Last month I made 3 decisions that grossed an extra $20,000-$40,000.
Here's a breakdown of the pricing strategy behind a 6 figure launch:
Here's a breakdown of the pricing strategy behind a 6 figure launch:
1. Stop playing it safe
You've spent a year adding value to your audience. But when we price we often undervalue ourselves.
Sure it’s scary as hell putting a price tag on your knowledge. You worry you’ll launch to the sound of crickets.
But undercharging has its own risks...
You've spent a year adding value to your audience. But when we price we often undervalue ourselves.
Sure it’s scary as hell putting a price tag on your knowledge. You worry you’ll launch to the sound of crickets.
But undercharging has its own risks...
Why you need to charge more:
1. Customer quality
If cheap pricing is your differentiator you attract people who think the same.
2. Customer results
The more people pay the more they pay attention. The inverse is also true.
3. Product quality
Higher price -> better quality.
1. Customer quality
If cheap pricing is your differentiator you attract people who think the same.
2. Customer results
The more people pay the more they pay attention. The inverse is also true.
3. Product quality
Higher price -> better quality.
3 pricing tips:
1. Ask your customers. Run the product as beta-coaching then ask what they’d pay.
2. Ask your peers. Your friends will tell you to charge more (thanks @thevirgilbrew @GrammarHippy).
3. Get uncomfortable. If you're not uncomfortable you're not charging enough.
1. Ask your customers. Run the product as beta-coaching then ask what they’d pay.
2. Ask your peers. Your friends will tell you to charge more (thanks @thevirgilbrew @GrammarHippy).
3. Get uncomfortable. If you're not uncomfortable you're not charging enough.
2. Tiered pricing
For every 10 customers you create there’re likely 2 who want to pay more.
Think of it like going to the cinema.
Sure, most people are just there to enjoy the movie. But others come for the hotdogs and popcorn (guilty). Fans want merchandise.
👇
For every 10 customers you create there’re likely 2 who want to pay more.
Think of it like going to the cinema.
Sure, most people are just there to enjoy the movie. But others come for the hotdogs and popcorn (guilty). Fans want merchandise.
👇
How to set up tiered pricing:
1. Basic offer, more resources, and an additional bonus (like @nathanbarry's App Design Handbook)
2. Basic offer, sell more access
I had two tiers. $297 vs $997 (it's also a nice price anchor).
This grossed $10,864 in additional revenue.
1. Basic offer, more resources, and an additional bonus (like @nathanbarry's App Design Handbook)
2. Basic offer, sell more access
I had two tiers. $297 vs $997 (it's also a nice price anchor).
This grossed $10,864 in additional revenue.
3. The upsell
The best time to sell someone something is straight after they've bought.
But the mistake is selling more of the same. You think:
• Why would I need this?
• What’s wrong with the current offer?
• What’s missing from what I’ve just bought?
The best time to sell someone something is straight after they've bought.
But the mistake is selling more of the same. You think:
• Why would I need this?
• What’s wrong with the current offer?
• What’s missing from what I’ve just bought?
Buyer's remorse leads to more refunds.
Instead, sell faster and easier results. If you sell an exercise program, upsell a nutrition guide.
I upsold my first product (a swipe file).
This grossed an additional $8,350.
Not bad for 30 minutes extra work building the salespage.
Instead, sell faster and easier results. If you sell an exercise program, upsell a nutrition guide.
I upsold my first product (a swipe file).
This grossed an additional $8,350.
Not bad for 30 minutes extra work building the salespage.
Most creators think building their business is about improving reach: how many customers they can create.
But these 3 strategies shift your focus to how much each customer is worth.
And serving fans is much more enjoyable than churning through followers.
But these 3 strategies shift your focus to how much each customer is worth.
And serving fans is much more enjoyable than churning through followers.
TL:DR
How to increase your product revenue WITHOUT adding more reach:
1. Charge more (be uncomfortable)
2. Tiered pricing (give people the option to pay you more)
3. Add an upsell (sell them faster and easier results)
How to increase your product revenue WITHOUT adding more reach:
1. Charge more (be uncomfortable)
2. Tiered pricing (give people the option to pay you more)
3. Add an upsell (sell them faster and easier results)
Thanks for reading!
If ya enjoyed this, 2 quick requests.
1. Drop me a follow @ItsKieranDrew for more writing and creator-business content
2. Share this with your audience so others can read
Just click below and up you go.
Cheers 🥂
If ya enjoyed this, 2 quick requests.
1. Drop me a follow @ItsKieranDrew for more writing and creator-business content
2. Share this with your audience so others can read
Just click below and up you go.
Cheers 🥂
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