← Mondays with Matt
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- [00:03]
A
You're listening to Mondays with Matt. I'm Matt Reynolds, the founder and CEO of Barbell Logic and Turnkey Coach. Each week I share lessons from decades of lifting, coaching and business to help you get stronger, coach better, and take action. Let's dive in. Happy Monday afternoon, everybody. Welcome to Mondays with Matt. I'm your host, Matt Reynolds. I'm here today for, I think the first time I've got a special guest, my good friend, reformed Presbyterian brother, TKC coach Anthony Deal. Welcome to the show.
- [00:47]
B
Hey, thanks for having me, man. Fun to be here.
- [00:49]
A
Glad you're here. We're going to dive in today, specifically talking about why undercharging is killing your coaching career. And because you and I have spent so much time together over the last couple years, I thought you're probably the best person on the planet to talk about such things. And so we'll dive in. I'll. I'll tee you up a little bit and we'll get there. So, so first off, when I, when I own the gym and I'm in Springfield, Missouri, so it's a, you know, kind of a low cost of living place in the, in the Ozarks, it's a super nice town, but you can't charge $1,000 per month for, for in person coaching. So it was, you know, I think we were like 400, $500 a month somewhere in there. That was probably the most expensive coach in town. Of course, the problem, as I've spoken about many a times on this podcast, Mondays with Matt, live streams, et cetera, is that you are locked into a schedule and a location, as are your clients. People that are outside 15 minutes of Springfield, Missouri are not going to show up. And so then we started transition in 2016, just, you know, ten and a half years ago now, which is crazy to say to the online coaching world. And we started at a relatively low price point. It was $179. I remember for the first 500 clients that came in, we hit that pretty quick and bumped it up to like $200 a month. Now this is 10 years ago, so I still think that's way, way undercharging. And so, um, but we got there and, and so I think what you tend to have, I often think about it like this. If you are a great coach and you have great service and you have a great product or, or platform, like we do with Turnkey Coach, both of us, and you're not a barbelogic online coaching coach, you, you own move withmotus.com your company is excellent. I know. I assume it's okay to say this. You cross your $100,000 per month mark just last month, which congrats, that's huge. So you're a, you're a million dollar plus company at this point, which is, which is fantastic. When you have Those things charging $50, 79, 99amonth is ridiculous because you're able to offer so much more. And when you're able to offer so much more and you're able to offer it to the entire world, not just to Springfield, Missouri or small town Pennsylvania, like you're in the undercharging kills you. And by charging the correct amount because of the service you're able to provide. And I want to talk a little bit about some of those services that, that you do because like for us, we've sort of made our name in a very high service company. High touch, white glove and also video technique breakdown, you know, every 24 hours within 24 hours. You don't offer exactly the same service, but you offer additional types of service, lots of relationship building, the kind of stuff that I would even argue that most clients couldn't get with in person coaching you can offer online. Therefore you can charge a premium. So if you're charging, I, I would say to me the over under is like 200 bucks. If you're charging under $200 and you're offering a solid online coaching service or a hybrid service between obviously a hybrid service that'd be really, really cheap for both some combination of in person and online, you, you're killing yourself. Right. And so walk me through a little bit about what, what your pricing structure was four or five years ago, what it is now. And you even have high ticket pricing options or I mean like $5,000 a month things, things like that, that you're able to, to sell and service. And service. Well, like carry those things out.
- [04:21]
B
Yeah. So let me tell you a quick story. So I have a guy who signed up with me and if he listens to this, he'll know who he is. Who he reached out to me via LinkedIn and said, hey brother, I've been following you for a couple years. He said, I was going to engage with you last year, but I went to your website and I looked at your prices and they were so low I didn't think it could be any good. Then he had seen me posting about increasing our prices and now all of a sudden the price in his mind accorded with the value that I was saying that we gave. And so now he was actually ready to engage at a higher price point. So there's a big mind shift there. And so I always tell people value I want to give. And I believe we do give excellent value. But value is also perception. If somebody goes out and wants to get a used forerunner couple years old, they know they're in it for 40, 50k.
- [05:14]
A
Yep.
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B
And if you find a decent used 4runner, it looks great on the outside, but it's 19k. Immediately my mind is going, does it have a train?
- [05:22]
A
Correct. The transmission's gone out or is about to go out?
