As a coach nothing is more rewarding that seeing the gradual improvement, change and growth in your client as they navigate their problems during each session. It may well be why many of you got into professional coaching in the first place! As a coach, you definitely feel a sense of fulfillment in helping your clients overcome their obstacles as you guide them over the course of sessions.
But as satisfying real time coaching can be, it does have shortcomings, mainly finite number of hours, the number of clients that you can work with and consequently not realizing your full earning capacity. Before we start with how to create a coaching package, let’s look at the ‘why’:
Why offer an executive coaching package?
At the outset you may have doubts about your lack of experience or if anyone needs your coaching assistance, but let’s face it, we live in fast paced, stressful times where plenty of people need guidance through their personal & professional worlds.
So, in a way, creating an executive coaching package, a sort of a one-stop digital solution that offers your services and resources, can make a huge difference not only in the number of clients that you can reach but also in maximizing your revenue generation.
What are its benefits?
Creating an executive coaching package may seem like a lot of effort initially, and you may question if this is time well spent as it means extra work which adds on to your existing coaching schedule. But developing a coaching package has multiple advantages that make it well worth the time invested in the final outcome…
1. Target your niche clientele
Let’s say you are a business coach who specializes in senior leadership development or business expansion and are looking to attract top level executives. You could create an executive coaching package that helps guide business leaders in change management.
This virtual presence, via your coaching package, will considerably widen your ability to attract clients. After all, nothing screams professional and experienced like having a robust virtual presence! A single platform that showcases all your niche service offerings (addressing the problems that your clients face, the specific tools & resources that will facilitate overcoming those challenges, etc.) combined with a smart pricing strategy, may well be a game changer for your business.
2. Enhance the value of your offerings
After setting up a coaching business, the next aim is to upgrade it for which you need to enhance the value of your offerings. A systematic, organized platform which packages your coaching services + the resources & tools at your disposal will boost your business value considerably.
For example, as an executive coach you can incorporate interesting ideas via your coaching package such as 360° assessments, innovative team development exercises, career transition guidance, periodic goal setting, external links to course materials, weekly progress tracking & reporting, Q & A sessions, consultation via skype or mobile etc. to help your clients get the best value from your coaching services.
3. Transformative results for clients
Structure any executive coaching package around the question, ‘what outcome does my client expect from this package?’. Which challenges are they looking to overcome and what would qualify as a successful result?
Understand that the definitive selling point for your coaching package lies in not how many calls, page visits you get or in fancy features & tools but in the transformation that your clients experience. The USP for any executive coaching package is not the number of hours spent coaching but the results that clients can tangibly experience for themselves.
4. Varied pricing options
How to price coaching packages? Well, the pricing strategy for any executive coaching program needs to be based on action taken and results expected. Firstly, identify the type of package you are offering – is it an affordable price point for a wider mass base or is it a highly priced, niche category? Then factor in your time commitment and accordingly adopt a pricing model.
As a coach, you know that all clients don’t come from the same financial strata, so offer your clients multiple options with varying duration and pricing to choose from. This will help you target a wider clientele, after all coaching is not exactly a ‘one size fits all’, but more of a ‘horses for courses’ field.
Structure your programs in a multi-tiered price system where even a low-cost program will let subscribers have access to quality coaching, albeit in a simpler or less extensive manner. It is a great way to first attract and then retain clients. A low-cost program subscriber, who is satisfied with their initial positive results, can always opt for the high priced, longer program in the future or sign up with you as a regular client.
5. Increase your potential for revenue generation
You realized that helping people overcome their problems comes naturally to you and that may well be one of the main reasons you choose coaching as a career. But ultimately, coaching, like any other career has to balance work satisfaction with a healthy paycheck at the end of the month.
Having an all-in-one coaching package means the possibility to reach a much wider clientele (than you would in individual or even small group coaching) and therefore the potential to substantially increase your earnings, all without compromising on the effectivity & quality of your coaching services.
What type of executive coaching packages can you offer?
The mantra of coaching, ‘the client always comes first’ is what you need to focus on when deciding the type of packages that you want to offer. Emphasize your areas of strength and expertise. You may have been a corporate team coach, so highlight the fact that you have experience working from C-suite executives to front line teams in organizations and are well versed in implementing conventional as well as less scripted coaching methods that help foster team spirit, healthy interactions and the importance of working together which has delivered quantifiable results.
The point is once you have your niche identified, you have an exact understanding of how you want to package your skills, who is your target clientele and the direction that you want your business to grow.
So, before you go about creating a coaching package, go through these main type of coaching packages that you should consider:
1. An executive coaching package that focuses on one single result
This first type of executive coaching package is one that is designed to deliver one particular result in a specified duration to your client. For this coaching package to produce the promised outcome, you as a coach need to have a very good understanding of the process that will be implemented, a proven past record of having achieved that type of result and the ability to deliver the assured outcome in that specified time frame.
