How to Set Prices - Coaching Success - #471

<div> <p>Pricing - it's a too often undiscussed, underexamined aspect of running a successful business and becoming a successful coach. Matt discusses how to set prices intelligently and intentionally.</p> <p>Andrew Jackson gave a talk on the business value equation, which you can watch <a href="https://youtu.be/JHvKmMsYmpo">here</a> and learn more about <a href= "https://barbell-logic.com/building-trust-coaching-value-equation/"> here</a>.</p> <p>This podcast is brought to you by TurnKey Coach. Enhance your coaching effectiveness and efficiency with TurnKey Coach. You can learn more by going <a href="https://turnkey.coach/">HERE</a>.</p> <p>Check out the <a href= "https://barbell-logic.com/podcast/">Barbell Logic podcast landing page.</a></p> <div> <h3>Pricing in Your Market</h3> </div> <div> <p>Matt mentions the book <a href= "https://www.amazon.com/Monetizing-Innovation-Companies-Design-Product/dp/1536631078"> Monetizing Innovation: How Smart Companies Design the Product Around Price</a>, which helped Barbell Logic think about, test, set, and change prices for its services.</p> <p>Price is crucial, but before there is a price there is someone who is paying that price (spending that amount of money) for the product or service. Who are those people are what problem of theirs are you solving? Who are your competitors in the market, already attempting to solve this product (if any)?</p> <p>As a coach, you may initially grab clients with a big net (i.e. whoever walks in your gym doors) but over time you will likely and should find that you have a niche.</p> <p>This niche may be a group you particularly like to coach, a demographic that for whatever reason seems drawn to your product or service, or one which you have an aptitude for. Own that niche, but be prepared to expand beyond it (while never forgetting it or continuing to serve it).</p> <p>Consider also the total addressable market (TAM). This is the entirety of the market you're addressing. For example, TurnKey Coach's niche is burnt out coaches, though it ca