16 min
161 | Three Ways To Determine How Much You Charge The FITSPRO Podcast
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- Health & Fitness
Coaches are always wondering how much they should charge, what to consider and how to increase prices if needed. That’s what we’re getting into today. This is a straight forward, nitty gritty episode.
The market is the first thing we consider.
And where you want to sit in the market. We will go over what is typical pricing in the market of online health and fitness shortly, but where you sit in any market needs to be considered.
Are you a premium brand? Mid tier? That’s up to you and will also be determined by who your offer and your customers.
If you work with high achieving CEO’s, you will likely have a premium brand charging premium prices, doing a lot to make this client’s life easier.
Not every ideal client falls into a specific demographic from an income standpoint, but it can be a factor which is why I mention it.
Don’t let your own money mindset limiters get in the way of charging what you should be charging. For instance if you think “I wouldn’t pay x for this” - consider that perhaps you are not your ideal client. Maybe you aren’t in need of what you’re offering. Or maybe it’s not in your current budget even though you understand the value. IT IS of value to those clients who are willing to pay for it.
Food for thought. You’ll feel much better charging a price that makes proper sense for your service. And they will be invested, ready to do the work. Not guaranteed but likely correlated.
You need to feel compensated for the work.
Don’t limit yourself to thinking about time as an exchange for money. Energy balance and demand is a thing. Charging for your ability to be thorough and efficient is a thing. For instance it took me longer to write 1:1 programming when I charged $99 per month than when I charged $250 per month. People are paying for the experience. Not for how long it takes to create a program. Just something to consider from a mindset perspective.
I talk about this in the perfect pricing guide inside FitsPRO Foundations - pricing should be a win for you, a win for the value of the offer, and a win for the client. Not that the pricing is no big deal for them, but that they understand the value, and feel like they are making an informed and empowered decision in make the commitment to work with you.
If you find that you are indeed undercharging, then increase your pricing.
Don’t make this harder than it is. But do the following, or rather, choose from the following.
You can grandfather in your current clients and simply increase price on your site and in contracts for new customers.
There is no rule for the amount you increase pricing by. You make massive changes by 2-400 dollars or more. Or make smaller increases. $50-$100.
If you’re increasing pricing due to under charging, there is no need to alter your program and what’s offered within. If you would like to charge more but currently don’t provide that level of value, you can make the needed alterations to your service, offer that to current clientele at the higher price point.
If increasing pricing for current clients, you can absolutely go all in and drop it on them but these people did get you to where you are. So I suggest a drip system.
Over three month periods, increase their pricing. You would notify them with the coming structure, and give them time to adjust finances or whatever else they may need to do. Maybe it goes up by a total of $100/mo but it’s a $33/mo increase every...
Coaches are always wondering how much they should charge, what to consider and how to increase prices if needed. That’s what we’re getting into today. This is a straight forward, nitty gritty episode.
The market is the first thing we consider.
And where you want to sit in the market. We will go over what is typical pricing in the market of online health and fitness shortly, but where you sit in any market needs to be considered.
Are you a premium brand? Mid tier? That’s up to you and will also be determined by who your offer and your customers.
If you work with high achieving CEO’s, you will likely have a premium brand charging premium prices, doing a lot to make this client’s life easier.
Not every ideal client falls into a specific demographic from an income standpoint, but it can be a factor which is why I mention it.
Don’t let your own money mindset limiters get in the way of charging what you should be charging. For instance if you think “I wouldn’t pay x for this” - consider that perhaps you are not your ideal client. Maybe you aren’t in need of what you’re offering. Or maybe it’s not in your current budget even though you understand the value. IT IS of value to those clients who are willing to pay for it.
Food for thought. You’ll feel much better charging a price that makes proper sense for your service. And they will be invested, ready to do the work. Not guaranteed but likely correlated.
You need to feel compensated for the work.
Don’t limit yourself to thinking about time as an exchange for money. Energy balance and demand is a thing. Charging for your ability to be thorough and efficient is a thing. For instance it took me longer to write 1:1 programming when I charged $99 per month than when I charged $250 per month. People are paying for the experience. Not for how long it takes to create a program. Just something to consider from a mindset perspective.
I talk about this in the perfect pricing guide inside FitsPRO Foundations - pricing should be a win for you, a win for the value of the offer, and a win for the client. Not that the pricing is no big deal for them, but that they understand the value, and feel like they are making an informed and empowered decision in make the commitment to work with you.
If you find that you are indeed undercharging, then increase your pricing.
Don’t make this harder than it is. But do the following, or rather, choose from the following.
You can grandfather in your current clients and simply increase price on your site and in contracts for new customers.
There is no rule for the amount you increase pricing by. You make massive changes by 2-400 dollars or more. Or make smaller increases. $50-$100.
If you’re increasing pricing due to under charging, there is no need to alter your program and what’s offered within. If you would like to charge more but currently don’t provide that level of value, you can make the needed alterations to your service, offer that to current clientele at the higher price point.
If increasing pricing for current clients, you can absolutely go all in and drop it on them but these people did get you to where you are. So I suggest a drip system.
Over three month periods, increase their pricing. You would notify them with the coming structure, and give them time to adjust finances or whatever else they may need to do. Maybe it goes up by a total of $100/mo but it’s a $33/mo increase every...
16 min