Here’s the thing you need to know about pricing: you can go higher, you can go lower. I have found in many niches certain price points work very, very, very well.
In the past I found that if you started out with a product that had a price of much less than $100, you tended to attract people into your buyers circle who were more financially challenged and less likely to move to higher and higher products. I found that the $100 entry price point, for an entry product, weeded out a lot of those individuals. Today, that’s not true quite as much – you can often start out with a low ticket offer, build trust, and move people to higher levels.
But I want to give you an idea of what you can work with pricing, so we’re going to go with the slightly higher-ticket entry level and build from there. So, I’m giving you this as an example. And I’m also giving you what’s going to be included in the product as an example.
So, for example: I’m giving you the idea that we’ve got a $100 product, and I’m recommending 3hrs of recordings. Now that 3hrs is totally arbitrary. If you have incredible, incredible information, that nobody else on earth has. You could create a 15 minute recording, and sell it for $100. In fact, if you have life changing information, that nobody else on earth delivers, at any price, you could package all of that into 5 minutes’ worth of material. You could sell that for $10k. If it’s the right material to the right audience.
And, the flip side is also true. If you put a $100 price tag, and your recordings are worthless, you could create a hundred hours of worthless material, people wouldn’t even pay $100 for it. They might not even pay $1 for it. So please understand that pricing needs to be in relation to what the material is worth, and what people will pay for that material, not based on some number of hours of recordings.
Now, to make product creation easy, I’ve assigned an arbitrary number of recordings, and by the way this is basically the route that I run. When I’m creating a $100 product, it’s going to have somewhere between 1 to 4 hours’ worth of material. Occasionally it may contain more. If it contains more, it’s probably recordings from something else that I’ve done. Perhaps a coaching class, or something that I’ve done, that I find that the easiest way to package it is to just to put one price on it. It really, probably could be sold for more.
If you are going to start with a low-ticket offer (say, a WSO offer on the Warrior Forum or something), it may not be as long, but people expect a higher price to have a little meat…
A $500 product, I’m recommending to have 6 hours of recordings, however, a $500 product could be 3 hours of recordings, if you just added one extra component. For example, some homework assignments. Give people 4 homework assignments. Give people a 20 minute one-on-one session with you. Give people 2 20 minute one-on-one sessions with you. Give people 3 group coaching calls, in addition to 2 – 3 hours’ worth of recording. If the material is good, you can easily charge $500 for that material. Or, you can do 6 – 8 hours of recordings.
Again, I’m not giving you hard and fast, although, when I’m giving you the daily instructions, I am giving you hard and fast instructions. For example, 3 hours, 6 hours, etc. However, know that can vary. If you’re recording your $100 product and you get to 2 1/2 hours, and you’ve totally taught everything that you need to teach, and you know that it’s worth $100, STOP! It’s 2 1/2 hours’ worth of recording, that’s an excellent place to be. Same thing with your $500 product.
Your $1k product is going to begin to look a little bit like coaching, but it’s not going to be your full scale coaching program. It is going to perhaps contain 10 hours’ of recording, some access to you, perhaps a few live calls. Just like this program. Notice how this program is set up. You’re getting, I don’t know how many recordings are on that download page, I put what was necessary for your growth. I didn’t count recordings, I created what was necessary for your growth. Off the top my head, I think it was 8 or 10 recordings. Some are longer than an hour, some are shorter than an hour, I don’t know how many hours are in there. But it’s all material that you need for your growth.
And, the way that I structured that is that you get those 8 or 10 hours of recording up front, I give you a week study it, you’re not expected to do any work the first week, just study, learn, get my concepts into your mind. Begin to think a little bit like I do, for a short period of time. Then, one week later, you begin to get 7 modules. Now, when you create your $1k product, you can have 4 modules, you can 3 modules, you could have 20 modules. I don’t recommend 20. I recommend keeping it short. 5, 7, something people can sink their teeth into, and just do it. Remember, people still pay for premium products like this, even with low-ticket entry products being very common.
Next is your $2k plus coaching program. If you, depending on your experience, depending on how long you’ve been working with me, you could create a more extensive coaching program than $2k. I find that $5k, and $8 are very popular price points, they sell well, if they’re promoted properly, they’re nice for monetization.
Long run, I would love to see everybody on this call selling $5k – $8k coaching program. Notice, you’re not going to be selling $5k – $8k coaching to people who don’t know you. They’re going to buy your $100 product, they’re going to buy your $500 product, they’re going to by your $1k product. They’re going to begin to trust you. And more and more they’re going to trust you. They trust you a little bit when they buy that $100 product, and they use it and they say, wow, you did such a great job on that product, I’ll upgrade to the next one.
And then they study that, and say wow, this is so much better, excellent, now let’s get the $1k product. And then you’ll have a percentage of people who move to the next level. Through the course of this program, 7 weeks to 4 products, I’m calling it a $2k coaching program for you. You can increase that price if you want, but you’re going to notice on my training materials, it’s going to say $2k coaching program.
Remember, people still spend that today – but the only way to get there is to build this funnel up and start getting people into it to test price point. Take action 🙂