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Price Your Target Market
As a poor graduate student at the time, my first transformational program was a HUGE expense.
I had to scrape together the money. And because of that, I decided to milk it for EVERYTHING IT WAS WORTH.
I did every homework assignment above and beyond and the impact was immense.
Why does this matter?
When I'm pricing a target market, my objective is to "charge what will motivate & inspire your clients to take action"
I consider three things to find the so-called "Sweet Spot":
1. Who is the customer persona/profile?
2. What price is not too expensive for them to afford, BUT
3. Expensive enough that they'll value it.
1st - Who is the customer?
While there are countless books, experts, & tools for the subject, the main advice I have is "get to know your customer so well that you start finishing their sentences."
Learn the basics from online research and then drill down with networking or interviews to learn who they are, what drives their decisions, where they spend their time, and what they hope to achieve.
2nd - What price is not too expensive for them to afford?
This one is REALLY tough. Here are some tidbits that may help with price-sensitive clients:
- If your client is in the public sector (non-profits, gov. agencies, service organizations), remember that they may have access to grants or other sources of funding to finance their transformation. Your job is not only to have uncomfortable conversations but also to enable them to secure those funds with resources. After all, wouldn't you advise your clients to have those tough conversations? Don't overreact on pricing if you haven't invested in the above objection areas.
- If a client truly has little access to grants or other funding, find out what they CAN afford (again via interviews) and create an offering that fits.
3rd - Expensive enough that they'll value it.
'While affordability is straightforward, valuing the course requires a deeper understanding.
Remember my graduate story?
I've never tried so hard to get value out of a course.
Would I have done that if it were free? Likely not.
Free or super-cheap courses often remain unfinished because people don't value what they get for nothing or next to nothing.
I always remind coaches: We WANT people milking your course for every speck of value.
We want them hungry for those results.
Look for signs of engagement to inform your pricing decisions.In conclusion, understanding your target market is crucial for pricing your coaching services.
Identify your ideal client, finish their sentences, and find that pricing sweet spot that motivates them to engage with your course fully.
That concludes "Price Your Target Market".
Stay tuned for the next part of our series!
Morgan
Price Your Coaching Series
4. Price Your Market & Competitors