Recently, when speaking to a group of entrepreneurs, I asked them the question:
“What is it about running your own business that you love?”
To which many responded:
“Being my own boss; being of service to my clients; and being able to make a real impact in their lives.”
The passion they had for their work was certainly obvious.
What about you?
Are these some of the reasons why you love running your own business, too?
Interestingly, with these entrepreneurs, while they loved their work and the difference they were making in the lives of their clients, one of the things they didn’t enjoy when it came to running their business was having to price and sell their services.
In fact, the sales conversation and answering the question “So, how much do you charge?” was something they dreaded, continued to struggle with, and would much rather avoid.
Do you find yourself struggling with this as well?
If you’ve been following me for a while, you’d have heard me mention over and over again (in my newsletter and my Ambitious Entrepreneur Show podcasts) about the importance of moving away from charging by the hour by creating packages and programs.
Because charging by the hour:
- Devalues your expertise (as business owners will often undervalue their expertise and therefore undercharge);
- Has limited income potential (as there are only so many hours in the week); and
- Makes it difficult to position yourself as a specialist. Rather, you become a commodity because prospects will often do the ‘comparison ring-around’ to compare your hourly rate with other coaches. There’s nothing worse than having to justify your fee to a prospective client.
While I’m excited to see so many coaches now developing and offering packages and programs to their prospective clients, there are still 3 common problems I see occurring.
Problems that continue to undermine and undervalue their services so they still end up underrating and undercharging for their expertise.
Here they are so you can avoid them:
1. Including way too much in your packages
While it’s important to create value across all levels of your programs, it’s important not to add too many things in each package.
Filling your packages with too many elements can overwhelm a client, and an overwhelmed person will often end up doing nothing so remain stuck. Something I’m sure you don’t want your client to experience.
Another thing you’ll want to avoid (and this is a HUGE no-no) is putting too much access to you in your lower-end packages.
Remember, your time and your expertise is valuable so being accessible at any time of the day, whether it be via email, a private Facebook group, or any other platform that you have incorporated into your program is NOT valuing your time and expertise.
Increased access to you should be included in your higher-end program where clients are paying you well for the additional time you are available to them and expertise you offer.
Are you providing too much content and too much access to you in your lower packages? Make sure that revisiting and tweaking your packages is something you do – pronto!
2. Differentiating your packages with access to you
Creating lower- to higher-end packages with the only difference being access to you is something else you should avoid.
- Package 1: 3 hours coaching with you
- Package 2: 5 hours coaching with you
- Package 3: 10 hours coaching with you
Because it doesn’t pass the ‘irresistible and impact’ test and it’s far more difficult to get prospects to invest in your higher level packages.
Instead, include other elements in your packages, such as video or audio recordings; done-for-you templates; step-by-step worksheets; a luxurious spa experience; or a complementary VIP ticket to one of your live workshops, just as an idea.
I’m sure you’ve got lots of content that you’ve created over the years that you can bundle and incorporate as a value-added element to your packages. Make that a priority!
3. Your description is boring and uninspiring
In my article Magnetic Marketing: How Irresistible Are You – Really I spoke about the importance of creating benefit-driven, creative headings and program descriptions.
This is crucial with your packages as well.
Are you naming your packages Bronze, Silver and Gold or Sapphire, Ruby or Diamond Packages? These titles are quite vague and again, would find it hard to pass the ‘impact and influence’ test.
One of the key steps I take all of my clients through as we develop their Signature Brand is to identify their Primary and Influencing Archetype.
Once we know their Primary and Influencing Archetype we’re able to come up with some fantastic on-brand program titles by incorporating key words and phrases that describes their core brand message perfectly.
For instance, if you were the Primary Archetype of Alchemist you may include words such as Transformation, Possibility or Change in your program titles and descriptions.
- Declutter Your Home & De-Stress Your Life VIP Intensive
If you were the Primary Archetype of Artist– you may incorporate words such as Authentic, Freedom or Unique in your program titles and descriptions.
- Unlimited Potential: Craft Your Authentic & Profitable Signature Brand Workshop
Do your package titles and program descriptions sound a little lackluster? Take out your coloured pencils and your creative juices and come up with something that’ll knock your prospects’ socks off and have them lining up ready to invest in you!!
Do you need to go back and revisit some of your packages? What unique elements have you incorporated into your packages that is making them irresistible Let me know – it’s always great to hear from you! And, please share this article with your friends and colleagues – I’d really appreciate it!
amazing insights, thank you Annemarie.
Thanks tony – glad you found the information insightful as you continue to build the foundations of your coaching practice. Very exciting!
Thanks Tony – glad you found the information insightful as you continue to build the foundations of your coaching practice. Very exciting!!