June 29, 2016 at 1:58 pm #26605
Bradley MorrisMountain Guide@bradleytmorris
Good Day Adventure Friends!
Andy and I are in the great pricing debate right now and we’re asking for your help.
QUESTION: How much do YOU think we should sell The Great eCourse Adventure for?
We have been feeling into $997/year or a payment plan of $125/month until cancel or upgrade to annual fee.
We are also exploring starting where we are at $497 lifetime and increasing the price by $50 every month.
So when we open the gates next month one possibility is to start with $547/lifetime, then bump it up $50 every month until we reach $997/lifetime.. Then the next price bump would be the move from $997/lifetime to $997/yr.
That’d be our honest scarcity.
We know the value of this is easily worth $1000+, but we want to find a happy medium where we are able to grow the business AND have a price that works for our audience.
YOU are the adventurers who are getting the full experience, so we want to know your thoughts/feelings.
The most important thing for us right now is getting more adventurers up the mountain and launching their courses out into the world. Your success will ultimately determine our success.
So included in whatever price we decide upon is:
The full course.
Weekly coaching webinars.
What do you think we should charge? What’s it worth to you? (and what would you be willing to pay if you just found out about GEA today?)
We will not take offense if you lowball what we’re currently thinking in terms of pricing. And we will not pay you extra bajillion if you kiss our butts and tell us it’s worth $10,000.
We just want the simple truth in your opinion because YOU are our ideal audience.
Thank you for helping settle the great debate!June 29, 2016 at 2:10 pm #26611
I think you guys are pretty close to the right mark with your thoughts on this.
I reckon I would probably pay up to £750 GBP if I found GEA today.
Now, given the drop in the pound thanks to the stupendous efforts of my countrymen to send my nation into a black hole in the last week, I’ll not bother looking up what that is in dollars, as it will no doubt change again by next week…
Honestly, I’m not sure I would buy for a yearly fee. The lifetime access was a key selling point for me. I also don’t think it’s unreasonable to charge that – the rest of the market is charging similar or more, for products with less value. But I personally couldn’t stretch to a yearly investment.
Hope that helps!
🙂June 29, 2016 at 2:55 pm #26644
The price sounds right to me. Re: what Lisa R. said about lifetime membership–I agree. You might could pull of the $997/yr with a mastermind group included–something with even more hand holding than you already offer. But take what I say with a grain of salt–I’m not what you call your highly successful entrepreneur ready to invest at that level. P.S. Excellent Q & A webinar today.June 29, 2016 at 3:48 pm #26660
Hmm, one of the aspects that I haven’t seen in this line of thinking is what you have already publicly announced in terms of pricing. I seem to recall hearing doubling the price next release and no more lifetime from the webinar recordings. I know you guys have the integrity to follow through on those — and balance it with adjusting plans as needed.
The upside of your transparency and integrity is that it gives you guys a reason to go back to the folks who were on the webinar and say “we know we said X, and it was true for us at the time and the new truth is that we’ve changed plans and you can get in now for Y or wait and expect it to be Z.”June 29, 2016 at 4:04 pm #26663
Oh, and the $997 price point seems reasonable.
I think the lifetime vs annual access just needs to be framed clearly. Will they have lifetime access to the content but after a year the coaching gets locked away unless they “renew”? If someone is making progress slowly and hits the 11.5 months mark but aren’t done yet and their access is about to get cut off, how will they feel?
Also, do you want more people on the mountain at a lower price or fewer at a higher price? Tough call. I’m not sure how many of *us* would be here if it was much more expensive than it is now — almost independent of how valuable it is being here. There is some threshold figure that suggests more committed folks, without disqualifying those who can most benefit from it.
And, keep in mind the additional budget that it takes to build out and launch an ecourse following this pattern. If you make that clear up front, then $1k out of a $10k-12k annual budget (for a business that could easily bring in that much per month) doesn’t seem like that big of a deal. Again, it is all about the framing and being transparent.
HTHJune 29, 2016 at 4:18 pm #26665
Oh! And, I’ve seen the “support group” or group coaching side of things being offered as an ongoing monthly fee and people got the first X months as part of the initial purchase. What happens is that many, many of the folks who are highly responsive and interactive in the group disappear at some point. And since that one is a facebook group, their names start showing up as being greyed out to show they are really gone.
