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

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

by necoaching

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?