The Episode: How To Price Online Training
When thinking about pricing for your online training business there are a few very important things to consider and ways to make this somewhat difficult process a little easier. First of all, there are big differences between a badly planned, cheap package, crammed with unnecessary filler features, and something more high-end that offers and delivers the kind of value that clients actually want. The other important part of this conversation revolves around the process of scaling your pricing model in a secure way, in order to build the right kind of foundation to move upwards. In the end, you have to be the one that shows clients what you have to offer and the value of that, so tune in to hear more!
In This Episode
- Confusion, misunderstanding, and misinformation around pricing [0:09:05]
- The cheap pricing model versus the high end-model [0:18:20]
- Selling the benefits and transformation instead of features [0:21:58]
- The value of collecting client testimonies and feedback [0:28:54]
- Mapping out your plan, the time involved, and then the price [0:30:46]
- Understanding where you are in your pricing journey [0:38:37]
“What will your client become as a result of doing the program? That’s what matters.” — Jonathan Goodman
The Hurdles of Pricing Your Package
Pricing can be a very confusing subject at times and has only been muddied by the work of marketers. If we look at the two ends of the spectrum, with the very high-end packages on one side, and the more underpriced and entry-level stuff on the other, we can begin to see where the problem lies. As we often say, we need to be selling benefits instead of features. You want to drill down on the emotional elements of what you provide. And this comes back to good communication with your clients!
Giving Clients What They Need
Promising extra features can actually drive clients away if they are not services that they want! It is also important to remember that clients often do not know what they want, and it is up to you to show that to them. Early steps in this process as a trainer include collecting feedback and testimonials to start to gauge where your real value lies. Once you have this figured out you can begin to work out the monetary value of that and create packages based on what you need for a viable business.
Price Adjustments and Increases
Once you have an initial pricing scheme laid out and have sold a few packages, you can begin to bump up the price accordingly, but wait until you have sold successfully at the lower level before doing this! This is the systematic way to increase your income until you are at the level you believe you are truly worth. Conversations with clients, again, form an important piece of this, so get good at asking them questions and collecting their responses.
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