On your path to success have you ever run into someone who worked with elite clients and charged a ton of money for their service and thought... "man... THAT is success. I wish I had the confidence, ability, experience (whatever) to charge that much and work with those kinds of people."?
Because if you provide a service, there all kinds of levels of that service and we make an assumption that the highest priced is the highest quality, right?
While that certainly can be true, it isn't necessarily.
Have you ever purchased a $20 bottle of wine and have it taste way more amazing than the $100 bottle? I know I have and while that's a really basic and simple example, the same can potentially hold true for any product or service.
As a service provider, you have to ask yourself, who do you want to serve and why.
When I first started coaching, 17 years ago, my coaching package consisted of a 1 hour session every week for $100/month. No that's not a typo. I figured $25 per hour was totally awesome and I coached my heart out to people who didn't always show up, were frequently late, didn't action out anything we discussed, and eventually went there own way with little to no results.
For $100/month, I attracted the kind of client who had heard they needed a coach but didn't really buy into the process. For $100/month, they could say they had a coach and not be bothered by actually working on themselves.
I quickly realized this and upped my prices to rates more in line with other coaches and got much better results.
A year ago, I was being pushed by my coaches to raise my rates because I had a ton of experience, my clients were getting life-changing results from working with me, and I deserved to have a high-ticket coaching program. My program was worth it.
I had no doubt that my program was worth it and I figured well, sure, why not, my clients were getting life-changing results, and if I could make more money for the same work, why not, right?
I raised my rates to more than double and the monthly cost for my private coaching exceeded the mortgage payments of many people I knew.
Yes, I still had people interested, yes, people still joined my program, and yes, people paid me that high-ticket price.
This year, I made the very calculated decision to lower my prices back to what they had been before.
Why do you think I did that?
Because at that new high-ticket price, I attracted a very different clientele. These were people who could afford to pay me easily but they weren't as committed to their own growth and reason for joining to begin with.
I began facing the same issues as I had when I was charging much too little. People didn't always show up, they were frequently late and expected sessions to last as long as needed, and they didn't action out anything we discussed.
Here's what else I noticed...
The people who were seriously dedicated, wanted badly to work with me, and appeared to be my ideal client, the ones I really really wanted to work with... they couldn't afford me.
So there I was, taking in the high-ticket client who paid me, but didn't respect my time and didn't do the work and turning away the ones who would have been the perfect client because they couldn't afford my high-ticket prices.
When I sat down and thought through my past year and what I had learned, I realized the most valuable lesson I walked away with was knowing who I truly wanted to serve and how I could best serve them.
I created a new private coaching package, reduced my rates, let go of my non-performing clients, and I'm doing the work I truly want to do with the people who truly value every moment of time we spend together.
I don't believe in the old adage, you get what you pay for. I believe you get back what you put in, and as a coach, the clients who put the most in are the ones who most resonate with my message. They're also the ones who get the most back. They're the reason I do the work I do.
Your ideal client may not be the person who can afford the high-ticket price and that's okay.
You, as a service provider, need to figure out why you want to serve this person.
My coaching is about productivity, about becoming the best version of yourself and achieving the success you know you're capable of.
The life-changing results I get from my ideal clients is absolutely worth the high-ticket price but the people who need this type of coaching are often not in the place to pay high-ticket prices and the ones who are, have already achieved a level of success they're comfortable with and don't have the same kind of motivation my ideal clients have.
So do I want to serve my ideal client, work with the people I'm passionate about serving, and change their lives or do I want to only work with high-ticket paying clients who may or may not be engaged in the process?
You know what I chose.
Would love your thoughts on this one...
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