A lack of differentiation is a costly game that will inevitably undermine your personal training business. Find out how you can help others and make more money.
Oftentimes low or generic rates and a lack of differentiation is a costly game that will inevitably undermine your personal training business. I'm going to start off with a very simple contention with regards to the majority of personal trainers: You aren't charging nearly enough for your personal training services!
How do I know this? It's simple: The reason lies in the "wisdom" of crowds. In a book by the same name, the central thesis states that a diverse collection of independently made decisions tallied in aggregate is likely to make certain types of decisions and predictions better than individuals or even experts deciding alone. In this case dictating what the "going" rate for personal training should be.
Unfortunately where personal training is concerned, you don't want any such standard entering in the equation as it undermines your credibility, your passion and creates a no-win situation in which your business buckles under the weight of unmet expectations colliding head on with the realities of running and operating a business.
Setting our personal training rates at "average" or area-specific levels allows us to attract the same types of clients that our competitors attract, but that's a costly game that will inevitably undermine you in the long run, and is preventing your business from achieving its highest possible success.
Clients Want to Pay You Higher Rates!
When looking at the overall personal training industry, regardless of where you are located or if you are an independent personal trainer, you first have to look at human psychology and realize that the reality is that most clients would be ecstatic to pay you a much higher rate than you are currently charging for your services.
The business landscape is littered with countless examples of high priced wares that continue to sell and retain their value merely because of the name gracing their cover, often regardless of the quality and sometimes in spite of it.
The same holds true for personal training. Perceived value is as high in this industry as any other, in fact higher. When a client is searching for a personal trainer that understands their exact needs and they find them, the price becomes inconsequential.
You are selling your services, your expertise and passion short when you simply match the rates of the local market and completely miss the point that your services are unique, varied and in high demand to your target customer.
Those searching for Gucci handbags, Apple computers, BMW's or the latest and greatest trend, don't care about the price, only the results, prestige and feeling they get from owning those items.
Ultimately, all personal training boils down to is how your client feels about themselves, their body, their outlook, their experience and the services you offer. Your training is merely a conduit for those emotions.
Therefore, potential clients looking for a specialist to help them lose weight and get in the best shape of their life or somewhere fun to workout - whether they are stay-at-home moms or professional athletes - don't care about the price, only that you can take them to where they want to be - both emotionally and physically - offer something that is unique and tailored to them, and create an environment where they feel appreciated and cared for.
Overcoming Barriers To Charge Higher Rates
I can already feel the consternation as you read this when you think back to a time, maybe even right now, when a certain client couldn't afford even your "regular" rates and you wonder how on Earth you could ever charge more for your training.
I used to think the same way, until I learned about market psychology and how I needed to value my own specialized services or else no one else would either. When a concert that is perceived to be in high demand goes on sale and you want to secure a ticket, what do you do?
You either wait in line for 5 days to be one of the first to purchase a ticket, or you buy one at a ridiculously inflated rate from a scalper to secure your spot for this "special" event. Money is no object and scarcity becomes a draw.
Mastering A Few Factors
Aside from overcoming what were previously limiting beliefs as to my worth as a personal trainer and the value and service that I provided for my clients, I also had to learn how to properly market and position my services as elite, in demand and scarce.
From an execution perspective there are several factors that you need to master in order to increase your bottom line - both internal and external - before you can ever look someone in the eye and ask for what is perceived to be a much higher rate than the norm in your area.
Some of these factors include:
- Marketing
- Positioning
- Scarcity
- Perceived Value (yours and your clients)
- Limiting beliefs
- Expectations (yours and your clients)
- Mindset
- Strategy
For instance, if you have the proper marketing strategy in place but still have limiting beliefs as to your worth as a personal trainer and the services that you offer, it will come across when speaking to potential clients on the phone, in your marketing, or in your everyday dealings and will permeate your business leading to frustration and less than desirable results.
Likewise, let's say you've got your mindset and perceived value locked in place and realize that you need to charge way higher rates, but your strategy, marketing and positioning are poor, then your results will also lag behind expectations.
To get to where you want to be, a comprehensive plan is necessary to create a thriving and sustainable business impervious from attacks from all sides that is built to last with a solid foundation backed by real research, science and the strategies to overcome any resistance from your potential client.
Dominate Your Niche And Propel Your Business To The Next Level
At the very top of the list of things to do to start turning around your business and be able to charge higher rates that are both justifiable to you and your target audience, is to specialize and dominate your niche. You're not going to get by simply training anyone and everyone that wants to lose weight.
It's not nearly specific enough to separate you from the crowd and create raving clients that swear by your doctrines and teachings to the point of paying virtually whatever you want because they feel that you and your business are specifically designed with them in mind.
Therefore, in order to charge higher rates the first thing you need to do is position your services as elite, filling a niche or specialized for the exact type of client you are trying to attract that ideally aligns with your true passions as a personal trainer and helping others.
Provide A Unique Service
But it isn't just about what you know or what specialized skill you have. It's also about how those services are delivered to provide your clients with such an amazing experience, that coupled with your skill set, your rates are completely justifiable to you, and most importantly of all, your potential client.
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