- [05:25]
B
Correct. Correct. So several years ago I was 185amonth for nutrition. And I wanted to say that I think I was around 250 for both. And I slowly raised our prices. So now we actually have what we call a value ladder.
- [05:39]
A
Right.
- [05:40]
B
So we have one offer and it starts with the Grand Mac Daddy offer which our high ticket offers 25k for 6 months or 40k for the year. And that does come with a lot more high touch in that I'm actually meeting with those guys weekly. We get on weekly zones and I'm covering the cost of their labs multiple times a year. We're doing a little bit deeper kind of comprehensive almost life coaching if you will. And then where we really have most of our clientele live is the next package down which is the forge, which is strength and nutrition. And it covers the cost of their first set of Labs. That's 1997 for month one and then 5.97amonth thereafter. That's where we currently stand. Now if we do nutrition only, it's around $600 a month. But we typically offer a paid in full for six months which is 2880 and then 400amonth thereafter. And then we go down and we have one to many group coaching at 297. And then we even have a one to many program called Lead Strong. That's $97 a month. And so we have this value ladder that's crazy high, all the way to crazy low. And when you get to those low low ticket ones, the burden of fulfillment is really low. But we try to stuff as much value as possible in that. And so that's our current price model. We'll get a lot of guys come into the low low, especially if they're people that don't know me a whole lot but have seen my social media posts, want to feel us out and that actually acts as a lead magnet and people oftentimes jump up to the more one on one services.
- [07:09]
A
Yeah, I like one of the things that you do, I think, is that you, you actually start with the higher ticket item. And then if clients is like, well, that's out of my price range, you can come down, but you also do the other way around. So somebody comes in for the lower ticket item, you have an expansion opportunity to say like, hey, you realize there's way more value, way more service, way more high touch, way more personalization, all of those sort of things in these, in these higher tiered options. So I, I've thought about it. I had a buddy that said this one time that I remember him doing a sales call. He owned a gym in San Antonio and a call came in for the, for the gym while he was like staying at my house in Springfield, Missouri. And he told them the, I mean, he told them the price within the first five minutes of the call. And I could tell they, they sort of gasped at it. And he was like, hey, we, you know, we don't sell, we don't sell Honda Civics here. We sell Ferraris. That's, that's what we're selling. And I often think of it as like in the meat market, if you're a great coach and you have a great service and you have a great platform and you've got all this high touch, we're, we're selling filet mignon. We're not selling dollar double cheeseburgers. You can get that anywhere, right? So if you are a coach, the first piece of this is that if you are a coach and you're selling Google spreadsheets programs, that's a dollar double cheeseburger. That's what you're, I mean, that's what, that's what the market would want to pay for that. But as a coach, one of the things, and I've talked about this a ton on this show, is that you may not be the most experienced coach in the world. You may not have 20 years of coaching behind you. Both of us were 105k lightweight pro strong men. We have a lot of that competitive background, business background, coaching background in our experience. So we've got that. And so you might not be able to compete with that, but you can certainly compete on, can compete on service, can compete on relationship building, can compete on building trust. And so you've got to get out of the mindset, you've got to have a paradigm shift or you're not selling double cheeseburgers from McDonald's, you're selling filet mignon.
- [09:13]
B
And the reality is you're selling a Transformation. And one of the things, when people ask how much it costs, one of the things I'll say is, hey, this current pain, if you had the solution to that, how much would you pay for it?
- [09:25]
A
That's right, that's right. If it completely changes your life, if you lose 20% body fat, if you lower your risk of heart disease and diabetes and metabolic syndrome and all those things. And oh, by the way, if you build a great relationship with your coach and for you, another, you know, a great group of men who are like minded, same worldview sort of stuff, and six months from now, what would you pay if that were true? And then you just have to carry that out.
- [09:50]
B
I think too many coaches think of their offer and they think, I'm selling strength and I'm selling nutrition. No, you're not. The reality is everything that you and I know exists on the Internet. It's all there. Now, knowledge is not wisdom. Wisdom is knowledge applied. So we do have loads of experience, which is critical. But in the same way that I have a great accountant and a tax guy who I could go learn everything that he knows, I don't have the time, the bandwidth nor the passion to go do it. So I take dollars and I give it to him and what do I get in return is I don't have to stress about that. I bring my problems to him and he doesn't always know the answer right away. I have, by the way, for a lot of you coaches, you struggle with imposter syndrome and think that you have to know everything. Man. One of the easiest ways to earn trust with your clients is I don't know, but I'll find the answer and get back to you because they're paying me like a consultant. What do consultants do? They go into businesses, they know nothing about that business, they learn everything about that business. What? Look at the problem with an objective set of eyes and bring solutions to you. That's the point. And so when you pay for something, you're actually paying for not only that person's knowledge and expertise and experience, you're paying for your own time back for having to go learn all that they know.
