Thursday, November 15, 2012

Getting the Financial Commitment

Posted on Thursday, November 15, 2012 by International Coach Federation

Turning your Interested Prospect into a Paying Client

Suddenly, there's a knot in your stomach (where did that come from?) and you start to stammer. Your internal dialogue kicks into high gear. "Can I really deliver what the client needs?” “They will never pay my rates.” Without realizing it, you're getting in your own way. Asking for the financial commitment can be one of the most challenging steps for coaches building their business.

Here are 3 steps that make a difference when asking for the financial commitment.

  1. Be absolutely clear on the value you offer. In order to increase your clarity on this, identify and clarify your "unique processes" - elements of your professional experience, coach training and personal history that support your coaching skills. Your training and your own personal development and learning, have helped you develop skills that have value to a coaching client.
  2. Understand your beliefs and how they show up in client objections. Beliefs are feelings of certainty. What are your beliefs about asking for the financial commitment? Notice your prospects' objections. Are they a reflection of your core beliefs? If your prospect says, 'Your services are too expensive,”' investigate whether you secretly believe your services are too expensive. What beliefs do you need to adopt to support you in creating a win-win opportunity for you and your potential client.
  3. Know how to present your prices and services. Get clear on the coaching programs you offer. The language and presentation of your services and fees allows you to guide the prospect with certainty, which increase their confidence in your ability to deliver what you say.
Here are a few tips to keep in mind:
  • Consider offering three different coaching programs. This gives the potential client options based on their goals and financial budget
  • Position the coaching investment based on a monthly retainer not an hourly rate. The value of coaching often happens during and beyond the actual coaching sessions.
  • Always identify the value and ask for the commitment before you talk about fees. Remember individuals buy for emotional reasons and justify with logic. Support your potential client to be clear of what they REALLY want to create in their life. Say, "Coaching is all about commitment. Do you feel you're at a place to get the results you stated you wanted today?" If they say yes, you are well on your way of getting a motivated, committed paying client.
  • Ask for the financial commitment. This may sound obvious, but it is easy to avoid the direct question. “What program would work best for you’? “How would you like to pay for your coaching Visa or MasterCard?”
Teresia LaRocque MCC
As coaches, it's our job to support people in committing to have the life they truly want. If you're not asking for the financial commitment, you're not giving the prospect a chance to win. But when you follow these steps to sealing the deal, you position everyone to move ahead.


Teresia LaRocque MCC, is Director of Entrepreneurship and Business Building Mentor for the Erickson Business Center –  www.ericksonbusinesscenter.com at Erickson College International www.erickson.edu. Teresia is a pioneer in the booming profession of personal coaching, the first recipient of the International Coach Federation’s Master Coach Credential in Canada and cofounder for the Vancouver International Coach Federation chapter.  Teresia is committed to supporting coaches to take their talent and passion for coaching and make their entrepreneurial dreams come true.

Teresia is the founder and facilitator of the Passion into Profit Program, a customized business building program offered through the Erickson Business Center. For free business building tips and advice, join us on Facebook at www.facebook.com/EricksonBusinessCenter.

2 comments:

  1. Great practical advice presented in an easy to digest manner. Thank you!

    ReplyDelete

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