When it comes to pricing coaching services, people in the profession typically charge by the hour or by the month. While there is nothing inherently wrong with either of these approaches – I recommend by the month – it’s fun and profitable to have an occasionally promotion or get creative with your packaging and pricing.
Let’s look at a current promotion in the airline industry as an example: For one flat price ($599) you can fly on JetBlue anywhere you like, as often as you like, from September 8 to October 8, 2009.
The “All You Can Jet” pass has no blackout dates. Any seat JetBlue has to its 57 destinations on 600 daily flights is available and even the domestic taxes and fees are included in the $599 price. (Wanna get away? Click here for details about JetBlue’s “All You Can Jet” pass.)
Okay – let’s talk about how this example can apply to professional coaching.
Use Special Offers During Slow Times – In the US, travel typically dips in the beginning of September after the busy summer season. So it’s no surprise that this JetBlue promotion begins on September 8th, the day after Labor Day.
In the coaching profession it is exactly the opposite. We often see a decrease in the summer and a surge of business in the fall. Using special offers during the slow times of your business cycle is a great way to bring in price-sensitive customers you may not otherwise attract.
The Appeal of “All You Can Eat” – Whether it’s the comfort of knowing we’ll walk away satisfied (or at least full) or wanting to feel like we are really getting our money’s worth, there’s no denying the marketing power of the “All You Can Eat” or “All Access” promotion.
In the coaching world we see this in the “Coaching Gym” model. Instead of having scheduled coaching appointments, the coach sets their office hours and clients call in during those times, as often as they want.
Another approach is offering “Just In Time” coaching where the client calls the coach whenever they need coaching. While all access coaching may not be for everyone, there are definitely clients (think busy senior executives) who will pay top dollar for this type of premium service.
Pay One Price – With a properly structured offer, people jump at the opportunity to pay upfront for something they really want. This is especially true for people with fluctuating incomes, such as commissioned sales people.
You can do this in your coaching business by creating a coaching package, ie: a 6 month program, and giving a discount for clients who pay upfront in full.
What do you think? Is it time for you to get creative with your packaging and pricing? Would a special offer or promotion benefit your business?