You’re going to need some data for this.
My favorite route is the “what did i do wrong email?”
There’s a ton of insights you can get by asking people who have not bought why they didn’t.
Pricing issues come down to one thing
Trust
- Students don’t trust that your course will deliver change (lower price)
- Students don’t trust it being so cheap (increase price)
Here’s an example of this from a project we worked on a few months back. This was during the validation phase. This means the course had no market/fit, sales or testing done before we took it on.
It’s always the riskiest of them all.
After we worked the funnel over sales were trickling in but not at a volume we liked.
Here’s what we did:
1. Needed to adjust price and see what market values this at as is. We started moving it down in increments of $20 (from original price of $147) to see what the market values it as.
Once sales are predictable you hit the right number.
2. Next our focus was on (A) extending email sequence & (B) getting testimonials.
You’re always going to have to type of buyers… either buy right away or need to see in you around for a while.
Testimonials need to be templated. If you do not tell the student exactly what you need then its unlikely that what they give you will help.
I had a client before with 20 worthless testimonials as they did not do this. Students just said they liked the teacher, or started the class or like the slides and hope it delivers what it promised.
3. With each 4 proper testimonials added attempt a price increase in $20 increments. There’s a point where you will have too many testimonials and then people do not trust the course as its priced too low. This is a bit tricky to test but if you have 16 on page and maybe a case study its worth it to double whatever price you’re at.
Case studies are even better.
For this client we were able to push the price back up to $197. Sales remained predictable.
Every $1 put into marketing spit out $2.5.
