In this episode of the Women in the Coaching Arena podcast, business mentor and ICF accredited coach Jo Lott discusses the topic of "People Who Pay, Pay Attention." Jo explains why coaches should not feel guilty for charging high professional prices for their services. She believes that when clients pay a high price for coaching, they perceive more value in the service being offered, which leads to a higher level of commitment and motivation to achieve their desired results. Jo emphasises the importance of accountability, expertise, and recognition of the value of coaching services.

Introduction [00:00:00]

Jo introduces herself and the podcast.

Value Perception [00:02:24]

Jo explains why clients who pay high prices for coaching perceive more value and are more committed to achieving their goals.

Expertise [00:08:20]

Jo discusses how coaches who charge high prices often have invested significant time and resources into their education and training, and can provide clients with more advanced strategies and techniques.

Commitment [00:10:36]

Clients who invest in high-priced coaching make a significant financial commitment to their growth and development, leading to a higher level of commitment to their goals and a willingness to do whatever it takes to achieve them.

Focus [00:12:35]

Clients who pay for coaching are often more focused on their goals and the steps necessary to achieve them, dedicating more time and energy to their growth and development.

Value of Coaching Services [00:15:47]

It's important to recognise the value of coaching services and charge accordingly, as people who pay for coaching perceive more value in the services being offered, receive a higher level of accountability, and make a significant financial commitment to their growth and development.

Useful Links

Connect with Jo on LinkedIn

Joanna Lott's website

Download the 12 ways to get clients now

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If you’re kind enough to leave a review, please do let Jo know so she can say thank you. You can always reach her at: joanna@joannalottcoaching.com

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Welcome to the eighth episode of Women in the Coaching [00:00:30] Arena. Today we're discussing the topic of people who pay pay attention. I'll discuss why people actually get better results when they pay high professional prices for your services. Because as a business coach helping women coaches get clients, I often encounter coaches who feel guilty for being paid for their services.

And you think, so you did have the money to invest in your business, but you didn't see it as a valid investment. So again, it could have been me going, oh, it's okay. Come and do it for low cost or for free. But it's actually nothing to do with the money.

So let's dive into why people paying a professional fee for coaching can actually [00:02:30] lead to better results for them.

So firstly, value perception. So when a client pays a high price for coaching, they perceive more value in the service being offered. The perception of value often leads to higher level of commitment from them and motivation to achieve their desired results.

And how about doing a skills swap? So we agreed that I would attend some of her workshops and she would attend this, and we made sure it was of equal value. [00:03:30] And so I was really excited because, want what she has to offer and now I don't have to pay for it. And also to be able to work with her.

So it was another good reminder that even skill swap sometimes can rob that person essentially of getting the result of your program. And also, sadly, as well as that. They can then have the perception afterwards that this was not valuable.

So that was my learning this week. I haven't done something like that for a long time. I never ever discount the price of my programs. So it was kind of the first time I had done an exchange, and it was just another great reminder.

It was that she didn't believe that she could make this work around her family. So there's nothing I can [00:05:30] do to convince somebody they need to want it more than I do. And I notice this a lot. So being paid is actually about their decision in their mind that this will work for me and I will make it work.

Of course, this isn't every pro bono client. Sometimes there is a place for this as long as you are financially secure enough yourself to be able to provide pro bono coaching for people who really, really do need it. I have had two wonderful NHS leadership clients and one for example was a super senior consultant and he showed up every single time with commitment to the [00:06:30] process. He had a huge transformation. So it's not always the case

I'm talking about those people who may say they haven't got the money, but really if you think about it, they have got the money. They just don't prioritize what you are selling enough to pay for it.

You are happy to just keep doing free coaching, so you can add towards your accreditation, for example. But is that really true? What is the real reason that you are undercutting your own services?

So this level of accountability is often missing from free coaching or from low cost price services. Lots of people wonder what the difference is, for example, between a membership and a group coaching program and a membership is way cheaper. And the reason [00:08:00] it's way cheaper is because there are usually lots and lots of people in that program. It's all on you to watch the videos, to implement it.

