How can I choose a good price

Pricing Your lessons

To choose a good price for your lessons you need to consider:

Your time and experience 

*Prioritize the importance of your time and expertise over hard costs.

*Consider hours spent on lesson development, recording, and resource creation.

*Reflect on the time it took to acquire knowledge or skills for the course.

*Evaluate the investment in learning, including training and degree costs.

*Recognize the uniqueness of the information shared based on your experience.

*Avoid equating course pricing solely to hours worked; it's about sharing valuable insights.

The cost to market the course 

*Marketing a low-priced course may incur similar costs to a higher-priced one.

*Example: Spending $1,000 on ads for a $50 course requires 10% conversion for breakeven.

*Higher pricing allows for a lower breakeven point and a more manageable conversion rate.

*Example: A $200 course reduces breakeven sales to 5, requiring a 2.5% conversion rate.

The expected impact on your audience’s lives  

When marketing your course:

*Focus on selling an outcome, not just a product.

*Consider how your audience will benefit and address their pain points.

*Emphasize the value your course provides in relieving specific challenges or concerns.

How much time will it save them? 

Consider the time-saving benefits for your students when pricing your course. 

Learning from your expertise helps them avoid mistakes, false starts, and wasted resources, making your course more valuable.

The type of content in the course

1. Including multiple assets in your course, such as videos, workbooks, and templates, increases its value, enhances perceived value and reduces dissatisfaction. When choosing a price, focus on solving a pain point for your audience, emphasizing your unique experience, the transformation delivered, and the quality and purpose of your course. Avoid being solely influenced by others' pricing in the market.

2. Emphasize the measurable transformation your course provides, as outcomes like career advancement, higher income potential, personal fulfillment, improved quality of life, better relationships, and mastery of a new skill or hobby are factors that people are often willing to pay more for.

3.Determine your revenue goals and calculate the number of sales required at different price points. For example, if your monthly target is $4,000 and your course is priced at $20, you would need 200 sales per month. Adjust your price accordingly to ensure a realistic conversion rate

4. 

Avoid assuming that a lower price guarantees more sales, as it may devalue your course. Evaluate the quality and life improvement your course provides, setting a price that reflects its value. Focus on the outcome or solution rather than competing solely on price..

5. Allocate a budget for marketing, considering expenses such as advertising. Set a price slightly higher than your initial impulse to cover marketing costs and maintain higher profits

6. Provide payment options such as installments or tiered pricing instead of lowering the course price. Offer discounts for full payments, making it more accessible for a broader audience.