Pricing: Less is More - Coaching Success - #485

Barbell Logic

Health & Fitness, Nutrition, Health, Diet, Fitness, Weightlifting, Barbelltraining, Strengthtraining

4.6 • 1.2K Ratings

🗓️ 22 September 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

When it comes to pricing, less is more. Fewer options means less hassle for you and less decision fatigue for your customers. When it comes to pricing, fewer options is better for your business.

Pricing: Fewer Options is Better

It's easy, especially as a small business, to bend over backwards for each customer. You develop a different price for each customer, and before you know it every customer is paying a different price.

Knock this off.

Don't have a scarcity mindset. Develop few pricing options for your customers. This forces your customers to make a decision and simplifies your billing.

Pricing: Less is More

When it comes to revenue, you want monthly recurring revenue (MRR).

This means that each month, the revenue recurs. The client pays the same amount, each month, automatically.

Do not force your client to opt-in each month and decide whether they want to pay you each month. This must be automatic, whether it be through ACH or Stripe or through a credit card.

This allows you to predict revenue each month.

Furthermore, contracts are unnecessary. If clients cancel, they cancel, but make the signup process simple and painless, make payments automatic, have few options, but then work to retain your clients.

Relatedly, charge the same each month. This might mean that certain months, your clients receive more service, other months they receive less.

Even starting with good intentions of few options and automatic payments, you can exception your way into infinite payment amounts. Even in December, when clients may train less and you may have fewer options, the price remains the same.

Ultimately, this is convenient for you AND your client. Both you and your client have the same expectations.

Now, it's your time to deliver more value than the price they're paying each month.

Pricing: less is more.

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Transcript

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0:00.0	The podcast where we talk about what it means to experience strength.
0:08.0	And how you can use simple, hard, and effective strategies in training and nutrition to improve your life.
0:15.0	It starts with meeting you where you are right now in finding lasting solutions.
0:20.0	Welcome to the show.
0:31.0	You're listening to the barbell logic podcast.
0:35.0	I'm your host Matt Reynolds is another coaching success episode as part of that series.
0:40.0	I'm going to dive right in today.
0:41.0	This will probably be a relatively short podcast.
0:44.0	I want to tell you why I think most of you are managing your subscriptions or your coach pricing plans.
0:50.0	All wrong, which is probably not the best way to start a podcast.
0:54.0	I think typically they say what you're supposed to do is tell me what I'm supposed to do right.
0:57.0	Don't tell me what I'm doing wrong.
0:59.0	It's one of the things we do as a coach.
1:01.0	We try not to just tell our clients what they're doing wrong.
1:03.0	But in fact, want them to focus on what it is they need to do right.
1:07.0	But this is what I'm seeing in the market is we've got a lot of complexity in subscription packages.
1:14.0	And there doesn't need to be.
1:16.0	And so I want to walk through a quick story.
1:19.0	When I own Strong Jim, when we first opened Strong Jim, I've said this many times.
1:23.0	We had no delusions of grandeur.
1:25.0	It wasn't supposed to be a big business.
1:27.0	It was really just we were in a position where we were training both out of my garage.
	...

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