How to Price Group Coaching Programs Based on Your Coaching Expertise
May 09, 2022 by Fergie Verantianes
By this point, you would already have the scaling plan from 1-to-1 coaching practice to a group coaching model and the structure of your group coaching program. The question that likely remains in your mind is how to set the right price for your program. While we do not have the exact formula for the pricing, we will share with you the various factors that you need to consider while calculating the right price for your group coaching program based on
The Average Price of Group Coaching Programs
While the pricing of 1:1 coaching sessionsmight vary between the hourly rate or the value package rate, the pricing for group coaching programs is mainly calculated on the package value. There is a general rule that many coaches use that group coaching should be priced at 30% of one-to-one coaching rates. While the average 1-to-1 coaching is valued at $9,000 for a 6-month coaching package, that would mean on average a client pays $3,000 for a 6-month group coaching program. If you're aiming for a shorter group coaching program, the base calculation would be to price your program registration at $500 a month.
The Value of Your Group Coaching Programs
As each coach has their own differentiators and competitive advantage, we are moving from the average price of group coaching programs to the actual value of the programs. The content of group coaching programsis one of the most important factors in setting the price. Group coaching programs are more comprehensive and intensive than individual coaching sessions. The content of group coaching programs is designed to help participants achieve their goals faster and more effectively.
Focus on the benefits that your clients will get from your group coaching programs. The group coaching environment provides support, accountability, and motivation that is essential for achieving success. These are valuable features that your clients will get. The easy way to start it is to analyze your group coaching structure and reflect these three main points on your price:
- The step-by-step process that will bring your group to achieve their goals. How many steps or milestones are there? What is the value of your coaching for each milestone?
- The coaching materials you need to provide during the whole program. How many workbooks, assessments, coaching templates, or scripts will you need to conduct this group coaching program? What is the value of each material?
- The coaching resources you need to hand out during the whole program. How many video content, tutorials, articles, podcast content, whitepapers, and presentations will you include in the program? What is the value of each resource?
By calculating the value of these processes, materials, and resources, you should have an idea of the price you should charge for your group coaching programs. However, you should always focus on the value that you bring to your clients and not the cost of your time, workload, or materials that you need to run the programs.
The Duration of Your Group Coaching Programs
Apart from the value, The duration of group coaching programsshould also affect your group coaching programs' price as it is strongly related to your precious time and dedication.
To illustrate with an example, let's say you want to price a group coaching program that focuses on helping people release their creative blocks. You are setting the length of this group coaching program to be 12 weeks with weekly group coaching calls and supporting resources in between the live sessions. The calculation can be based along this line: 12 hours (for the weekly calls) + 36 hours (for the in-between support of 3 hours per week) = 48 hours for the whole program. Your hourly rate is at $200/hour, so the value of your program is 48 * $200 = $9,600. For this program, you allow a maximum of 10 people to join the group, so the price of your coaching program is $9,600 / 10 = $960 per client.
However, you need to be mindful of the group coaching program offer that you put out. As the program duration is also related to the length that your client will go through to get the results from your coaching. The shorter the length may be perceived that you will help them get the results faster. But, a longer length may also be perceived that you dedicate more support and attention to your clients.
So while crafting your offer, it is important to find the right balance between the price, duration, and the highlighted value of your programs, whether it is the dedicated time or the results.
The Group Size of Your Coaching Programs
Last but not least, the size of the group is another aspect that you need to take into account when pricing your group coaching programs. The main thing to consider when factoring the group size into the price is the logistic cost for each group member.
List all the services you need to cater to your group members such as the seat in a virtual group call, subscription to the communication tools in between the live sessions, and subscription to the member area to access your resources. If they are counted per user, then you need to include these costs into the registration fee for your program.
With Uloo, the subscription to the group coaching toolssuch as group chat and member area includes an unlimited number of participants. This would mean the more clients you get, the cheaper the subscription cost will be.
Bring In Your Financial Goals
Finally, it really is about your financial goals, so that you value yourself and your coaching expertise appropriately. Remember that you are a professional coach, offering a professional coaching service. Know your worth and be confident with the price you set.