Learn when it is appropriate to lower your prices as a life coach and how to let go of limiting thoughts. Explore strategies for creating demand through price positioning and reaching a wider audience. Discover the benefits of taking action now and changing prices to remind past clients of value.
Lowering prices strategically can help bring in more clients and create momentum.
Adjusting prices strategically can result in increased accessibility, expanded client reach, and more opportunities for growth.
Deep dives
When to Lower Your Prices
Lowering prices can be a strategic move in certain situations. One reason to lower prices is if you realize that you raised them too soon and are not seeing the desired demand. It's important to recognize success and tolerance, where your brain can't handle the good feeling of getting yeses and creates an obstacle. In this case, lowering prices can help bring in more clients and create momentum. Another reason to lower prices is if your offer isn't selling from the beginning. Choosing a price that feels like a no-brainer for both you and your clients can help generate more sales. Correcting for conditions in the market is another valid reason to lower prices. If the market has shifted and your offer is no longer resonating, adjusting the price can make it more appealing and attract more customers. Lastly, you might want to lower prices to reach a wider audience and make your coaching more accessible. This means making your offer more affordable and opening it up to a larger client base. By considering these factors and adjusting your prices strategically, you can enhance your business growth and create more opportunities for success.
Honoring Existing Clients and Refunds
If you have recently sold your coaching at a higher price and decide to lower it, you may wonder what to do with your existing clients. In the case of ongoing group programs or recently signed one-on-one clients, it is recommended to honor the price they paid and deliver the services as promised. However, for future rounds or new clients, you can offer the new price and communicate the strategic decision behind it. By refunding the difference to existing clients or adjusting payment arrangements, you can ensure fairness and maintain a positive relationship.
Overcoming Resistance and Embracing Change
Lowering prices can sometimes evoke feelings of shame, failure, or fear of being seen as less valuable. It is crucial to work through these emotions and reframe the situation positively. Remember that adjusting prices strategically can result in increased accessibility, expanded client reach, and more opportunities for growth. Embrace the excitement of creating demand, reaching a wider audience, and making your coaching services more beneficial and attractive to potential clients. By shifting your perspective and staying true to your values, you can capitalize on the strategic decision to lower prices and experience greater success in your coaching business.
Seeking Guidance and Support
If you have questions or concerns about lowering your prices, it can be helpful to seek guidance and support from coaches and communities who understand the nuances of pricing in the coaching industry. Joining programs like 2K for 2K can provide you with the necessary tools, insights, and coaching to navigate these pricing decisions effectively. Engage in open discussions and coaching sessions to gain clarity, refine your strategies, and develop a deep belief in your pricing decisions. With the right support, you can confidently make strategic moves that propel your coaching business forward.
As business owners, we experience a variety of thoughts that keep us from feeling like lowering our price is a smart, strategic business decision. If you’re considering lowering your price but can’t see this as an exciting move, listen in.
Join me on this episode to hear four times it’s appropriate to lower your prices, and how to let go of the limiting thoughts that are keeping you from embracing a bigger future for you and your clients. Learn what you must consider if your offer isn’t selling, how to create a price that’s easy for you to have belief in, and my own journey of lowering the price of one of my offers.
If you want to start making serious money as a coach, you need to check out 2K for 2K. Click here to join: https://staceyboehman.com/2kfor2k!
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
