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

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Joanna Lott’s website

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Transcript

[00:00:00] Hello and welcome to Women in the Coaching Arena podcast. I'm so glad you are here. I'm Jo Lott, a business mentor and ICF accredited coach, and I'm on a mission to help brilliant coaches build brilliant coaching businesses. In this podcast, I'll be sharing honest, not hype, practical and emotional tools to support you to make the difference that you are here for.

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.

It's easy to think that it's a really kind thing to do. But what I have discovered from doing the same [00:01:00] several times in my journey, which I to be honest, wouldn't do anymore, is that there is huge power in charging for your services when you trust that people are resourceful and whole and give them the decision to commit to making that change, you will start to see that people who pay pay attention. If you are of the mindset of they haven't got the money, then really, really explore that. I [00:01:30] know many, many people who have said to me, It's too expensive. I'm not proceeding. And then the next week you see that they've booked a holiday to Disney World in America.

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.

There was just some other reason that they didn't want to invest in their coaching business. Maybe [00:02:00] they didn't see that they would get a return on investment, but often it's just that they don't believe that they can get the results and that they can get the return on investment. So sometimes it's to do with your offer. But many times. It's also to do with their confidence levels that they can make this work and that it will work for them.

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.

Clients who have invested in themselves through coaching are more likely to show up, participate [00:03:00] fully, and do the work necessary to proceed. So I had a really good reminder of this just last week actually, when somebody contacted me and said, I would love to do your 30 days offer to market program, which started last week.

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.

But what I discovered was she didn't read the welcome email, therefore she didn't attend our call because she didn't realize it was on and she hasn't joined the community space and I haven't heard from her all week. I haven't seen her offer or all the things that I ask to submit and share for feedback [00:04:00] and to check in.

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.

They might say, oh, it didn't really work for me because they didn't come to any of the calls. They've had zero interaction with me at all because they [00:04:30] didn't read the welcome email, join the community, or submit anything for feedback. So actually it can also damage your reputation as well.

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.

Taking me back to when I did this once. A year and a half [00:05:00] ago, and I really felt like someone needed my help. I knew I could help her, so I said that she could join the program as a case study for free. And yeah, she was the only person who didn't reach the end of the program or even halfway, because again, it wasn't that she couldn't pay because she was saving for an amazing holiday.

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.

So if we are robbing them of that and treating them like they have no access to resources or no access to create those resources, then we are essentially undermining [00:06:00] them.

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.

And often it is an emotional thing, so it's the fear of charging for your services. In case they don't think it's good enough or worth the price that you have charged. But you might be [00:07:00] also convincing yourself that you don't need the money or that you need the coaching hours and it's not about the money.

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?

The second reason that people who pay pay attention is the accountability that you often get from higher [00:07:30] priced coaching programs. As a coach, you are more likely to hold your clients accountable to their goals and ensure that they are taking the necessary steps to achieve them if they are a paying client.

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.

So the third reason why people who pay pay attention is their expertise. So coaches who charge a high price for their services [00:08:30] often have invested significant time and resources into their education and training themselves. They have a deeper level of expertise and can provide their clients with more advanced strategies and techniques to achieve their goals.

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

So have you invested in your expertise and training to date? I bet you have. [00:09:00] I for sure have spent a lot of money and a lot of hours training and becoming the expert that I am today. I genuinely now feel like the plumber who can come in and know exactly where to tap the pipe to get it working, versus the newcomer who has no idea and faffs around for a while and just can't identify the problem.

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.

So I'm super excited that I've just signed up to a high level Mastermind, which starts this week. It's a bit nerve-wracking as I know it's time to level up. I know that it's a much smaller group, so there is gonna be nowhere for me to hide and procrastinate. I know it's time to grow my team [00:10:00] so I can ensure a sustainable level of service that I love to provide to the clients that I have.

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.

So clients who [00:11:00] have invested heavily in themselves are less likely to give up when faced with obstacles or challenges. And again, that's exactly what I noticed with this person that I gave free access to my program 18 months ago. She gave up at the slightest hurdle in week three, and she was gonna have to do some market research, actually speak to people and tell them she was a coach, and instead she decided to leave and go get a job because she [00:11:30] hadn't paid and committed to the fact she was all in.

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.

It's also a great qualifier. So if people aren't prepared to pay for your service, they [00:12:00] are probably gonna be the ones who don't get a good result. So they don't ever change role if for example, it was career coaching you were doing. So they might be the ones who are halfheartedly, moaning that they're unhappy versus the ones that actually want to do something about it and are committed to doing so.

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.

All of the shiny [00:13:00] objects that can get in the way, and we can make excuses. If we are not bought into something, then we will put every other obligation of, I haven't got time right now. All of those things. We all get to choose and if you look at, for example, how long you may be on your phone in the evenings, there is actually a lot more time than we realize.

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.

So in conclusion, people who pay pay attention because they are the ones who are willing to invest in themselves and their growth, and most importantly, have actually made a conscious decision, put their money where their mouth is and said, yes, this is worth investing in. I am ready to make a [00:14:00] change. So don't feel bad about charging for your coaching.

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.

So for example, they may come wanting to [00:15:00] move jobs, but even if throughout the coaching, they realize actually that's not the real issue. The real issue is I'm not speaking up at work and this happened in my last job and the one before that. So sometimes it's a completely different issue, and that's okay.

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

And I think this is even more important than an individual issue. [00:15:30] In this industry, which is different from so many other industries because of this free coaching or really low cost giving away of the services, like, I don't know counselors who counsel for free all day. I don't know. Lawyers who advise for free all day, or accountants who do people's tax returns for free. Nobody else seems to undervalue their services in the way that so many coaches [00:16:00] in this industry do.

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.

So again, I am an NHS leadership coach and that is pro bono work that I do because I want to be part of helping the NHS help us. So I have had two of the most dedicated and committed senior NHS leaders I've ever come [00:17:30] across.

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.

Like if they spent say, a thousand pounds with you. How much would that change their life versus the week holiday, which yes is lovely, but when it's over a week later, you have [00:18:30] lost all of the effect that you gained from that versus the journey that they will go on if they decide to make a massive change in their life.

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.

And like I say at the end of every episode, [00:19:00] trust yourself. Believe in yourself and be the wise gardener who keeps on watering the seeds.

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.

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