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Part 2 of a four part series by Kim Ades, MBA
Sales, Pricing, Delivery and Sustainabilty -
The Answer for Coaches
Part 2: The Pricing Quotient - A Strategy for Increasing Your Fees We all know that coaches come in clusters of quality, reputation, and price point. Why is it that some coaches can command exorbitant fees for the same amount of time as the rest of us? Are they really that much better? Do they offer more guarantees with respect to results? Do they give their clients a richer experience? Or are they just more confident and are therefore able to ask for (and receive) a higher price? Here are some questions to ask yourself and answer in order to get comfortable with raising your fees and increase your satisfaction with the income that you are generating: Am I really a good coach? How can I be better? Is there a process or platform that I can use that will help me wow my clients every time I interact with them? Can I guarantee results for my clients? How can I establish tangible evidence of the impact of my coaching? What is the perceived value of my coaching services? Do my clients feel that I am giving them enough value within the time-frame that I spend with them? Do they see me as a coach who is on the leading edge of the coaching industry? How do I increase the perceived value of my coaching? What kind of relationship do I have with my clients after the coaching period is over? Do we stay in touch? Do they come back? Do they send me referrals? How do I keep in touch with them and encourage them to come back for more without being pushy or aggressive? How do I turn them into raving fans? Am I reaching enough people? Will my network support the revenue that I want to earn? How can I reach more people and make sure that they each receive my personal attention at the same time? Am I using my time effectively? Is there a way that I can everage my time and my expertise and earn passive revenue? If you find yourself falling short in some of these areas, my recommendation is to implement a structured online coaching platform that blends with your current coaching method. Why? Asking your clients to an online coaching platform to journal in between calls and complete any 'homework' that you assign will certainly increase the actual and perceived value of your coaching. The more time they spend on themselves because of you, the better. In addition, having more frequent input from you will accelerate their results and deliver an over-the-top experience for them. It is important that you provide a solid structure for them to follow so that you can manage both their expectations and the actual time spent with them. The process of having them journal throughout the duration of their coaching with you also will serve to document their transformation and provide evidence of your impact on them. Asking them to keep journaling after your coaching period is over enables you to keep touch with them in a manner that is supportive and also allows you to offer up your services again when appropriate. The more you can visibly demonstrate the value of your coaching and show evidence of your impact, the higher your confidence and the easier it is to command higher fees. If you could state with absolute certainty that a coaching engagement with you will lead to incredible results, wouldn't your fees be exorbitant too? About our expert: Kim Ades, MBA, President of Frame of Mind Coaching and JournalEngine™ Software is one of North America's foremost experts on performance through thought management. By using her unique process of coaching through journaling, she works with hundreds of clients yearly to unveil and switch their thought patterns to ignite significant change and life transformation. She is now teaching this process to coaches all over the world for use with their clients. Visit www.journalengine.com to sign up for your own free, secure, online journal and explore how you can use a journaling platform with your clients. Sign up for your free online journal: www.frameofmindcoaching.com www.journalengine.com For updated information on our choice Multi Media Expert Series visit www.morefromchoice.com For archived MP3 audio library visit www.morefromchoice.com For the choice expert series archives visit www.choice-online.com/expertseries.html choice, the magazine of professional coaching  become a fan  tweet us  link up with us Feedback is welcome at ExpertSeries@choice-online.com Visit our choice Websitechoice, the magazine of professional coaching
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