- [11:05]
A
You're buying back your time. So yeah, so we can think about that higher ticket price item, which I think probably people who are listening to this are still. People are like, oh my gosh, I can't imagine. And by the way, it doesn't matter if you would pay a thousand dollars a month for this thing, there are many people who will, right? And so you have to get out of that mindset. But the other side of it is this. The cheap coaching attracts cheap commitment. And so when there is more skin in the game, there is more commitment, there is more accountability. People stay that they are more engaged because it costs enough to be engaged. Like it's, you know, again, if you're paying 50 bucks a month or 79 bucks a month for a, for a Google spreadsheet, that it doesn't even really know who you are. It's a template. It doesn't take into account your lifestyle, the equipment that you have to work with, your travel schedule, if you're in a hotel for a week, if you're, you know, on the cruise or in Mexico or whatever. The thing is like when you're able to offer all of those scenarios, the types of people who go and travel to Mexico on the cruise or travel for business will pay a premium for that thing. And so there's both ends of that spec, that spectrum where it's that cheap coaching creates cheap commitment. Expensive coaching, which I would rather say is a high value level of coaching, high value coaching is, can charge a high value premium. That's, that's what it is. That's, that's what it's doing. And so the other part of this from a coaching perspective, so that's to the client and, but to the coaching. One of the things I've noticed, I don't know if you've noticed this as well. One of the things that's tough with turnkey coaches as we walk through our platform, which is amazing, is that we're constantly, Andrew is constantly working to make sure that the coach's hourly rate goes up. And I think coaches a lot of times are just looking at the total. What's the revenue? Well, if I had a thousand clients at 50 bucks a month, I could do $50,000. Right? Is that right? Or, you know, or you could have 75 clients or 50 clients at $1,000 a month much. And so the, the touch points and the white glove service is much higher for them. But overall it's actually less work for you as a, as a coach. And what you'll find is your dollar per hour will go up tremendously. So one of the things you can do this is not even in my notes. I know you can go to turnkey coach, you can go to the website and, and I think right on the right side of the screen is calculate your hourly earnings. And one of the things that we did is when we were with a third, another third party service, a big service who Offers programming, but they're mostly a programming company. Our coaches were making like 50 bucks an hour, maybe 60 bucks an hour. It was we, as we worked on, as we worked on efficiency, maybe we got up to a hundred dollars an hour. With turnkey coach, we have coaches making $400 an hour, $500 an hour. And so, so that then allows you as a coach to either say, like, I can take on more clients and yes, make my top end revenue go up a lot, as you've done, and you've got a handful of coaches that work underneath you. Obviously we've got, I don't know, 50 or 60 coaches at Barbell logic. But you can also just buy back your time there as well. You can, you can make your $50,000 a year. You can make your a hundred thousand dollars a year working two hours a day, three hours a day, and have that time back for other passions, other hobbies, other businesses, family, church, whatever the thing is. So one of the things I'm trying to do in the industry is help coaches think about that dollar per hour piece. Like, okay, look, you can, you can make your $50,000 a year, but if you're working in a gym 65 hours a week, that is no life to live. And to make more money means you have to go to 75 hours. Well, at 75 hours a week, even at 60, at even probably 40 hours per week coaching in the gym, you're probably not a very good coach at that point. You are early in the week, you're fresh. But if you do this and you only have to do it a couple hours a day and you make $500 per hour, you can create this incredible value system for your clients. So your clients are getting tremendous value for the dollars that they're paying, but it creates tremendous value for the coach as well because you make so much more money per hour. And so again, it opens up your time. You can, you can take on more clients if you want or not and do other things well.
- [15:28]
B
And I think it for me, like getting on turnkey coach was critical, especially with the video feedback because I rely on it. That and voice notes, because I can transmit body language and emotion and frankly, when I need to call somebody out and hold them accountable. If I had to draft this long essay and try and make sure it's all, nah, it's going to take forever. But I can get on here and in two minutes communicate what I need to communicate. They can see my face. Yeah, way more value than when I did in person training. How many People text their personal trainer outside of gym hours. Exactly none. I talk to some of my clients every single day about all sorts of stuff.
