Is time to increase your coaching rates? If you are considering it, then it is time to do it. The problem is knowing how much to increase them by. The best increase that you can make is to charge double. Yes, double your rates. A good career coach New Jersey residents can trust will not be the cheapest one. You need to charge what is fair, but you also need to be able to survive. Charging less will only attract the wrong customers.
How Can the Framing Effect Help Increase My Coaching Rates?
The framing effect is connected to decision making and describes how our brains tend to make decisions based on what we see. This is how you can increase your coaching rates easily and still be the option that people choose. If someone is being presented with two items, then there is a 50% possibility of one item being chosen. These two items have their own differences such as quality and price. Option A is cheaper but the quality is lower. Option B is more expensive but the quality is higher. So there is a possibility of either one being chosen. Now the key is introducing a third option. This option is going to be the most expensive one. It has the same quality as option B but it is much more expensive. So Option B becomes more attractive than the others. Essentially, option C is a decoy that makes people decide that Option B is the best one.
Increasing your Coaching Rates with the Framing Effect
It’s all about your frame of mind. Are you convinced? Let`s get started then. First of all, double your current rate. This becomes option B. Then find an option that is cheaper than your rates which will become option A for you. It must be cheaper for this to really work. Finally, find a really high and maybe unreachable third option that will make your option look better.
There you go, it wasn’t that hard, was it? Increasing your rates might be scary, but your work and services will compensate for the price, it’s all in how you view yourself and your services. Make sure that you are always giving your best. It might seem difficult at the beginning but once you start getting clients who accept the new price, you will know that it was the best decision you could have made.
Leaving Cheap Rates Behind You
As you can see with the framing effect, most people do not choose the cheapest option. Giving cheap prices is not the best strategy at all. It is time to charge what is fair for the quality service that you are providing.
Once you reframe your price, increasing your rates won’t seem too bad. So your last challenge will be offering your service 10 times more than you normally charge next time someone calls. It sounds crazy, but after you have framed your prices within that range, you won’t feel so bad about offering your service for the double rate. For more interesting articles on career coaching, please visit https://juliehancoaching.com/.
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