This week I’m sharing a Q/A I had with a reader of the blog.
Question:
Right now I have a course that’s been available on teachable for two years. When I launched it, I had a base of about 30 regular (hidden niche) clients, plus a 150 or so instagram followers. I sold seven classes within my first month at a price point of $150 – $225 (with the option to include a 1-on-1 practice session). Since then, I have not put in consistent effort to promote the course or my (hidden niche) business, only an occasional facebook ad, and I’ve gradually lowered the price down to $50. I have also recently re-branded my (hidden niche) school, so I am starting more or less from scratch in terms of a social media following.
I am now coming back to the course with a desire to effectively re-launch it at this lower price point. I believe in the class and want it to reach as many people as possible.
Would also like to know if I should sell this via affiliates instead of on my own.
Please let me know what you think
Answer:
If you’re lowering a price to $50 that makes this a mini offer. Social media is fine but will take ages to build up an audience.
The best bet (if you want to scale and make decent money) is to get this to convert via paid ads with cold traffic.
For that you need five things
(A) Decent budget for testing
(B) Someone that knows their way around at least one platform where your buyers are
(C) Good copy / creatives
(D) Order bumps and upsells. Even if your course is priced at $50 to acquire a customer might cost you $90+ which means you need to get your average rev per sale up to $130+.
(E) A course engine (the differentiation / unique factor)
You’ve also mentioned attracting affiliates. No solid ones will help you at a $50 price point and without solid sales.
Your $150 previous price point was a great start.
Take a look at this chart.
You nailed.
That being said, it can easily be replaced with a mini offer (that has the parts I mentioned in place) and can bring the revenue up to the same level.
Your profit margin needs to be in (at minimum) 40% range.
I breakdown how to change your course offer here.
Hope this helps.