- [16:05]
A
Right.
- [16:05]
B
I'll pray with them over the phone. Like we will get into their lives. I mean, I have a client today who I'm going back and forth with, doing his check in and I just mentioned to him that we're coming to Galveston, Texas for a week in June, taking my family. I have to be there for business. But we decided to make a vacation out of it. He's like, dude, I live five minutes from Galveston. He's a pretty well off dude. He's like, let me take you and the family out on the boat. We'll go out to the island. There's this great place for kids. We'll do all this stuff. And like I have relationships with you would never ever get any of that in, in person. But the biggest thing for me though is I want to be, I want to be the best. I'm competitive, I always want to be the best. And by charging more, I can personally take on fewer clients and I can spend my time doing the things I want to do, which I want to do three things. I want to interface with my clients. I want to market my business. I want to research and read to become a better coach. And if you're taking a million clients at low price point, all you're doing is putting out fires. You're never getting better. And if you're not getting better, you're not increasing your value. I have time every day in my life, at least an hour and a half I set aside at researching. I'm deep into the world right now of kidney disease because I've got a lot of clients with kidney disease. And this morning I'm like neck deep in research around the sodium potassium pump. Yeah, I'm a nerd, right? But that makes me a better coach. I can add more value and charge more.
- [17:24]
A
Yep, I love it. And you didn't even get into that's, that's your passion in coaching. But it's also opened up the amount of time that you have. Your, your married, you have a family, you're a family man, you're a leader in your church. You have all these other things that you can also then devote your time to. That's where you're not having the time suck. Just into the. I'm a high volume business selling 50 templates on Google sheets. And I don't have time not only to become a better coach, I don't have time to become a Better dad, a better husband, a better church leader, a better, like, whatever those things are in your life, everybody has those passions. And to be able to open that up, it creates tremendous opportunity for you by making sure that your ticket price is correct.
- [18:04]
B
Amen.
- [18:05]
A
Awesome. All right, so we're going to take some questions as we always do before we get in there. We the offer this week is not. It's nothing to sell. So we actually have a free coach readiness quiz as part of our academy at the Barbell Academy. So for those of you looking to become a coach, we've created a quick quiz to help you determine your strengths and areas that you can improve. Take the free strength coaching readiness assessment. It takes two minutes. It asks seven brief questions about your experience, your goals, your timeline, et cetera, and then gives you a personalized recommendation for your next step. You know, maybe you're ready to launch today. Maybe you need to build some more foundation first. Maybe you're just exploring the idea, but either way, you get a clearer answer. More than just wondering where I'm at and how do I do this? So all you have to do is go to barbelllogic.com academy and you'll see you up there at the very top of the page. Take the coach readiness assessment. It's totally free. There's not buy ups, so we're not trying to sell you anything. Check that out and see if you're ready to coach. And if you're not, it'll show you where you're deficient and the things that you need to do given the academy is a wonderful opportunity for a lot of you who are up and coming coaches. So that coach readiness assessment is excellent as part of the academy, as is the academy as a whole. So. Okay. With that said, Dan, let's take some questions in our last 10 minutes here.
- [19:20]
C
Yep. First question is how does a coach know if they're undercharging, especially if they're early in their coaching career and still building experience?
- [19:30]
A
Anthony, you want to go? Yeah, go for it.
- [19:32]
B
Well, so do some market research. And a lot of coaches, this is where I'm going to hammer this because I have my own mentorship where I help people. Who are you serving? First off? What's your niche? What's your avatar? Your offer should come out of solving the problems that they have, not what you think is a cool offer. So that, first off, depends on who you're serving. Do some market research. What you want to avoid, I can tell you this right now, is you want to avoid the commodity pricing. So when you go to the grocery store and you want to get Rice Krispies, you see the kellogg's box for $6 a box. You then see great value brand for $2. It's the same thing. We all know it's the same thing. You're going to choose the cheaper option. You don't want to be in that commodity pricing of just generic everywhere else. So you want to be above market rate so that you look, you're top shelf, you are special. But your offer also needs to communicate that one of the ways that you communicate that to people is by being hyper specific on the problem you solve and the methodology with which you solve it. And so some of this comes back to how is your offer structure laid out? How are you communicating what it is that you do to people?
