you deliver is just as important, if not more important in some cases, than the actual result or outcome the client does recognize or expect to receive.
To be able to charge a fair yet premium price, you have to have a clear understanding of what your service is actually worth. The goal is to clearly communicate what your service is and the outcome it will provide to the client once they start working with you.
This is about future positioning in the mind of your client and the immense hidden value and benefit they will get when they choose YOU!
Essentially, what value will the client get when they pay you for your service, and why YOU are worth the price you are asking?
You need to know this for yourself and then be able to articulate this in some capacity to your client (or potential client).
What is your premium pricing service worth?
Are you actually confident in delivering your value to others? Starting here is critical if you are going to charge and receive the price that you know you’re worth and want.
Do you know the value of the intangible services you deliver? Some would call these benefits. I see them as a part of the service I offer to my clients.
They make a lasting impact and are transformational to the entrepreneurs and experts who I work with that want to create a profitable online business especially when they don’t have the experience.
For example, one of the indescribable yet often unrecognized services I offer as part of my coaching is that of a “walk you off the ledge” diplomat.
This service is enacted when somehow a client unknowingly finds themselves on that “ledge.” When I deliver this intangible service, here’s the kind of feedback I get.
“Thank you for checking in. And thanks for talking me off of the ledge and telling me to get out of my head and run the play! I had gone down a rabbit hole and needed to be pulled out, so I appreciate that.”
– Bridget
This equates to value given to my client as part of my service delivery.
Here is an exercise you can do.
I did a brain dump recently and came up with a list of 50 + 1 services my clients get when they choose to work with me as their strategic business coach.
They are intangible, subtle, indescribable, and above all, totally transformational.
- Leadership developer
- Entrepreneur maker
- Confidence constructor
- Business builder
- Risk manager
- Profit enhancer
- Thoughtful responder
- Individualized instructor
- “Walk you off the ledge” diplomat
- Money conversation role player
- Trusted thinking partner
- No-judgment sounding board
- Perspective presenter
- Mindset changer
- Thought leadership architect
- Growth impactor
- Idea generator
- Leadership ally
- Project manager
- Discerning listener
- Overwhelm eliminator
- Success advocate
- Destiny designer
- “Run this play” coach
- Business management consultant
- Problem solver
- Solution provider
- Strategy giver
- Thought shifter
- Business action mapper™
- “Straight with no chaser” adviser
- Fear eradicator
- Prayer partner
- “You got this!!” knower
- Girder of strength
- “Aha moment” creator
- Insight Initiator
- Support supplier
- Wisdom imparter
- Sage guide to star guides
- Blindspot remover
- Miracle conversationalist
- Decision producer
- Bringer of calm
- Instiller of integrity
- Champion of character
- Vision restorer
- Results contributor
- Hope holder
- Dream fulfiller
- Seer of the BIG (Birth. Internal. Greatness!)
Of course, there are more than just these. But do you see how these 50 + 1 services make a difference and why they deserve premium pricing?
It’s a Wrap
It’s time to stop spinning your wheels and low-balling your consulting and coaching fees.
I understand that things are challenging. I recognize that things are tough.
However, here’s the deal…
It will only get tougher and more challenging if you don’t take committed action.
If you are stuck trying to figure out whether you should charge premium pricing for your services, then I invite you to make your own list so you will know confidently the full value that you bring and then price your services accordingly.
