It seems like nothing causes coaches and consultants more stress than pricing. The two biggest questions I get from my private coaching clients regarding their pricing are…
What do I say to a prospect who emails or asks me first thing how much I charge?
What should I say after I quote my fees and they respond with, “That’s higher than I expected” or “You’re more expensive than other consultants”?
Let’s unpack these two questions a bit and I’ll give you some advice on how to answer them Sarah style.
Let’s start with addressing what you should say when a prospect emails or asks you first thing during the discovery call how much you charge. Now hopefully, you have programs that are value-laden packages rather than one-off services which means you can’t answer that question right off the bat. You simply can’t quote a fee because you don’t know what they are looking to achieve.
It’s like going into the doctor’s office and right away asking, “How much will it cost to have an operation?” The doctor can’t answer this because he hasn’t asked you any questions to determine your symptoms and diagnose your unique situation. Only then could he recommend the best course of action for you.
Powerful Language: I would recommend saying something like this, “That depends. First, why don’t we talk about your situation, let me ask you a few questions and then I’ll be happy to share my fees. Would that work?”
The reason you want to frame the language this way is to get them to talk about their situation to:
- Determine what challenges, they are facing.
- Find out what type of results they are looking to achieve.
- Discover how much of a priority this is and what’s their timeframe.
- Have them open up and face what’s really going on so they begin to see you as the solution to their challenge.
- Customize your solution for their unique situation so you can provide the most value! (Sometimes this mean going outside your standard services to come up with a customized program just for them).
Now once you’ve reached the part of the sales conversation when it’s time to talk about your fee, what do you do when the prospect initially bulks? Maybe they say, “That’s much more than I was planning on spending” or “You are a lot more expensive than the other consultants I’ve spoken to.”
Take a deep breath. You’re not going to backpedal and start justifying why your prices are higher. You know that you’re offering tremendous value and you’re worth every penny of your “high” fee.
Powerful Language. Instead, start by simply saying: “That’s true. I’m not the cheapest consultant out there.”
Then take another deep breath and see what they say next. How they respond will give you the information you need.
If they say they want to work with you but can’t afford it, then one of two things will happen. The first possibility is that they truly don’t have the money, so they’re not in a position to become a client right now and that’s okay. But more often than not, they do have the money they just need to reprioritize. I’ve been amazed at how people will somehow find the money if it’s something important to them. But don’t we all find the money when something is a priority? Of course, we do!
If they seem hesitant about the value of spending that amount, then you have some work to do. You need to make the value much clearer by focusing on the results they’re going to get with this investment. Many consultants focus too much on the deliverables, instead of the results. This makes you a commodity. Which is why I teach my clients to talk outputs (results) instead of inputs (how you deliver your services).
Remember, you’re not a commodity! You’re a top-of-the-line professional who offers tremendous value. If this prospect doesn’t want to pay your high fee, that’s okay. You can focus your attention on ideal clients who understand the value you offer.
Sarah’s Predictable Results Insights
- Do you have a prepared list of questions you ask clients before quoting a price?
- Do you offer everyone the same deal or do you customize your prices to meet the client’s needs?
- Are you confident when communicating your fee or do you feel unsure?
Do your fees reflect the value you provide? Are your signature programs outdated, but you’re not sure what’s missing? If you want to acknowledge your high fees as an expert in your field it may be time to consider one-on-one coaching, please contact me at 1-800-267-3245 for a complimentary strategy session to see how we may be of service to you.