173. 4-Step Formula For Determining “Price” In Your Business + Why Undercharging Is The Silent Killer Of Online Coaches

The Fitness Business Podcast with Erin Dimond and Jordan Dugger

Erin Dimond and Jordan Dugger

Health & Fitness, Nutrition, Fitness

4.6 • 667 Ratings

🗓️ 29 October 2020

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Pricing is one of the biggest questions we get, both from a strategy standpoint and a mindset and confidence standpoint. We want to help with both issues with this episode by giving a 4 step practical formula to determine your coaching pricing (or any pricing in entrepreneurship) and why higher prices will allow you to serve your clients at the level you know they deserve.

Time Stamps:

(1:20) Starting with What Works

(2:02) Preframing/Mindset on this Topic

(3:45) Steps to Breaking Your Current Beliefs

(6:54) EDF Team Meetings

(9:08) Enrollment Call Example

(11:36) In-Person vs Online Coaching

(15:40) Resentment

(16:45) 100k Model

(19:14) The DM’s and Jordan’s Favorite Story

(24:45) Deeper Meaning

(28:00) 3-5 Simple (Not Easy) Steps

(31:18) Pricing Impact

(36:31) Big Looming Question

(37:16) Premium Sales Training

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✅ Our Top 10 Organic Fitness Posts That Have Generated More Than 45,675 Likes, 2,560 Comments, and 1,876 New High-Paying Fitness Clients in our Own 7-Figure Online Fitness Business.

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Transcript

Click on a timestamp to play from that location

0:00.0	What's up guys? Welcome back to FSOM, your favorite co-hosts here, Jordan, Aaron, to give you guys some quick,
0:05.6	action-packed value to help you learn how to price your services. All right. And this is specific to online
0:11.0	coaching, but this formula we're going to share and these points apply to everything. I know we have other
0:14.8	entrepreneurs that listen to this outside of just coaching. Yeah, I mean, really does also apply to in person if you're doing that still, if you're doing that thing post-COVID.
0:23.9	Some of this we got from someone we really look up to Alex Hermose, and it's a lot of stuff we've talked to IFCA students,
0:30.8	but sometimes it's really, really helpful to borrow from others' language and playbook and expertise and authority. So oftentimes I send pages straight out
0:41.4	of his book, Jim Launch Secrets, to clients because it's like, hey, I know we've been preaching
0:46.0	on these few points of why you need to raise your prices, but here's someone who's making
0:49.3	$35 million a year and has multiple gyms doing seven figures. He's saying the same shit. Here you go.
0:56.4	Yeah. And people oftentimes, they seek for answers internally. It's like you're going to sit
1:00.5	and meditate and come up with these answers, you know, via downloads from the aliens. Like,
1:04.9	guys, there's people out there who have so much more experience than you than us than other people
1:09.2	in this industry. You need to look and get an idea of what they're doing. You know, like find the proven models that work. And yeah,
1:15.1	you'll put your own spend on it, but why not start with what works? Yeah, that's a really good point.
1:19.8	Like just take this, for example, what should I charge? And you're not going to sit around and
1:23.6	think about it, come up with that. You're not going to sit around and think about it, come up with that. You're not going to sit around and think about it, come up with anything. You're not the first person to do this. And if you are, ask yourself why.
1:31.1	Like there's usually probably a reason someone else hasn't done it the way that you're doing.
1:34.4	Look at people who are having success, who have the clients that you have, who have the business
1:37.9	that you have. What are they doing? There's probably a reason for that. Do some market research. Yeah, exactly. So let's just dive in. Aaron, I'll let you
1:44.5	kind of hit on the first point. So we're going to, we're going to give you some broad context here and
1:47.7	some examples and stories. Then we'll get into an actual four, it's four or five step formula that'll
1:52.6	help you determine what your pricing should be. I love this topic. I have this conversation at least once a week with an IFCA student. So here's the thing. If you want to
	...

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