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Why Value and Pricing are Keys to the Coaching Profession’s Future

What is the public perception of coaching? Do people truly understand what it is? Do coaches try to sell what they do rather than the benefits to the customer? Is this profession struggling with an identity crisis? To many, the profession of coaching has no consistent message or a formula as to what coaches really do. This is particularly so for those in the Life Coaching space.

Two of the key strategies to addressing this challenge are:

Clearly communicate the Value to the individual consumer.

Coaching on its own does not sell. Many coaches describe the process rather than the benefit. If coaching was a car and you described it as a metal and glass box with four wheels, nobody would see the benefit of owning one. Coaching is the emotional and physical feeling of wellbeing your prospective client will receive from the experience that they are buying. Coaches must be able to communicate the benefits in order to sell the value their client.

Price to make accessible to more people.

The cost of coaching is such that only an elite few are willing to pay for it. Generally, coaches are working on their own with the associated overhead and only the ability to market/sell to a relatively small number of clients. Consequently, they are left with no choice but to charge +$200 per hour. For the vast majority of prospective clients, it is simply too expensive thus ruling out a large potential market. Using the car analogy again, it is akin to only luxury cars being available. The answer is to increase volume by offering affordable pricing which will attract and expose more people to the benefits of Life Coaching. Consequently, more time will be spent coaching and less time selling; show me a coach who wouldn’t prefer that! This market will never grow with higher pricing; it can only grow by having more clients, and the way to do this is to make it more affordable.

In summary, great value at affordable prices are the keys to growth.

What do you think? Do you agree? What else would you add to this?

About Bill Sex

Bill Sex is President of New England Coaching and specializes in supporting personal, professional and organizational advancement with specific emphasis on coaching skills, emotional intelligence and employee engagement / motivation.

2 Responses

Comment from Catie Foertsch
Time: March 16, 2010, 3:00 pm

I was at an industry meeting last night and one of our speakers recommended five things members can do to improve their bottom line. Number one was hire a business coach. He talked about what his coach had done and was doing with him to improve his business. Someone asked the price and his answer was that she had several packages available, depending on how much the client could afford and how intensive the work. People were really interested and a few asked him for contact info. So – with so many people starting their own businesses, there’s a real need for business coaching. AND for sensitivity to the fact that many small business owners don’t have a lot of money to invest. Doing what you suggest – making coaching more affordable and explaining the benefit NOT the process are the two things that need to happen with more coaches to grow the acceptance of coaching as a smart thing to do – and to replace the perception that it’s something other people do.

Comment from Admin
Time: March 17, 2010, 1:47 pm

Thanks Catie,
This also confirms the client’s perspective that its all about the value and making it affordable. We always appreciate your feedback!

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