For instance, as a business coach, you can offer to boost your client’s productivity in 6 weeks. The key is to back it up with statistics and testimonials of clients who have benefitted from your guidance so that these single result, time bound programs don’t end up sounding like empty promises.
As a coach, because these types of coaching programs let you plan your time & workload, they offer more flexibility – whether you want to work more, take on more clients, feel the need to devote more family time, or cut down on your client volume.
2. An executive coaching package that offers continuous results
Now the second type of an executive coaching program is one that is more focused on continuous results, where as a coach you provide ongoing support to your clients to meet challenges and overcome them, rather than delivering results in a limited time span. You don’t discount time frames completely but, unlike the first package, they are of a longer duration.
Also, this executive coaching package is not focused on a single result but on providing specific benefits. So as an executive coach, with this coaching package you have the chance to continually help your clients by motivating them to achieve their objectives, fine tune their vision, navigate strongly through rough areas, and generally guide them towards their end goals.
For instance, if you are coaching the top rung leadership in an organization, it is vital that they are swift enough to evolve & adapt to newer challenges. Offer an executive coaching package that helps improve their communication and interpersonal skills that are essential for team and morale building, keep them abreast of latest leadership tools & competencies, upgrade their skillsets to match the evolving business trends and more.
To make your offers more appealing, make sure to back up your claims with real client interactions and feedback, your success stories, experience in the industry and the niche skill set that you bring to your coaching.
What should be included in your executive coaching package?
Any executive coaching package that you design needs to have a structured, detailed template that presents & promotes your services, resources and tools. Whether you are an experienced coach or just starting out, having a systematic, organized coaching package will make all the difference between your package doing well and doing great.
Here are some key factors that you need to include in your executive coaching package to attract the right clients.
- Introduce yourself – You are your business, so introduce yourself, your history, your credentials and your values to your prospective clients. An honest write up will not only help you become more relatable to would-be clients but also go a long way in establishing your trustworthiness with them.
- About the executive coaching package – Present your coaching program in a manner that highlights its advantages.
- Who is it for? – Be clear in stating who your coaching program will benefit, so that you don’t end up having a mismatched coach-client association.
- Coaching process – Chalk out the coaching method and journey so that clients are aware upfront of what to expect and also if your association will be a good fit.
- Results – Talk about what your coaching can deliver. State what your clients can expect at the end of the program (what they can achieve & overcome) and be truthful about the end outcome.
- Testimonials – Sharing your past clients’ feedback and their experience with your coaching not only conveys your qualifications but also gives your potential clients a fair idea of what they can expect from your coaching program.
- Program duration & pricing – List out all the multiple program offers with their duration, pricing and specific benefits so that it is easier for the client to make an informed choice.
- Supporting material – Remember to include informative/learning materials that will be of added value to your program. They will also be aids to help guide the client without your constant presence.
- Client support – While your client base is still manageable, offering in-person support can be a good value addition to your coaching package, not to mention a chance to charge top prices for your services. When dealing with a larger client base, having an online Q&A session can be an easier way to address your client queries.
- Payment option – Online payment is easy, swift and secure. Some clients may not be in a position to pay in full upfront, so having a plan where they can make payments in installments, making the next segments of coaching available, lets you retain those on the fence without loss of revenue.
To wrap up, creating executive coaching packages helps you position your business for expansion as well as increases your earnings. We hope we were able to guide you on who your target clients should be, what makes a good executive coaching package, and how best to present a program that stands out from other offers in a competitive coaching market!
1. When can I expect to see a positive trend in terms of client volume & revenue growth after creating an executive coaching package?
No business can start delivering profit from day one. Most coaches/coaching businesses take anywhere from a few months to a year and a half to start showing tangible results, both in terms of client volume and earnings. And even that is dependent on other factors converging positively, such as selecting the right coaching model, have a robust pricing model, sales & marketing strategy in place, etc. Of course, this is more applicable for coaches with some amount of experience under their belt.
If you are starting out as a coach, get ready to work hard, be patient, and invest more time and effort to make sure your coaching business takes off successfully.
2. How do I competitively price my executive coaching package?
The important factor that most coaches consider while pricing their executive coaching packages is the level of experience & expertise they bring to the table. The more experience, knowledge and accredited certification you have, the more premium rates you can charge.
Other factors to consider while competitively pricing your executive coaching package is to research what price points your immediate competitors are offering, decide if you want to charge by session or by duration of program, and factor in your sales & marketing costs as well, such as designing, content creation, etc.
Pricing your coaching package just right can be a tricky one to get right, so try starting out with pricing that you feel comfortable with and then move from there. Pick a price point that you feel confident will sell and will return the right value for services you deliver. Overpricing your executive coaching package may make it difficult to attract a sizeable client base whereas underpricing will be short selling your knowledge & skills.