Nobody's giving you feedback. Nobody knows what your challenges are or what your goals are, enough to question you, challenge you, keep you accountable, all of those things.

Clients who work with highly trained coaches often experience faster and more sustainable results.

So all of that money that you have spent in your own development and [00:09:30] your experience up to now in your life, will contribute to how you can show up and make a huge difference in this person's life.

And I know that this coach has spent probably 60,000, at least on her own development, so I get to learn what she's learned through all of her mentors too. So it's an absolute bargain in my eyes and watch this space as to how this mastermind and this leveling up will impact on my own business because for [00:10:30] sure people who pay pay attention and I will be paying attention in this mastermind.

So the next reason why people who pay pay attention is commitment. So when clients invest in high price coaching, they are making a significant financial commitment to their growth and development. This commitment often leads to a higher level of commitment to their goals and a willingness to do whatever it takes to achieve them.

And this business will work and I am going to do it. So it really, really does show that level of commitment versus my clients who have paid and constantly message me going, I've paid to do this. I need to do it. So even though I'm absolutely petrified, I will do this.

So use this. People who pay pay attention. As a qualifier, you want to work with amazing, ideal clients who want to take [00:12:30] action and who are going to take the process of working with you seriously.

So the next reason why people who pay Pay attention is focus.

So when a client pays for your coaching, they are often more focused on their goals and the steps necessary to achieve them. They are less likely to be distracted by other priorities or obligations and can dedicate more time and energy to their growth and development.

It's just how we spend it and how much we are committed and have bought [00:13:30] into actually doing something super, super focused with our lives.

And it's the same for your clients.

When clients pay a high price for coaching, they perceive more value in the services being offered. They receive a higher level of accountability. They benefit from your expertise and all of the money you have spent in your own development. They make significant financial commitment to their growth and development, and all of these factors lead to [00:14:30] greater levels of focus and motivation, resulting in better results and more likely to achieve exactly what they want from investing in you. So as a coach, it's important to recognize the value of your services and charge accordingly. Knowing and trusting that your client will benefit from the investment they make in themselves, whether that is the exact end goal they come to you for.

It's about trusting that they will go on a journey and they will get value from the time that you spend together.

And if we are all doing that, then it's really hard for people to take the industry and the service really seriously that this is worth paying for. This is hugely transformational and it can have a result. So everything that we all do and all of the pro bono work we are giving away is undercutting every other coach out there. If we want to be able to [00:16:30] build a long-term sustainable coaching business and we want this industry to be able to provide life-changing coaching for people, then we need to start realizing that people who pay pay attention. And like I said earlier, I know that there is a place for pro bono coaching, especially if you are financially in the position that you can afford to do that and you're working for people who really need it and [00:17:00] genuinely haven't got the money to invest. And I mean, genuinely haven't got rather than not really wanting to spend that money to invest.

Never late, never canceled a session show up, having reviewed their notes, having reflected and taken action accordingly. It has completely wowed me. But there are other times when you gift it to friends and family and they do not show up with the same dedication that a paying client would do. So it's not a one size fits all, but it's something that I've noticed throughout my business and in [00:18:00] working with my clients, and I really want to help you to fully step into that your service is worth a high price. So for example, people pay thousands on going on holiday, which is just a week or two of fun.

So I hope today's episode was helpful and do drop me a note on LinkedIn and let me know if this is going to change anything for you in your business or what your greatest insights were from today's episode. I would love to hear from you.

Thank you so much for listening to this episode of Women in the Coaching Arena. Please come and say hi to me on LinkedIn or Instagram and let me know how you are getting on in your coaching business and how you are gonna go for your dreams this year. My name on LinkedIn is Joanna Lott and on Instagram is at Joanna Lott Coaching, and I'll also put [00:19:30] links in the show notes.

Let me know if you found this episode useful. Share it with a friend and leave me a review, and I will personally thank you for that. Thank you so much for listening. Speak soon.