- [20:44]
A
Yep. And I just saw a comment come in from, from James Corbett, who's a, a good friend, been a client and great coach, TKC coach. He's had too many, too many coaches base their pricing on their own values or selling the time for money. Sell your value on the results you get for your clients. So it's, it's. The concept here is don't think about what you want. You're thinking about what the client wants, what the client needs, and can you get them there. I'm a huge metrics guy. So one of the things we, again, the reason we built Turnkey Coach in the first place, and it's almost funny because we almost forget that this is just something that's included in turnkey, is that you have automated metrics for everything so we can see every PR of every lift. But not just that. We have metrics for weight and waste and everything. Any, any metric you could possibly sleep quality and whatever the thing is, right. Resting heart rate. And so whatever those things are, if you're helping your client reach their goal that they stated to you, this is what I'm trying to do, you know, you're moving them in the right direction. And I love it because Turnkey Coach allows you to say like, look, even, even, even if they have a bad day, even if they have a rough day, you can say look. But look, look at how, how much closer to the goal you already are. That's number one. Number two, the other metrics that are not included in Turnkey Coach that, that are things that we keep as businesses are things like churn. How, how. What percentage of your clients are you losing every month? And typically in fitness, 10% is like celebrated. If it, if I have 10% churn or less. That's great. I would say 10%'s terrible. I don't wanna lose 10% of my clients every single month. Like we're at 2.9, 3.1. We're like, that's the way you know. And then the other one is there's a, and there's lots of ways to do this, but there's, there's the net promoter score. You guys have all seen this in other companies. On a scale of 1 to 10, how likely are you to recommend Barbelogic Online Coaching or Modis or you know, whatever the, the auto company that did your transmission to a friend or family member, right? And so those, those like sevens and eights get thrown out. Cuz those are like I'm, I'm too, I'm too chicken crap to actually answer what I think. If, or if they are six or below, they're detractors, they take points away. And if they're nines or tens, they are promoters. And you can look at these things and say like, well, how happy are my clients? How satisfied are my clients? Like how much like if they would recommend it to a friend or family member, then and overwhelmingly you know, you're doing the right thing and the churn is low. Now if you're a coach and you have high churn and your NPS score is relatively low, you're probably a low ticket coach. That's not not providing enough service. So the first thing I would say is change the service. Get out of selling the great value brand Rice Krispies or trying to sell the Kellogg's Rice Krispies are exactly the same for $6 because somebody's going to go like, why would I pay $6 for that rash Krispie if I can pay $2 for the exact same thing? We don't want to sell the same thing. We want to sell something totally different. One of the reasons we've gotten along so well is like what we do at Barbalogic Online Coaching and what you do at Modus is very, very different. We, we advertise, we promote our, our avatar. They're different types of people. You do deep dives on things like blood work, analytics. Like you're deep into the weeds of those things. And so being able to provide a service that is unique to you and unique to the client and what they are, what they are chasing, what their goal is, is one of the first reasons that you can raise your ticket price 100%.
- [24:13]
B
I want to throw another scenario in there that you guys actually really helped us do, which is we had a, we have a very high net promoter score. We also had a high churn and I was trying to figure out why that is which is why we came up with the value ladder. We charge a high price point for solving complex problems. Someone comes to me with gut dysbiosis sibo I will fix that in six months and I operate on a six month guarantee. If not, we'll work with you for free until we do. I've never had to cash that check in. But we're also high ticket. So people come to us, we solve the problem. They're like hey thanks. And they end up being great. They'll refer other people to us but now they're out of their, they're done their engagement. So I'm thinking okay, well how do we, how can we create retention? We created retention via the community and via a downsell to say hey, you were paying a lot of dollars. We did solve your problem but now you've fallen in love with the community and the resources and the engagement that we provide. And you but like okay, let's downsell you into our group coaching. You can have access to all of these templates. You can still raise your hand and ask questions in the context of the group chat. You can join our open office hours calls. So now we're watching our retention improve and, and net promoter score is high. So if you run into that scenario where like us, we solve very specific problems in a time bound frame and you solve the problem and then they leave cause you solved it. But you also need to create retention. That's one way you can do it is via community.
