335. How To Charge Higher Prices For Coaching - The Right Way - To Attract Clients Adhere MORE, Refer MORE, and Get Better Results
The Fitness Business Podcast with Erin Dimond and Jordan Dugger
Erin Dimond and Jordan Dugger
4.6 • 667 Ratings
🗓️ 26 May 2022
⏱️ 12 minutes
🧾️ Download transcript
Summary
I recently saw a post that, while has some merit, deserved a podcast episode to push back on. It went along the lines of, "Coaches should only charge high prices when they prove themselves and have the results to back it up." We're not saying you shouldn't be a good coach. What we are saying is there's psychology to pricing and your potential prospect needs to be held accountable at a price high enough they will put care and attention into themselves. Listen in as I explain more.
Time Stamps:
(0:10) Recent Instagram Post
(1:34) Pricing Affects Results
(2:35) Study on Energy Drinks
(4:30) Another Example
(7:00) One More Story
(8:50) One Quick Ask
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | I read this in a really interesting book that I'm reading, Influence the Psychology of Persuasion. |
| 0:03.8 | It talks about why people are more likely to ascribe higher value to higher priced items. |
| 0:08.4 | And most people, definitely the people you want to work with, are more likely to invest in |
| 0:11.7 | something when they see the value, which the interesting thing is, the higher the price, |
| 0:15.7 | the more value they see in it. |
| 0:17.0 | The higher price you charge, the more value they'll ascribe to that thing, making it less likely that you get price objections, first of all, because the price and higher value |
| 0:24.1 | somebody ascribes to something, the more they'll take care of it. And in the case of fitness |
| 0:27.3 | coaching, the more they'll actually follow through and be more likely to get a result. |
| 0:31.9 | Yo, what up guys? Jordan, your host here, FitBiz podcast, well, co-host here solo without Aaron today's episode. And I'm going to |
| 0:38.5 | jump right in. So I saw a post recently on Instagram that effectively was like new coaches should not |
| 0:44.8 | charge high prices. Your prices should only be dependent upon your experience, your education, |
| 0:49.4 | your ability to get results. And although there is some truth in that, right, I want to push back on that a little bit. |
| 0:55.5 | And I always want to push back on that from a standpoint of evidence, being evidence-based. |
| 1:00.1 | That's kind of an emotional judgment, in my opinion. And it could be a little bit biased, you know, |
| 1:05.4 | because sometimes what happens is are some of these like coaches who have spent a lot of money, |
| 1:09.9 | a lot of time on education |
| 1:10.9 | and application, all these things, they tend to overvalue like that component of it. |
| 1:15.6 | And don't get me wrong. |
| 1:16.2 | Like, I think that component of it is extremely important. |
| 1:18.8 | Like, if you're a coach that, you know, you're brand new, you don't even understand, |
| 1:22.6 | like, the basics of physiology and, you know, mechanics and just like how to actually help people to lose weight, |
| 1:29.4 | sure, you probably have no business coaching. |
... |
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