Dear Training Company Owner
There's a question that I've been asked a lot recently.
A question that I'm sure you've asked yourself and your team. Especially now that we're are in lockdown.
What's the question?
Are online courses perceived to be less valuable than live events?
And if so...
How do you price online courses?
It's a fair question. It's the perfect question ask right now. It's a question that you need to get right or your business will suffer.
What's the answer?
I'm going to answer the question in 3 ways...
Let's dive into each of these in turn...
If you currently ONLY run live events then...
You will have confirmation-bias that online courses have a lower perceived value.
You probably have customer feedback to confirm your bias!
Customer feedback that you got at a live event.
So, do you see the bias in the person giving you their opinion?
There are 2 things to remember...
Why do I say what customers tell you is irrelevant?
Because the only thing that matters at the end of the day is how people ACT.
You see, when it comes to price a lot of people will say one thing and do another.
They may do this because they are telling you what they think you want to hear.
They may do this because they believe they will act in this way. To put it another way, they want to act in this way.
The bottom line is that when it comes to spending money, there are a lot of people that want to change their life. And few put their money where their mouth is.
The few that put their money where their mouth is... only a small percentage follow that up with consistent action so they change their life.
So, don't let your own confirmation-bias force you to reduce the price of your online course.
The second thing to remember is that you are selling information!
Yes, you are also selling an experience. Yes, you want people to have a great time at your event and leave buzzing.
It's the information that changes people's lives.
If you have mindset exercises as part of your event. Then put that in your online course. This is part of your system. Part of your magic that helps people get results.
Don't kid yourself into thinking you can't teach that in an online course.
The reason why people buy your live workshop is that they want to change their life. And they believe that your system will enable them to do that faster and easier than any alternative.
So, your online course has to give them the same transformation.
What's the magic fairy dust that delivers the transformation?
Not spending 3 days in a hotel room with you!
I'm sure your events are great fun. And that's not the reason why people buy. They buy because they want to change their life. And until now, you have only offered them a live event. So, that's what they bought.
I hope this has gone some way to help you realise your own confirmation bias about pricing online courses.
Now it's time to look at...
I've sold live workshops and online courses with my 21-day campaign that combines... Upfront Value, Storytelling, Social Proof, and an Irresistible Offer to make sales.
My biggest successes have always been for online courses!
I've sold the SAME EVENT as a live workshop and as an online course.
Which sold the most?
The online course!
The live workshop and online course were the SAME PRICE.
That's why I say to remember that you are selling information.
Buyers want the transformation more than the experience.
Personally, I love online courses. Yes, I love the energy in the room. I love meeting like-minded people.
Most of the marketing and copywriting 'gurus' that I follow live in the US. So, attending their live events is a problem. A time problem. A finance problem.
If the cost of travel and accommodation doubles the price of the information then...
I'm taking the online course!
And... I'm saying this as someone that spends high 4-figures or 5-figures on my own education each year.
When I started my journey, I didn't have the wallet to spend that much on my education. So, saving on travel and accommodation is something I always wanted.
As you know, when you sell a live event is critical. Too far from the event and people won't buy... because they want to get started now.
If you sell tickets too close to the event. They don't buy because they already have plans for that date. They can't organise childcare that quickly etc...
The beauty of an online course is that they can get started immediately!
If they are busy right now, they have access for a year. Or lifetime access. So, they can go through the course when they have time. And they can go through the course as many times as they want. Something you can't do with a live event.
If you gave people the choice of buying a live workshop or an online course. Some people would buy the live workshop. Others would buy the online course.
Right now, we don't have a choice. So the people that want the energy and focus of being in the room do not have a choice. If they want to change their life. Then they have to study via an online course.
This brings us on to the final consideration...
This final consideration can be summed up in one word...
When it comes to pricing there is no right or wrong answer. There is only the one you are comfortable with.
Now, is the time to Overdeliver with your customers. So, if you don't feel comfortable charging the same for an online course as a live event then don't.
Find a way to overdeliver with your customers so you feel comfortable with the price you are asking.
Here's what marketing Perry Marshall is doing...
Perry had to cancel a live event because of Coronavirus. He has used this situation to overdeliver to his customers by giving them...
In other words, he is giving his customers 3 for the price of 1.
That's proving to your customers that you want to help them through this crisis.
So, if you've got a live event planned. Why not offer your customers a live online event. Plus an online course that they have access to for life. Plus a live event later in the year.
One of the reasons why people buy live events is so they can ask questions.
Allow your customers to ask you questions.
You can run Q&A webinars for 1 month, or 2 months, or 6 months. Whatever you are comfortable with.
You can give customers a one to one call with you at any point in the next 12 months.
You can give customers 2 or 3 or more one to one calls with you at any point in the next 12 months.
Do you see how this is overdelivering with your online course?
Your job is to serve your community.
Your job is to help people get results! That's what they are buying.
So, use this crisis to overdeliver with your customers. Use this crisis to give your customers so much value that they rave about you to their friends and family.
Give your customers so much value that you receive a flood of stunning testimonials.
That's going to help you and your customers.
I hope that has answered the question... how to price online courses?
I hope you can now see how you can overdeliver with your online courses and help your customers through this crisis.
If you've found this useful, then please leave a comment below.
If this can help someone you know, then please share it with them.
Until next time...
P.S. If you'd like to learn more my simple system to turn email databases into 6-figure campaigns. Then you need to read my book How To Turn Expertise Into Cash.
To download your free copy. Click the link below.
To download your free copy. Click the link below.
I'm a copywriter and marketing consultant that turns an email database into a 6-figure income... without a sales team.
Filling "discovery" events with Facebook and YouTube ads and external databases is hard and expensive.
60% of registrants do not attend.
Only 20% of attendees buy.
So, 92% of "discovery" event leads do not buy.
What do you currently do with this 92 % of your leads?
Do you have a nurturing system in place to earn their trust and convert them into customers?
Do they lie dormant?
I can turn these dormant leads into high-ticket workshop and online course sales without a sales team.
In fact, turning your dormant leads into sales won't need any time or resource from your team. And it will only need 6 hours of your time, or the course creators time.
How is that possible?
The short answer is that I've got a simple system to turn dormant leads into customers. I do this by combining Upfront Value, Storytelling, Social Proof and an Irresistible Offer.
This system has 12 days of upfront value. Followed by 11 days of sales. Then the shopping cart closes and the offer disappears.
I've used this simple system to turn dormant leads into £100,000 plus in many different industries.
My most successful campaign made £672,989.
I use this system as a consultant to create 6-figure campaigns.
And I teach this system to trainers and mentors that want to turn their email database into a 6-figure income without a sales team.