I think that sort of dynamic is discouraging to those who are still in the group and seeing messages from their “fallen comrades” — I know I’d be even more discouraged and unlikely to still be in that group if I hadn’t gotten lifetime access myself. And it isn’t as if there is no support. That particular offer included direct access to a coach for one-on-one interactions around the course content, but that is a whole different dynamic than being in a community that is truly developing the community vibe…like we are here.
Dunno. More thoughts to add to your ponderings!June 29, 2016 at 5:03 pm #26667
Bradley MorrisMountain Guide@bradleytmorris
@lisa.russell and @SharynWa thanks so much for sharing your thoughts with us. We are definitely wanting to price it at a level that feels doable for our ideal customer and right for where we are on our growth curve.
@waynebuckhanan you make a lot of great points here. We will/would definitely find a tactful way to explain. As this tribe knows, we’re all about learning out loud and sometimes integrity looks like going back on our word because we realize there is a deeper, better truth.
Curious: Do you think based on where we’re at, is $997 (lifetime) too much OR just about right if it came with a 12-month payment option? Our eCourse Creation Blueprint was $997 or 12 payments of $125 so it’d make sense to charge that for this course. That’s a price I’d feel good about and it’s also high enough that we could get affiliates to help promote by paying them a few hundred dollars each. $497 does not give us much wiggle room for affiliate partnerships.
Thanks for helping talk this out. It will definitely be reciprocated when all of you do that challenging task of putting a price tag on your work of art!June 29, 2016 at 5:11 pm #26669
I’m not sure about the other folks, I think it is reasonable and it makes a lot of sense with the affiliate piece in place.
Part of me does want you guys to do an ongoing “park dues” so that you’ve got additional reason (and resources) to keep doing what you’re doing. Of course, if you’re consistently bringing new folks on, that is kind of moot.June 29, 2016 at 5:55 pm #26689
I think that your $997 or 12 payments of $125 is a great price point. Especially factoring in the affiliate piece of the puzzle. I joined because the lifetime membership really enticed me and the offer came at a time I received a large chunk of money. Otherwise, I would have gone with a monthly payment option especially since a $997 price point might be a bit out of my price range. I think there are many people in a similar boat.June 29, 2016 at 7:57 pm #26716
Andy FreistMountain Guide@andyfreist
I dig $997 lifetime, with a $125/mo (12 payments) option.. That feels solid. And perhaps we can do some type of fast-mover bonus for those who attend the webinars and purchase the course within 12-48 hours.
I actually even like the idea of doing something like 14 or 15 payments of $97 instead of 12 payments of $125.
Either way, we want to make the full-pay option the no-brainer, yet still have an affordable payment plan option for those who cant swing the $997.
I think a yearly subscription will definetly be something we will implement, but it does feel a bit early at this point. JLD waited a couple years before implementing a subscription fee, and i feel like offering a lifetime access deal for the next year or so is a good plan to help build the community.
Thanks for all your feedback everyone 🙂June 30, 2016 at 4:41 am #26750
NDR but Re: revenue, a few more thoughts.
I just paid for a webinar replay that Kimra did on running FB groups as part of a paid program bonus. $50 for the replay and a pdf workbook. Not cheap, but do-able for the info I wanted. She said she had never taught that before, wasn’t 100% sure how it would fly. Bet she raked it in. 1 free FB live webinar, 1 evergreen product. I also signed up for the free 5 day webinar challenge, because it is something I have known I really want to do but just can’t get it going. Learned some things but didn’t buy the program. A whole lot of others did, though.
What I’m saying is, once you have lifetime members, you are going to know where groups of us are falling off the wagon or are stuck, and will produce products and services that speak to specific challenges we are having. Mind-set is clearly one of them. Specific aspects of technology. A breakout product on launches. You have all of this info in the course, but there are places along this mountain that extra help would be hugely welcome in order to get through. Cha-Ching. I signed up and started Kimra’s 5 day webinar challenge but didn’t buy. Too much, too fast, a little too abrasive. I have Webinar Jam Studio–for over 2 years–never used it. Would much rather deal with my fears, be walked through the tech set up, be with a supportive group of my fellow adventurers, and would gladly pay extra for that. Not everyone on this mountain needs or wants that. They would choose a different challenge/breakthrough. You already know the Challenges are generating action. You can do a version of those that for a small reasonable fee–say $27-$47, offer a “challenge” with more support in the way of step-by-step instruction for small steps, a q & a webinar, etc. Like for talking head video. Or character video. Or non-talking head explainer video. Etc.
