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Getting the Financial Commitment

written byTeresia LaRoqueon 06/07/2012

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.” In your mind, you start coming up with reasons why they won't commit. Without realizing it, you're getting in your own way. Have you been here? 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 it comes time to asking for the financial commitment:

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. For example, in addition to your extraordinary tool box from your TASC training, if you were a career counsellor, you used tools, strategies and processes in that position that would benefit your coaching clients. Even in our own personal development and learning, you have developed skills that have value to a coaching client. You have more to offer then what meets the eye! All coaches know deep down they have something to offer but haven't sat down, packaged it and thereby communicated it with conviction and confidence.  

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? For clarity and insight on this, notice your prospects' objections. Are they a reflection of your core beliefs? For example, if your prospect says, 'Your services are too expensive,”' investigate whether you secretly believe your services are too expensive. If your clients say "I need to think about it," ask yourself if you tend to stop to think before making a commitment. Notice in your life what internal dialogue you have going on around money and making financial commitments, whether they're big or small. What beliefs do you need to adopt that will support you in creating a win-win opportunity for both you and your potential client.  

Know how to present your prices and services.
Do your homework and 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 about what they REALLY want to create in their life. Test their commitment by saying, "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, and 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?”

As coaches, it's our job to support people in committing to having 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.  

Your personal business building mentor,

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