This is by far the best explanation for pricing a course and I've watched a few dozen videos. Leave it to Shane and thrive to deliver the value. Thank you.
I never comment on videos lol! But I have to say.....Man. You saved me!....I wanted to charge 199 for my course and reduced it to 99. (The course hasnt launched yet.) Now I am understanding the big picture. The people who will spend 99 will probably spend 199. The conversion rates just dont drop off enough. I have under charged for my coaching services this whole year. lmao! I wont make the same mistake on my course! Thanks dude! Keep doing your thing!
By far the best approach to pricing that I've seen. A number of coaches only focus on the reach issues, and push you towards very high prices. But they don't address the production and credibility issues. In reality they only began to charge these high prices once they had built a strong track-record, pulled together a high-paid team and started a legitimate registered company. At start-up, most of us can't show anything like this to build enough consumer trust. Plus they aren't generating passive income - their premium priced products generally involve real-time coaching by them and their team. So they are basically building a demanding full-time business rather than a side income. For the solo business that's just starting out, I suspect that $180 - $380 is the sweet spot, as you say. The optimal approach might be to start at $180 and incrementally work towards $380 as we gather more reviews and other trust builders, carefully monitoring conversions rates at every increment?
@Fred Gillen let me see if I understood, besides the $200 one payment you added an option of splitting this $200 in 12 months (without interest)? Is that still profitable? Thanks in advance :D
What if almost half of my followers come from low income countries? I have a reputation of high quality but I feel like 200$ is way too high for my viewership.
The strategy I use on one of my courses is to offer a discount to applicants from World Bank designated low income countries. I also offer a discount to those applicants who are unemployed (the application being made through their social welfare office).
Great advice Shane. Just finished my first course on meditation on Thrive Apprentice and this advice is gold! Will sell for $70 as its a very basic but thorough course for beginners and look at making a $200 course once this one takes off. Thanks again, Joy
When I tell you I have never felt so confident to move forward on my course that’s been in my mind for years I feel like I can finally implement just from watching this video, thank you so much for the details I’ve been looking for this I am now an official subscriber of your channel
great vid. I appreciate your straight forwardness and no hype style. Refreshing. My coarse is, When to act on a hunch: Four steps on how to trust your intuition with unshakeable confidence. I've already created it but need help launching and video editing.
I just discovered your channel... I am impressed by the explanations! Simple, clear... Great! I am definitely going to watch your other videos!!!! Thanks for your work and for sharing! Best, Stéphane
Another great video, love it and perfect timing. I am thinking about creating a course for innkeepers and small hoteliers, "how to get more positive reviews."
Thanks Shane. This helps because I decided to create a course (18 Feb 2019). My approach was different and seeing this video doesn't change my approach for THIS course BUT..........it is sound advice I WILL follow for future courses. Thanks again. (I just subscribed to this channel)👍👍
I don't know if the 200 price point is accurate for all markets and all audiences but it's a great confidence builder that there is a sweet spot for every niche. Maybe you start with the $5 product and keep raising your prices until it maxes out and then improve the product and then test the price out and so on until you find your personal sweet spot. Does that make sense. I am interested to know if there is a marketing formula that applies to this sweet spot as obviously your marketing has to match your product/pricing to a significant extent. Thoughts?
Brilliant! Thank you. Just loved that 'sweet spot' point. As a Thrives Themes member I just love the whole ethos of this company. Your training is second to none making the Thrive Suite excellent value.
I’m so thankful to have found you right now, whilst I’m right in the process of building my launch strategy!! Thank you for sharing this - extremely helpful
This is such fantastic info! I’m launching my first course in April and this was the clearest information I’ve come across for pricing. Thank you 1000x!
Thank you so much this has been one of the most informative, easy to follow, and eye opening videos I have watched in a while. You are very knowledgeable and very practical. God bless.
Shane, Great video thanks for the info. I am a recent user of Thrive Themes and I have to say that because of the practical and to the point videos and walkthroughs you have both on RUclips and in the University, I am finally getting great results with building my pages! Thank you so much for the added content like this, it is great!
Thank you, Shane. I am using Thrive Themes to build landing pages and squeeze pages and sales funnels for my ebooks. Thank you for building something that is far better, and less expensive than ClickFunnels.
Awesome content! I’ve actually already decided to price my first course at $197, so to see that your discovered sweet spot is $200 I was jumping for joy. Also, what’s the song at the end?
Yes! I have 197 USD top online tennis courses and the sweet spot explained here works great for me and my clients as well! Good video and thanks for good info! 🙏🎾
We’re selling a product $1199 with a 4.2% CTR I think the ‘sweet spot’ is determined by the copy in my opinion. Great info for those starting out though 👍
Really interesting video and just at the right time. I'm using the Thrive membership including Apprentice to make my first online course. What're your thoughts on tier pricing for online courses? and great editing software, I'm in the market for a good one and I love the way it looks. Which one did you use for this video? Thank you very much for making great software and teaching us, because of you and your passion, you've enabled mine.
Thank you, Kimron! Tier pricing can be good, if it's done right. It's important that it doesn't feel like you're slicing one thing apart, to charge different prices for it. The value that separates tiers has to feel fair and logical. I've used Adobe Premiere for the video editing.
Thank you so much for opening my eyes on such new and important aspects! But I have a question and I'd be so glad of you could answer me, how do you deal with the idea of competition, if you're new to the market but there are others who are teaching the same subject let's say, how do you calculate the effect of that competition on your price? How do you get customers to trust you?
Not Shane but Tony here. Still, would love to chip in on this because it's a great question. How I would go about this... I don’t think you should base your price on the competition. Instead, base it on the value to the user. Just because YOU know what the competition is charging DOES NOT mean that a user on your site does. The world is a big place. Now, that's not to say that you can't look at what others in your niche are charging for a course that includes X, Y and Z and see how that value offering compares to yours. - Tony
Awesome video, Shane! I've never seen this broken down so well anywhere else. Really helped me make some decisions for my current course which I built on Thrive Apprentice! Question: Was your roughly 2% conversion rate for the $200 course from email, organic, or ad traffic mostly? I'm mostly running social ads and curious if such numbers are realistic for cold social ad traffic?
Honestly....I have a few channels I follow on YT which are simply worth thousands of dollars in terms of content. Shane's content is one of them. Others, i'll keep to myself ;) I love Thrive Themes...amazing software to make a shit tonne of money when used properly!
Think about how to discount the course initially that make a course For example price your course at 94.99 and then discount it 79% to sell it for 19.99. The way Miss Excel does it is that she sells her course for 297 so that when there is a 50% discount sale, its priced at 149 and not 150.
the most valuable and best explanation i have watch it. thanks for your effort. my question is. the CR is the same at any country with any kind of courses? thanks ❤
Thanks so much Shane, really making things clear again. Great to know now because I just start to promote two courses with a lot of videos. You are a great teacher! Up to your next video! I am always eager to learn.
Sweet spot is $200 for an online course means to reach 2,500 people with a conversion rate of 2.0 to make $10,000 from 50 people. Create several $200 courses at the start.
That was great insight Shane ! Just about to launch my product with Thrive Themes, you gave me the icing on the cake with the price strategy. As for the 2k€ I plan to launch a course on pro tips on sail racing. Very specific market but hey I can do it :D
@@Thrivethemes You could say that but while they love to pay for the hardware (boat, sails, stuff..) it's very hard getting paid for the service / coaching. But with a bit of copywriting and social proof it might work, at least i'll try ;-)
Hi Shane, thanks for your advice and insight on pricing right. