I like how you talk about the emotional turmoil and the inside voice when it comes to pricing your product. Oh my, I've been comparing my product to everyone else's on the market, wanting to be competitive and affordable for my targeted customer. I'm creating a course so the general rules about the hard costs and everyday labour may be somewhat different and price is based on the sales prognosis? How do you price a course?
YUP. You're normal. That's how majority of us start with pricing for sure. When I look at course pricing, I do similarly: you still have hard costs-labor hours (time for curriculum build-out, coaching hours in fulfillment, then designer/tech gal/etc., anyone helping you create the asset, then marketing labor costs-copywriter, designer, funnel tech support) + hard costs (ex. Kajabi, any recording or funnel/delivery software, any design template you purchased to help, any swag or postcard you're sending to purchasers, ads, etc.). Sure, a lot of these you're doing on your own at first, but ... there's still a numerical value assigned to them. BUT, the thing about courses (and what's prob throwing you) is that the sweat equity is typically highest at first. Then, you've built an asset you can scale. At that point, you're just paying ongoing fees (software, etc.). So for pricing, when you're building a course, I typically tell people to aim for pricing to break even in launch #1. Figure out how many roughly you can sell based on conversion rates, and price it to cover all your hard costs & your time. (Deliver insane value in launch #1 too, and I usually price it lower than I intend to eventually). I could go on and on with this ... this may be a good Q&A question for that call with Shanna, if you're able to make it! I'll make note to try to address it! aw.ink/moneyclass
@@AshlynWrites thank you for such comprehensive reply💚 Reading this I see I still have a lot to learn! I am in the early stages and will be doing most of the work myself if I can deliver good enough quality. Still yet to produce any reliable conversion rates. I have almost zero audience. My topic is a little niche and there is no such specific course on the market. But there is good potential as the target group is quite large. I'm just afraid to give people ideas before I'm ready to launch. I'll probably start building following closer to being ready with the course. It could go both ways. So many doubts!😂 Thank you for the class invitation. I may sign up when I get more confidence in my project. For now, you have a subscriber here and I'm all ears😀
I like how you talk about the emotional turmoil and the inside voice when it comes to pricing your product. Oh my, I've been comparing my product to everyone else's on the market, wanting to be competitive and affordable for my targeted customer. I'm creating a course so the general rules about the hard costs and everyday labour may be somewhat different and price is based on the sales prognosis? How do you price a course?
YUP. You're normal. That's how majority of us start with pricing for sure. When I look at course pricing, I do similarly: you still have hard costs-labor hours (time for curriculum build-out, coaching hours in fulfillment, then designer/tech gal/etc., anyone helping you create the asset, then marketing labor costs-copywriter, designer, funnel tech support) + hard costs (ex. Kajabi, any recording or funnel/delivery software, any design template you purchased to help, any swag or postcard you're sending to purchasers, ads, etc.). Sure, a lot of these you're doing on your own at first, but ... there's still a numerical value assigned to them. BUT, the thing about courses (and what's prob throwing you) is that the sweat equity is typically highest at first. Then, you've built an asset you can scale. At that point, you're just paying ongoing fees (software, etc.).
So for pricing, when you're building a course, I typically tell people to aim for pricing to break even in launch #1. Figure out how many roughly you can sell based on conversion rates, and price it to cover all your hard costs & your time. (Deliver insane value in launch #1 too, and I usually price it lower than I intend to eventually).
I could go on and on with this ... this may be a good Q&A question for that call with Shanna, if you're able to make it! I'll make note to try to address it! aw.ink/moneyclass
@@AshlynWrites thank you for such comprehensive reply💚 Reading this I see I still have a lot to learn! I am in the early stages and will be doing most of the work myself if I can deliver good enough quality.
Still yet to produce any reliable conversion rates. I have almost zero audience. My topic is a little niche and there is no such specific course on the market. But there is good potential as the target group is quite large. I'm just afraid to give people ideas before I'm ready to launch. I'll probably start building following closer to being ready with the course. It could go both ways. So many doubts!😂
Thank you for the class invitation. I may sign up when I get more confidence in my project. For now, you have a subscriber here and I'm all ears😀
Live premiere!? 😮
Ha! It's the ~fancy~ way to say scheduled vid. :)