A Wisdom Circle On The Money Conversation

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A Wisdom Circle On The Money Conversation

• 2007 ICF Conference
• Steve Mitten MCC
• www.acoach4u.com

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Overview

• Introduction/Background.
• Whos in the Money Conversation?
• Small Group Conversation 1 Exploring your
  challenges.
• What others are charging / pricing alternatives.
• Small Group Conversation 2 Finding your best
  pricing.
• Sharing the Top Tips.
• Small Group Conversation 3 Applying your
  learning.

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Whos In The Conversation?
The Client
The Coach

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Whats Going On With The Coach?

• - Confidence?
• Competence?
• Stress ?
• Fear?
• Values?
• Personality?
• Market Knowledge?
• Business Experience?
• - ?????

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Whats Going On With The Client?

• Challenges
• - Busy/stressed/self focused.
• Market hardened.
• Coaching is a new concept/dont know its
  value.- Many are sceptical or slow adaptors.
• Opportunities
• - Most have challenges, changes, goals, dreams.
• What they are doing now isnt working well.
• - Many are open to talk about their challenges
  and desired outcomes.
• When they try coaching, 98.5 love it and
  most stay with their coach for over 6 months.
• - Large market potential.

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The Being of A Wisdom Circle

• Share your truth, explore the groups wisdom.
• Try on new perspectives and challenge your
  current assumptions.
• Take away what works, leave the rest.
• Notice that money can be a loaded topic.
• Volunteer Facilitators.

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Small Group Discussion 1

• In less than 30 seconds, please introduce
  yourself and speak to
• What is your biggest challenge around the Money
  Conversation with your clients?
• Once everyone has shared, please discuss and
  identify the main themes.

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What Do Others Charge?

• 2006 PWC study (5,415 coaches, 73 countries)
• typical hourly rates 299 for executive coaches
  , 196 for small business, 161 for career
  coaches, 136 for life coaches.
• Full time coaches average 82k per annum. Part
  time 26K.
• 2004 study by Grant and Zackon (2,529 coaches)
• 70 charging over 100 /hour, 25 above
  200/hour, 10 over 300/hour.

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More On What Others Charge

• Steves estimates (typically for 3 sessions,
  approx. 30 min.)
• Personal/life coaching 200 - 400 a month.
• Small business 400 - 600 per month.
• Organizational coaching starts at 500 a month,
  and when you work with senior execs moves up to
  600 - 750 per month and beyond. (Some of these
  sessions can be up to an hour.)
• As an Alternative Consultants Approach It
  Differently
• Pricing on a project, versus an hourly basis.
• Many senior coaches working in organizations
  charge 15k for 6 months work comprised of
  several hours a month (usually 2 calls of 1 hour)
  bundled with an intake assessment or an initial
  on-site interview.

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Different Approaches To Pricing

• Some Common Pricing Strategies Coaches use
• Pricing based on your insecurities.
• Pricing on what you think is fair.
• Pricing on what you think the client can
  afford.
• Pricing based on the going market rates.
• Pricing based on knowing what competitive
  alternatives your clients currently have.
• Pricing based on Return On Investment.
• Other possibilities?

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Approaches to Bundling Coaching

• Pricing by the hour.
• Pricing by the month, typically 3 or 4 sessions.
• Pricing by a set of sessions. (They buy 3 or more
  sessions at a time and use them up as they see
  fit.)
• Pricing by a process or program, (i.e. 6 month
  or year-long program covering a range of
  activities, topics, skills.)
• Some coaches like contracts and more fixed
  schedules.
• Some coaches keep it very flexible.

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Small Group Discussion 2

• Given what we know about the various
  challenges, opportunities and different
  approaches to pricing, explore any or all of
  these topics
• - How do you currently price your
  services?
• - How would you find out what pricing is
  best/right/fair /optimal for you and your
  clients?
• - What holds you back the most, or gets in
  the way of you achieving far more success as a
  coach?
• Open discussion - follow the energy, interest
  and wisdom and explore different views.

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Top Tips Page 1

• Get really well trained and practice a lot. If
  you are going to coach, master the skill set so
  you can create great value for your clients.
  Genuine confidence and competence greatly reduces
  the need to talk about money.
• Dont just talk about coaching it is too new a
  service. Most people dont have a feel for what
  the benefits are. Most potential clients are much
  more interested in their own dreams/challenges/sit
  uation. It is far more powerful to give them an
  experience of good coaching focused on the
  changes they most want to make.
•  

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Top Tips Page 2

• In the beginning , asking for the business -
  Once you have given a potential client a powerful
  sample session - that has explored the best
  possible outcome, the payoff they will
  experience, their underlying values, what gets in
  their way, a good first step, and some
  accountability - at the end of the session simply
  say, If you are really committed to achieving
  this, I would love to be your coach.
•  
• In the beginning - Dont let price stand in
  your way of getting clients and getting practice.
  Set a fee, and if a client cannot afford it
  simply say, I would really love to coach you,
  how can we make this work?

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Top Tips Page 3

• Find a niche as soon as possible, so you can
  focus your marketing on ideal clients you are
  passionate about, who are willing to spend money,
  that you can easily connect with.
• Lower barriers to trying coaching Clients love
  coaching. 83 stay for over 3 months (the
  majority stay for over 6 months). Make it easy
  for your clients to try coaching.
• Apply the 20 Rule, which states that in the
  marketing of services, you are correctly priced
  when 1 in 5 of your prospects object to your
  pricing. If more than 1 in 5 object, you are
  priced too high. If less than 1 in 5 object, you
  are priced too low.
•  

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Top Tips Page 4

• Package your coaching as a solution to your
  clients biggest unmet needs. Well packaged
  solutions to their biggest challenges, that
  identify key content, duration, and targeted
  outcomes, are a far easier sale than amorphous
  coaching.
• Have more than one offering on your shelf. Not
  everyone can work with you on a 1 to 1 basis.
  Different tiers? Group programs?
• Know what the competition is Training,
  consulting, books, other coaches? If you know
  what you are competing with, it is easier to
  brand and position yourself and your coaching as
  the best solution.

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Top Tips Page 5

• Manage your inner state Beyond your competence
  as a coach, and the compelling clarity of your
  offer of coaching, it is your potential clients
  attraction to who you are as a person that plays
  a major role in deciding whether they want to
  work with you. Showing up to calls - present,
  open, curious, passionate and unattached, has an
  impact - and requires a practice. (Fear,
  uncertainty or self-interest are transparent and
  big turn-offs.)
• Keep growing! - Every year take training that
  keeps you growing as a coach, keeps you growing
  as a solution provider in your field, and keeps
  you growing as a human being.

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Top Tips Page 6

• SW3 - No matter what you do
• - Some will get it. - Some wont.- So
  what!!Dont take rejection personally.
• Coaching is a calling. Coaching is what you are
  meant to do in the world, and it is very
  important work. The world needs you! Dont give
  up. Dont give in. Ask for help when you need it.

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Small Group Discussion 3

• Premise - Struggle is growth waiting to happen
  and our biggest problems are not solved at our
  current level of thinking.
•  
• How could you change or grow.or what could you
  do differently.that would have the greatest
  positive impact on your ability to secure more
  clients and a fair fee for your coaching?
• Identify your key take aways. What are you
  going to apply or do differently?

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Information

• Slides from this presentation can be accessed
  at
• www.acoach4u.com
• (Look for the Conference Notes link on the
  green, left hand column, towards the bottom of
  the page.)

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