Are you pricing your group coaching program correctly? It can be tricky to find the sweet spot, but it’s important to get it right.
In this post, we’ll discuss some strategies on how to price your group coaching program so that it’s both profitable and appealing to potential clients. Keep reading to learn more!
You will discover:
- Why it’s important to have the right pricing
- Four questions to ask yourself when choosing your price point
- The consequences of not pricing your coaching program well
- Factors to take into account when deciding on your pricing
- A handy tool that determines exactly how much revenue your programs will generate
- What might be holding you back from charging more
*This was a masterclass that I did as part of my Group Coaching Experience virtual conference.
To learn more about this event, click here.
Why it’s important to have the right pricing
Whenever I’m working with my clients on creating their group coaching programs, one of the biggest questions that comes up is:
“How do you choose the price point?”
So let’s kind of take a step back before we get into how to price your group coaching program, and let’s talk about why it’s so important to have the right pricing.
It’s been a challenge for a lot of people to pull a number out of the air and hoping that’s what it is.
I think it’s important to come from a place of understanding what your group coaching pricing is going to do for you.
Here are four important questions to ask yourself when choosing your price point:
- Is it profitable? – You want to make sure your program is profitable.
- Is it worth my time investment? – You also want to make sure that the return on investment is good for you because you’re spending your time, energy, and focus.
- Will people say yes to that price point? – You may want to charge $5000 but if people don’t see that it’s worth that much, then it is going to be harder for you to enroll clients. So to come up with an optimal price point is important for the reasons of enrollment.
- Am I confident with the price? – You want to share that price with confidence, and you want to feel fully aligned. If you can’t see yourself accepting that amount of money, you may not be able to get that and it will definitely make your enrollment process more challenging.
It’s important to remember that your pricing isn’t forever. You can raise your prices over time.
What are the consequences of not pricing it well?
You will have to be careful when you decide how to price your group coaching program because it will make a difference on enrollment.
You might feel some type of resentment as you’re running your program especially if you have priced it too low.
If you have filled your program with the help of affiliate partners or joint venture partners, you don’t want to feel resentment around your group coaching program.
When you’re delivering your program, you want to come with the energy of excitement and confidence.
How to Price Your Group Coaching Program: Factors to Consider
When you’re setting the price for your group coaching program, there are a few things to consider. Here are factors to take into account.
1. Affiliates/Joint Venture Partners.
If you are working with affiliate partners and you have to pay them commissions, this is definitely something that goes into your group coaching pricing.
For example, I used to sell a program for about $2000 and I would pay a 30% commission to my partners.
2. Size of your group.
Group size plays a big role in determining how to price your group coaching program.
So, how many people do you want in your group? Are you seeing a group of eight people and cap it there?
Or are you thinking of having fifty to a hundred people?
Does that mean charging less so you can enroll more people into your group program?
3. How often you want to deliver your program.
If this is a once-a-year enrollment period that you have, you fill your program in January, then you run it through December. Next January, you will fill it again, then that’s one price point.
But if you are running it multiple times, maybe it’s a four-month program and you fill it three times a year or two times a year, then again, that will impact your price point.
4. Your time investment in running the program.
So if your program has eight coaching calls, you might decide how much per hour of one-on-one coaching people will pay.
You multiply it by eight and that’s how much you’re going to charge for the program.
I’m not suggesting that we count sessions because it’s also your time and energy.
You also want to consider the total hours you expect to spend supporting your group.
Anything else you do for your clients, like answering emails, checking homework submissions, running your Facebook group, or if you have office hours, and so on.
So think about the investment of yourself, either in terms or focus/energy behind this program – which will help with how to price your group coaching program accordingly!
5. How your program fits into the rest of your product suite.
Is this the introductory program or your high-ticket program?
Is there something that you’re going to upsell after your program? Or is this the final destination, so to speak?
You might want to offer an introductory rate that’s less than what you charge for other programs, but then upsell clients later on when they’re ready for something more comprehensive.
Make sure you’re able to account for all of the expenses that come with launching and delivering your coaching program.
From paying affiliate commissions, to hiring a virtual assistant or other service providers, as well as other miscellaneous costs like software, etc.
You have to factor these in because that might increase your group coaching pricing.
Group Coaching Pricing: Discover How Much Revenue Your Coaching Programs Will Generate
If you’re like most coaches, you want to offer your clients the best possible value. But how do you know how to price your group coaching program?
I created a FREE Group Coaching Calculator to help you determine exactly how much revenue your programs will generate.
With this handy tool, you can input:
- how many times a year you want to offer your program
- how much you want to charge per client
- the number of clients you want in your group
- the total hours you want to spend coaching your group
- the total hours you expect to spend supporting your group.
The calculator will then give you a breakdown of how much revenue you can expect to generate from your coaching program.
What’s holding you back from charging more?
The group coaching calculator is a great way to start figuring out how to price your group coaching program.
But if you’re looking at the numbers and thinking, “I wish I could charge $2000 but just can’t imagine myself asking for that much money.”
That’s where some mindset work needs to happen. You need to be able to communicate the value of your program.
It’s really about understanding the unique value that you are bringing and knowing how best to communicate this with your clients so they understand just what it means when their life or business changes after working through your program.
Stop comparing yourself to other coaches
It’s easy to get caught up in comparing ourselves with others, but I always tell my clients to think about a number that makes them feel really good and then take just enough of an uncomfortable stretch.
This will be out of your comfort zone just enough so as long as you don’t feel intimidated sharing it without being too pushy, you can always raise prices along the way if needed!
I know it’s hard to believe, but some coaches have coaching programs that generate seven figures that are barely profitable.
So don’t stress about what everybody else is doing because if you do, then your energy level will drop. And that can definitely affect how you run your group coaching program.
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Milana is an entrepreneur, business strategist, and marketing mentor to coaches, authors, and speakers. She is the author of two books, “Coaching Millions” and “Simplicity Entrepreneurship”, the creator of telesummit. She is also the creator of Coaching Genie, an online platform for designing and delivering coaching programs with ease. She came from Soviet Ukraine almost three decades ago as a classical musician with zero knowledge of the business world and has since built multiple six and seven-figure businesses. Today she’s passionate about showing entrepreneurs how to use simplicity as a growth strategy. Goodbye complexity and overwhelm. Hello, simplicity, profits, and ease.