Price Resistance – How To Respond When Clients Resist Your Rates (Bhoomi Pathak)
- Episode #3
Episode summary: As your coaching business experience and expertise grows, there inevitably comes a time when you decide to raise your rates to better reflect the value of your services. But when you increase your prices, you’re likely to be confronted with strong reactions from your clients. And there’s a good chance this will happen more than once in your coaching career. Or maybe a new client is resisting your existing price, and you’re not sure how to respond. Should you argue for your rates or focus on your client’s results instead?
Our host Melinda Cohan speaks with Bhoomi Pathak on this episode of Just Between Coaches about this challenging coaching situation — price resistance. Bhoomi is the co-owner of and COO at Mirasee and works very closely with Mirasee’s ACES coaches. During this session, they’ll talk about how to communicate your rates more effectively and what to do when clients or prospects resist your price.
In this episode we discuss:
- Why it’s good to be confronted with price resistance.
- How has the coaching industry changed its pricing models?
- What mindset do coaches need to have when talking about the price of their service?
- Should you consider giving your client a discount when your rates go up?
- Why do coaches fear the money conversation so much?
“If you have someone who’s resisting your price, it means they’re really interested in working with you.”
Bhoomi Pathak
Guest bio: Bhoomi is co-owner and COO at Mirasee. After a career in management consulting working with Fortune 500 companies, Bhoomi joined Mirasee in 2013 and was responsible for putting in place structures, processes and execution capabilities that enabled us to grow 10x in five years. She continues to build the success team and the infrastructure to increase our scale and impact in serving our community of expertise-based entrepreneurs through online courses and Mirasee’s flagship business coaching program, ACES .
Resources or websites mentioned in this episode:
Credits:
- Guest – Bhoomi Pathak
- Host – Melinda Cohan
- Producer – Cynthia Lamb
- Executive producer – Danny Iny
- Writer – Michi Lantz, Melinda Cohan, and Cynthia Lamb
- Assembled by – Geoff Govertsen
- Audio Post Supervisor: Evan Miles, Christopher Martin
- Audio Post Production by Post Office Sound
- Music soundscape: Chad Michael Snavely
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Music and SFX credits:
- Track Title: Clouds
Artist Name(s): Acreage
Writer Name: Marshall Usinger
Publisher Name: BOSS SOUNDSTRIPE PRODUCTIONS - Track Title: Coastline Dream
Artist Name(s): Wild Sky
Writer Name: Adam Simons
Publisher Name: BOSS SOUNDSTRIPE PRODUCTIONS - Track Title: Coo Coos
Artist Name(s): Dresden, The Flamingo
Writer Name: Matthew Wigton
Publisher Name: A SOUNDSTRIPE PRODUCTION - Track Title: Stars & Trees
Artist Name(s): Outside The Sky
Writer Name: Dustin Ransom
Publisher Name: A SOUNDSTRIPE PRODUCTION
Just Between Coaches
This show is like Oprah’s couch, where conversations cut straight to the heart of the topic, but... it’s only for coaches! Melinda Cohan of the Coaches Console explores the tough questions coaches face on a regular basis. With a new guest host each episode, Melinda provides tactical advice and strategies to address issues like “How do I deal with price resistance?” and “Should I fire my client?”