How do you create enough value so that a client pays you seven figures or beyond for coaching them for a year? I chose this amount because of a recent article I saw in Fortune Magazine, The Advice Issue, on stands until November 17. Tony Robbins is on the cover and he’s just raised the bar for what individual clients are paying for coaching. It’s not that he is the first coach to be paid 1,000,000 dollars for C-suite coaching. I can think of several who have, but he’s the first to openly share this information with our corporate markets.
I thought it might be helpful to examine how you might find your seven figure coaching engagement. And yes, you heard me right, your seven figure coaching client.
I believe there are many ways to earn seven figures from you clients over the next twelve months, but it requires you to change the way you think about what you do. As we plan for next year, consider what clients are expecting from you and how might you provide significant value to them in the coming year.
The first idea you must consider is what value do you provide your best clients? Many coaches spend significant time telling clients the client is responsible for the results. They are about the coaching process and the results you get may vary. Would you trust a doctor who told you it was all about your healing, not how they performed the surgery? Clients want certainty when they engage their coaches. They must trust that you get their best performance out of them. If you want a seven figure coaching relationship, you need to deliver significant results to your clients. The key idea to me is that you must understand the value of intangible and tangible results for clients. You must know what your clients want when they hire you as a coach.
This leads to the second idea which is to have a seven figure coaching client you must know with whom you work best. This means clients that you can both maximize and magnify their key capabilities. As I looked at the pictures of Tony with his best clients, you realize they almost all have a similar way of seeing the world. They are innovators and celebrities in their own right. They all believe that they help create breakthrough customer experiences for their markets. If they don’t see the market the way they like it, they change the market works. It should be no surprise that they love how Tony expands their thinking.
Do you know how quickly you build trust with clients? I’ve found that my best clients share similar values to my own. I’m not sure if any of my doctor clients would fire walk, but I know if I was in an operating room and something went wrong, I would expect them to be very creative in how they keep me alive.
Tony is incredibly gifted at questioning his clients. His mental agility and breakthrough questions allow him to create plenty of space for his best clients to navigate. Are you able to provide your clients with different scenarios that might be playing out in their lives? As a person moves up the coaching ladder, they must be able to help their clients become more creative in how they approach situations in their lives.
The final breakthrough idea is that million dollar coaching clients can afford the million dollar coaching fee. If you notice one thing about developing a practice for affluent people is they can afford giving you a check and not worry about it. You might think that it’s hard to prove you are worth the money, but it’s much easier to get a better fee from someone who is successful in their own right. They know a single idea could add millions of dollars to their own net worth. They are looking for lightning in a bottle and their partners are there to help create the right conditions.
Some of my wealthiest clients are very practical with how they use me. A good coach must be able to provide significant growth and expansion for their clients while giving short term wins to keep both parties excited about the work they’re doing. One of my favorite clients has achieved incredible breakthroughs through our work together, but when asked why he works with me, he told a potential client of mine he gets eight hours back for every hour we spend together. He schedules three hours a month with me. Our work together has generated over a billion dollars of growth, yet he talks about the practical side of the work.
Friday this week, I’ll share tips for coaching and developing successful mid-market entrepreneurs that help keep you on your path to your first million dollar client. See you Friday.