Many brilliant, talented coaches know how to help individuals break through limiting beliefs, overcome mental blocks and achieve big goals. Such results are also very valuable to corporates and in this post, I will share with you the two points to cover in your offer so that you can win a $15k contract for 3 days work for example, or a $35k contract for a longer engagement.
The trick lies in helping corporates see the value that your work brings to their business and show it on two levels: the emotional level and the rational level.
What is the emotional level?
The first is the emotional (and sometimes intangible) level. This is where a corporate person has some kind of challenge (a “pain”) in their work-life that can be solved through working on their mindset.
The “pain” is something that is frustrating, annoying, worrying or bothering them in another way. They see this pain as a big hurdle or blocker that is stopping them from achieving their goals.
A non-exhaustive list of common pains are:
- Too many meetings so they cannot concentrate on their work
- Missed deadlines so that they have to deal with angry customers or stakeholders
- Too many long email trails which are a time waster
- Conflict in their team that hinders smooth functioning and achieving targets
- Team members not taking responsibility for their own work which means, they, the leaders have to micromanage – again, another time waster
- Not hitting weekly/monthly/annual targets – this can impact on their personal career goals, bonuses and again adds stress to their workload
- Team members being stressed out and not delivering high quality of work – therefore creating more work for their leaders
- Top employees leaving – this adds big headaches as they, the leaders, need to find time to replace the person, plus there is invariably a loss of productivity as someone leaves
- High levels of sickness absence among their people – this adds more pressure on everyone else
- Can’t attract the right talent / fill important roles – will likely lead to the point below
- Work not getting done (or done to a high standard) – another cause for stress, missed deadlines, and all the negative consequences mentioned above
- And so on…
And it only takes a bit of desktop research to find out what pressing challenges organizations in your industry niche most likely face – I will write another post on how to exactly do this detailed research but the list I provided above is a good starting point
Examples on how to manage these challenges
As a mindset coach, you can work with leaders and managers to resolve any of these challenges in multiple ways:
– For example, the fact that a leader finds themselves in too many meetings and has too many emails coming in indicates that they need to delegate more. Holding back from delegating shows they might have limiting beliefs about their team or their own ability to get results if they don’t do everything themselves. Your approach to an organization from this angle could be: “Improve your team’s productivity by 25% by upgrading your leadership and delegation mindset”.
– Or an executive team might be frustrated that their organization isn’t hitting goals for business growth, so they hire a mindset coach to help challenge themselves and their direct reports to make faster and better decisions to achieve their targets.
As the coach, you help them to break through mental blocks that keep them stuck when making decisions and where they “play it safe” which leads to missed opportunities. Here you could say: “Develop a winning mindset and culture to hit your business goals”.
– Or an HR director is struggling to attract and retain top talent. To help with this, they might want to create a program to help empower emerging female leaders to improve the perception of the organization as a good employer in the market.
In this case, you would work with the high-potential women leaders and help them build confidence in their ability and performance while maybe also helping them establish a better work/life balance. A mindset coach might suggest something like: “Empower your female rising stars to greater success by installing a leader’s mindset”
In all of those situations, your skills as a mindset coach will be highly valued by the business because it solves a pain that they are struggling with. This is demonstrating value on an emotional or intangible level.
In addition to the emotional value of your work, you must also demonstrate the rational, tangible impact your work has on the company.
What is the rational level?
This generally means translating the impact of your work into monetary values. Showing the financial earnings or savings that a business could make when they work with you as a mindset coach is a very strong convincer and is crucial to command larger fees.
It is also not very difficult to do.
All you need is a rough idea of the broad salary range of the people you want to work with. You can find salary averages by googling “average salary for [position of the prospects, e.g. team leader, senior director, ceo]” in [your industry niche].
How to help clients on a rational level
Taking the above examples:
– With the right delegation mindset, the leaders who complain about too many meetings might reduce the number of meetings they attend by 1-2 meetings per week. This means they save a minimum of 3-5hrs per week. If they earn an average of $150,000, these time savings are worth between $12,000-$18,000 per person.
– If you have 10 senior people at this level (this is the leader and their direct reports) reducing the ineffective meetings gives the company an approx saving of $120,000-$180,000 per year. This calculation doesn’t even take into account the financial ripple effect of increased productivity by these people who now have more time to focus on other priorities.
– For the executive team that wants to improve their decision-making to hit growth targets, you can calculate the time they waste on inefficient decision-making and how much e.g. a 25% reduction in wasted time would mean financially. For a team of 10 senior executives at $250k annual earnings, this could be around $300k-$400k even before you work out the lost opportunity cost.
– And the HR director who wants to empower their rising female stars knows that hiring or replacing someone at a mid-to senior-level costs the company between 120-200% of that employees’ annual salary.
Plus, having a reputation for being not a good employer adds another 10% cost to the hiring process. So if they need to replace 4-5 people at salary ranges of $90k-$120k, they are looking at a cost of almost $700k. Yet, if they can reduce the number of female leaders leaving to 2-3 per year, they reduce these costs by around $300,000-$400,000 per year.
In all the above examples, you can work out the potential amount of money an organization can save or earn and set that against the fees that you charge – this gives you the company’s return of investment (ROI).
And looking at the saving or earning potential makes it a no-brainer for the business to invest the comparably moderate sum of $15,000-$35,000 for a few days to a few weeks of work with you as the mindset coach.
When you make the case on both, an emotional and logical level, you present a very strong reason for a company to hire you. In my experience, combining these two levels leads to a) more corporate prospects being interested in your work and b) being able to charge at the high end for your work.
So if you’re wondering how to translate what you offer into something that is attractive to corporate clients, send me a DM.
What I can offer you
In my 3 months, 1:1 program I help you to clarify exactly what results you can bring to large businesses, their value and how to calculate and communicate the emotional and rational benefits so that 5-figure contracts become an easy yes from your prospects.
I also work with you on focusing on the right niche that you are excited about working with, help you with your marketing message so that you attract only those prospects who are right for you, show you how to leverage your network without ever worrying about being sales-y or desperate so that your diary is always filled and teach you how to have simple but effective sales conversations and create proposals that convert at approximately 80% of the time.
I teach you the exact system that allowed me to build a multiple 6-figure consulting business while working part-time and that has helped my students land contracts of $15k for 3x90min coaching, land their very first corporate contract in just 4 days at respectable multiple 4-figures and help others triple their prices with existing clients who then ask for more work at the higher price point.
If you’re interested in the program, the next step is to DM me and we’ll have a chat to see if it’s a good match for your business.