Proven Method to Price Your Course (Strategy inside)
When it comes to pricing…
There are 3 factors to consider
Is there anyone making 7 figures in my niche? If yes, that means there’s a way to make this a high end product. If not, we’ll have to stay reasonable.
Is the outcome valuable and concise? If yes, and the outcome can be given a monetary value then the course price should be roughly 10% of that. Generic outcomes don’t sell well so either hire someone to help you with positioning or stop here.
3. Target audience
Do I want to sell to high end or low end customers? Both are fine and have their place. ($150-200 is the cut-off for low end) A lot of factors at play here but you know your audience and who you’d rather deal with.
Now you test
The easiest way of doing this is through (A) one time offer & (B) anchor pricing.
One time offer = to find your no-brain price (where they will automatically grab the deal) and you can raise it later
Anchor pricing = regular price of course. Perceived value.
How to do it?
When someone gets into your funnel you give them a one time offer with a deadline.
- Give a glimpse of the deal on the TY Page – after they sign up for lead magnet
- Sale length is 3-4 days
- The email sequence we use has 11 parts (you want a combination of value & persuasive)
- Tool of choice is Deadline Funnel
- State that this type of deal will not happen again this year
Once you are making regular sales then you change one variable (increase anchor or one-time price) and see what that does to your conversions.
Next week I’ll show you how to increase your conversions via pricing if your course is already selling well.