Setting your pricing for your programs, products, and services, is one of the hardest things you’ll ever do in your business. I know, I’ve struggled with it since day one myself. Sometimes I guess, sometimes I do some research to see what others are doing but nowadays I just listen to my gut and I tend to have an “inner knowing”.
How do you know what the “Sweet Spot” price is that your ideal customers will pay for the products, programs, and services that you’re offering?
That’s one of the biggest questions I get asked all the time.
In the last 18+ years in business I’ve sold services and programs from $7 per month to $40,000 for a year and everything in between.
I’ve personally learned from some of the best coaches and business people in the industry: Ali Brown way back in 2006, David Neagle, Lisa Sasevich, Loral Langemeier, Dan Kennedy, James Malinchak, Craig Duswalt, David Fagan, and a whole host of other people that are doing pretty big things in business.
I’ve also tried a lot of different business models myself and I’m very familiar with what works for me but also what works for most business owners, regardless what type of business that you own. Remember that as a brick and mortar or a network marketing company you still have options for creating other business models you just may not know what you don’t know!
Even service professionals like insurance reps, financial planners, massage therapists, all of you have opportunities to make money in other ways, you just may not see what’s possible. You could write a book, be a paid speaker, hold an event, have a membership…
One of the favorite things I love to do is open people’s eyes to what else is possible for you. What other income streams you can add? How else you can charge for your knowledge and expertise. How to create leveraged programs and offerings.
Memberships or Challenges are a very popular business model right now because people want recurring revenue streams. I get it, I do too. But there are definitely things that will sell better in a membership than others and if you aren’t aware what those are then you could spin your wheels wasting a bunch of time and not making any money.
Plus, it can be just as easy to sell a high-end offering than a low-end offering. Do you want to spend your time selling 200 people a $50 thing or 2 people a $5,000 thing? It’s your choice, both equal a $10,000 month you know! When’s the last time you closed 40 sales in a month? Hmmm, me almost never.
Here’s a chart I plan to talk more about later today on the Pricing for Profits free class I’m giving… it shows how many sales you have to make to bring in $10K/mo at specific price points.
I’ve run four different memberships since 2006, three on the low end and one on the high end. The one on the high end is still going and it’s my most profitable and popular program frankly. The low-end memberships that I’ve run have been at a price point of $47, then $17, then $97, and most recently $7 per month. As you can see pricing those programs was always a crap shoot for me and I felt like I was throwing darts on the wall when I picked the price. Currently I’m in a group with people running successful memberships and I’m learning a lot so I have a lot of value to bring to someone looking to run that type of business model.
I don’t want you to throw darts on the wall when pricing your memberships, your group programs, your courses, events or retreats, or even your one-on-one services.
I want you to be completely confident in your price point, your value, and the transformation that you provide your customers.
Come to my Pricing for Profits class we will work this all out together.
Let’s make this YOUR BEST YEAR ever!
I know how to show you how to tweak what you’re doing to get really BIG RESULTS in 2021!
Here’s to creating and enjoying a life full of lots of Love & Money!
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