Course Creators Weekly #63 🗓 September 6th, 2021 - How to Price Your Info Product

This 11-minute video is packed with insights about pricing from Nat Eliason!

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  Most people underprice—if you're new to this, start by doubling your price
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  Remember you can always lower your price if the market proves it to be too high
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  Remember there isn't a linear relationship between price and number of sales

On Subscription vs. Fixed Price

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  Subscription pricing gives you predictable revenue, which is nice, but…
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  They create the expectation of regular updates and ongoing value creation
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  They tend to generate more support requests

On Influence vs. Revenue

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  Consider pricing lower to increase your influence and benefit from word of mouth
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  Optimising for influence could reduce revenue in the short-term, but pay off long-term
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  Remember you'll get different types of customers at different price points
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  Fewer customers at higher price points might mean lower revenue, but…
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  Fewer customers also means fewer support requests and less demand on your time

A few other considerations:

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  Consider your own time investment per customer—make sure you're not losing money
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  Consider how much time you're saving your customers and what that's worth to them
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  Be aware of what people compare your prices with—your positioning affects this
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  Avoid comparisons by bundling multiple products/services (Amazon Prime does this)

Finally, Nat's pricing strategy at a high level:

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  Decide subscription or fixed—if subscription, guesstimate your customer lifetime value
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  Find your minimum price: estimated time investment per customer × your hourly goal
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  Decide if you're optimising for influence or revenue—if revenue, double the price
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  Frame your price against alternatives and your customers' time—is it a good deal?
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  Seem like a good deal? Increase a little // No? Maybe lower it, or try to add more value
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  Set the price and remember you can always change it later

First, 9 reasons why group learning works:

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  Groups keep us accountable to show up and do the work
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  We learn more from the struggles and failures of others, than we do of our own
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  Having a mentor to guide us and answer our questions helps us learn faster
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  Sharing ideas with others helps us see more clearly, and it keeps us honest
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  We learn through feedback—particularly, giving feedback helps us internalise ideas
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  We're able to build and sustain our momentum with the help of others
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  Groups are constrained by their commonality, and that helps us find focus
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  Healthy competition pushes us beyond our comfort zone—in the end, everyone wins
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  We stop feeling alone, and start feeling part of a community in pursuit of a goal

What types of groups do we need?

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  Destination Groups, led by people who are already where we aspire to be
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  Journey Groups, led by people who are a step ahead, but still on the journey with us

Why do we need different types of groups?

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  Destination groups excel at 3, 7 and 8, but Journey groups are better at 1, 2, 4 and 5
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  Destination Groups can be intimidating, but provide better focus and guidance
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  Journey groups lack constraints, but can be more supportive and keep us accountable

Want to learn more?

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  There's a second part to this article, summarised in CCW #35.
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  In this thread, Andrew further breaks down Journey Groups into 3 distinct subgroups: Mentor, Peer Supporter, and Accountability Groups

First, the steps:

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  Make sure your site converts email subscribers well
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  Before publishing an article, pull out some quick tips and share them on their own
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  Once published, create helpful social media posts + link to your article at the END
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  Email your audience with the full article + ask for likes/upvotes on social media

More great tips:

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  Write authentically and promote your articles yourself
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  Write great content worth sharing—obvious but often forgotten
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  Adjust the format of your social media posts for each platform
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  Share your primary social media post at the end of articles + ask for upvotes
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  Be helpful—don't force-push people to your website
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  For LinkedIn, combine a long-form article with a short "highlight" post
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  For Reddit, share full articles, linking to your site for feedback/questions only
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  Choose the platform that works best for you—it may not be Twitter
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  Test and experiment to find out what works for you and each platform
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  Focus on basics, not tactics, e.g learn to write great titles