- [25:32]
A
Yep. Another great metric that just attaches that is the lifetime value of the customer. How much are, how much are your customers paying over their lifetime? So you can calculate that churn if your churn is 5%. So you've got 95% retention rate, let's say month over month. You can, you can see like this is how long the life of the customer is. What's the average ticket price? I can see how much the client is paying. And so again I don't think there's a right answer to whether we start high and work low or whether we start lower. And I don't mean low low. I don't mean double cheeseburger load, $50 load starting at $200 and work them up to $800 or start them at $2,500 and work them down to $800 or $500 or $400 or whatever the thing is like those things can be done. And then when you do that, you can see, oh, the lifetime value of the customer now is no longer 2,000 or $3,000 is 10,000, is 15,000, is $35,000 per client. People often forget that churn is so important because for every client you lose, you have to replace em with a new client. Well, it's way harder to replace a lost client with a new client than to just keep the client that you have. So making sure that your service offerings are such that it's speaking to the needs of the client and helping them reach their goal, that's super key.
- [26:43]
B
Something that helps us too is that people can consider. Not a lot of coaches do is PIFs or paid in fulls. So if you get somebody locked in for six months now, they're not going to fall off for financial reasons.
- [26:52]
A
Yeah, they can't churn.
- [26:54]
B
No, the money is already gone. And because they're pot committed now for this length of time, you are much more likely to see a better result, a better outcome, which is also huge because getting a PIF is like time traveling in your business. You get cash flow up front, but you can then invest in the business.
- [27:10]
A
Yeah, we've done the same thing. We actually just started doing quarterly. We had never offered that and we just offer it at sign up. So it's like a 5% discount if you pay quarterly and a 10% discount if you pay annually. I'm a MA. Like more than 50% of the people that are signing up are just going ahead and paying for the quarter. So like I'll just pay for three months and then it just re ups at three months. It's still a, it's still recurring revenue and so it's, it's a great way to do it as well. Okay, Dan, other questions. We'll fast answer these in our last few minutes.
- [27:36]
C
My question is a coach decides. I'm definitely undercharging. I need to increase my prices. How do they communicate with their current clients and then how do they raise it for that? The easier question is probably how do they raise it for clients?
- [27:49]
A
Yeah, that's actually the, the easier one is for the new clients. Change it right now. Change it in the next 10 minutes. Change it. Like while you're listening to this, change your price. Make sure your offer. It's, it's, you know, there's, I don't love everything about Hormozy, but it's creating that million dollar offer that or a hundred million dollar offer that. It's a, it's a grand slam offer that's so good that people, when they see it, they can't say no. That's easy for the new clients. The harder one is how do you raise prices on your current clients? And there are times because of inflation, because time changes, because service continues to increase, because the platform that you change, you know, you move to turnkey coach, you're able to offer way more service. I think this is actually more complicated. This is the way I do it. Anthony, I'd love to know how you do it as well. I don't change. I grandfather people in and don't and won't change their prices overnight. What I do, what we do is we say three months from now, your price is gonna go up to this same thing Netflix does, right? Like when I first got Netflix, I was paying $8 a month. I don't even know what I pay now. $29 a month, 22 something. But they will come out. Or we come out and say, look, the price is going to go up in three months, in six months, whatever. And by the way, here's an offer for the annual price that you're paying now. If you want to go ahead and lock in annually at the price that you're paying, it won't go up until it re ups in another year. It allows them. So I'm speaking to my coaches here and I'm sorry, this is sort of business, sort of allows your clients to get off right then, but their price doesn't go up right then. And then they're not pissed off three months later because that's worn off. And they realize like, okay, the price is gonna go up, you know, 50 bucks a month or whatever the thing is. And then it just automatically goes up. So you just tell them ahead of time and you give them some leeway before the price goes up. Anthony, do you do something similar?
- [29:33]
B
Yeah, very similar. I like to give them options and options work when you have a value ladder as well. So I recently did this where just raise your prices for all net new and then turn around to some of those other folks and say, hey, we've got a couple options. We're growing. Here's what we're doing. We're moving these prices. Look, you're a loyal client. I'm going to meet you halfway. We're gonna, we're gonna split the difference. Or if you wanna keep the price that you're at now, because I do still have some that are grandfathered into old pricing, we're gonna move you to the group Model.
- [30:02]
A
Yeah. Here's the, here's the service offering. And by the way, if you want the bigger, higher touch service, the more concierge service, it's this price.