This kind of responsiveness is what adds value for me. And I believe is consistent with at least part of the GEA model and UNIQUE VALUE, which is recognition that “1 size DOES NOT fit all.” You are committed to our individual success, and within the course it would be great if there are opportunities for acquiring “custom fitted gear.”
This is a good lesson for me as well. (Think I will print it off and post on my wall. LOL!) The difference is you already have an awesome framework and community in place.
One thing I have discovered in accomplishing what I have been able to do so far, is that having a specific sequence and structure shows me exactly what needs to be done. However trying to rigidly adhere to that set structure–that works beautifully for linear type folks–becomes deadly for me. Woofing and weaving my way through seems to be best and so the course becomes both a universal path for us all AND unique to me and my needs simultaneously. It also shows me where I need some of that “custom” stuff. Having offers along the way that help me get through some specifically difficult places would 1. be more affordable as a $50-say (making this up) to $500 + add on AND 2. allow me to tailor the course to meet my specific needs. Again, sometimes custom outfitting makes all the difference in performance. For those of us who are just starting out with e-courses (possibly new business’s) and can’t afford the whole custom package, being able to purchase specific tools as we go along is reassuring and inspiring and that you value each individual’s success. (Years ago I hired my website designer/developer for that alone. He was building his solo business. He was neither the most expensive but certainly not the cheapest option by far. What sold me was that statement “Your success is my success. I will do everything I can for your site to do what you need it to do for your success.” I believed him. Was a loyal client for 8 years and spent well over $15K for his products and services. If he had told me I would spend that much, I would have run for the hills!)
OK. That’s enough “thinking” for today!
Thanks for all you have done and are doing to make this online business world a more beautiful and hospitable place.July 2, 2016 at 9:14 am #26857
I typically balk at price points that high. Especially working with someone the first time.
That said, I have paid $1000 for a mentorship program. The reason was I had taken two or three courses with the guy and knew what the value I was getting. I dropped out of the program because it was heading into a heavy marketing focus – funnels and all – and I was getting further out of alignment.
In another instance I took a number of course with the same instructor, which amounted to the same price point. The first was a low price and after taking the course the rest become no-brainers.
If you can ensure potential adventurers get a good taste of what you guys are like at a low-hurdle price, I don’t think you’d have problems with the $997 price point. I’d be really torn with coming up with the full amount vs choosing $500 “surcharge” for monthly payments.July 5, 2016 at 7:27 am #27036
Looks like a lot of folks have weighed in with some good similar thoughts here. Here are my two cents:
– I almost certainly would NOT have signed up for $997 for the year or lifetime right off the bat. Mainly because I have checked a lot of programs out and am fairly skeptical as I believe many ppl are these days.
– Now that I have been in the course for a bit and seen how awesome it is, I would pay $997 in a heart beat and believe it is well worth it. The point here being that until I build a relationship with you folks and started to trust you and your vision (which I do now), that price would have been to high of a risk for me. Now that I trust you it is very reasonable and if anything slightly underpriced for its value.
– I’m wondering if there is some way to have a less expensive trial for 1 month or so with the option to extend for a year? I think most ppl once they start the course will see the value and $997 is very fairly priced. I think it is actually worth more then that but charging more may make it unaccssible to some ppl.
– If you were to extend the payments out over 14 months at $97 like Andy suggested could it be a two year membership fee? or maybe it is $1200 for 2 years but paid in monthly instalments? 1 year does not sound like a lot of time to me and may be intimidating, a two year or lifetime membership is WAY more appealing. What if it was $997 for 1 or 2 years then $200 – $300 for each additional year you stay on?
Hope that is helpful
Changing World ProjectJuly 5, 2016 at 1:32 pm #27096
Andy FreistMountain Guide@andyfreist
Great point Chris..
That seems to be the common thread – $997 is a great price, but too much without knowing and trusting us yet.
I agree that its too early for a yearly recurring fee, so we are moving forward with $997 lifetime.
At present, we are going to have 3 options:
1. $97/mo X 15 (lifetime)
2. $997 (lifetime)
3. $2997 (lifetime + bonuses: private coaching, logo, video intro/outro animation)
So then the question becomes, how do we create the perfect conditions for people to get to like, know and trust us, thus making the $997 pricetag a no-brainer?
We are bringing the blog back, to provide value outside of the membership area.
Also, I think the webinar, as it gets more refined, will really help people get to know us in a short time.
Would love to know your thoughts on ways you feel people on the outside could get to know us..?
Though we want to keep out public offerings very simple, so we can focus most of our energy into providing value for all of YOU! 😉
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