- [30:09]
B
Right. And then they get to choose. That's right. Give them options.
- [30:12]
A
Get to choose. Yep. Absolutely. Totally agree. So the takeaway. You're notice that neither one of us ever said reduce your prices. You should always be raising your prices. But the service has to match the value. As a matter of fact, it has to more than match the value. Andrew talks about this a lot in some of his trust equation and understanding, like the concept of the price that I'm paying as a client versus the value I'm getting. There better be a gap there, and it better be a gap in the positive. They better feel like they're getting $800 worth of value for $600 price. Now they're getting $200 in free value for that. If they're paying $600 in price but you're only given $300 in value, they will churn. It's only a matter of time before they leave. Right. So making sure that the service matches the price and even. And even extends beyond that from a value perspective is really important. I think that's it. Is that it, Dan? I know we have a few more, but we're out of time.
- [31:09]
C
Yeah, no, that's it. I think just give Anthony a chance to talk about modus.
- [31:15]
A
Yeah. Rep. Rep your company and send people to where you're at. Yeah.
- [31:19]
B
Check out move withmotus.com or Meathead professor on. On Instagram. Appreciate you having me on here. I always love talking shop, talking business. I love helping new coaches kind of level up their business acumen. I think that's one thing I had going for me when I came in is I had a decade plus in the corporate world, so I knew how to lead people and manage PNLs and run a business, and a lot of coaches don't have that, and that sets them behind.
- [31:44]
A
Yep, absolutely. And we have a common friend, Ralph, who I had a great conversation with, just, I don't know, three nights ago or so, and he's actually in your town, goes to church with you and whatnot. And so I know he's been a big help as well. He's a guy that I, I. You've coached him? I've co. I coach him now. You coach me. By the way, there's a lot of back and forth there. We, we joke. Ralph, if you're listening, Ralph can be kind of a goober. In the gym. And he's not always the most coachable athlete that we've ever had, but in business, he's unbelievable. He's super brilliant, super smart, and he's talked to both of us about like, you gotta keep pushing these higher ticket pricing offerings. And by the way, the value reaches
- [32:21]
B
that he celebrated his deadlift PR today with, that he actually got with good form.
- [32:25]
A
Yes, I know. So it's might be the first time he's pulled deadlift and maybe the second time he's pulled deadlift, but the guy's locked it in and he's lost 60 pounds in body weight. He's, he's super into scuba diving now. He's like scuba diving every week. He's like, he's in some other random place doing scuba diving stuff, so. But it's nice to have those guys in your life that aren't just in the fitness world. He's not in the fitness world at all. Right. He doesn't, I mean, like, literally, I'm like walking him through how to do even some of the machines. He's like, I've never sat down and done a overhead press machine and you're walking through. But when it comes to business, the guy knows this stuff. So also surrounding yourself as a coach with people that are not just in the coaching world, which I think is super smart and important, but also in just the business world, helping you understand. Because I think often in, in the gym world, in the coaching world, in the personal training world, it tends to be kind of a, kind of a race to the bottom. It's the commoditized version of pricing. Everybody wants to offer the dollar double cheeseburger and play the value game like you're playing the wrong game. You're going to lose at that event. That's a race to the bottom. And as AI continues to become more important that and more usable for everyone, your service will get literally priced out of the market and totally commoditized. So if you offer the high service offering, if you offer the building of the relationship, the building of the trust. We talked, you were talking about the video feedback. We talked about that all last week. Those sorts of things that the other coaches aren't offering, that's your opportunity to say, like, I can charge a higher price for this because I'm, I'm providing so much more value than all of the rest of my competitors. So there you go. There's another Monday's the. Matt, thanks for being on the show, Anthony, appreciate it. We'll see you guys next week. I love talking about this stuff. And Dan would you know what we're talking about next week?
- [34:08]
C
I actually do not. I apologize.
- [34:09]
A
Dan doesn't know, but we're going to talk about something fun because.
- [34:12]
B
Oh, yeah.
- [34:12]
C
I am not at home. I'm a little.
- [34:14]
A
Yeah. Dan's traveling right now. So I'm going to New York to see the Business of Strength guys in Orangeburg in two days. That'll be fun. Going and seeing Joe and. And that crew. So that'll be fun. I'll be back this weekend. So I'll be here next Monday for another Monday's. Matt, thanks for joining. We'll see you guys next Monday.
- [34:57]
D
Sam.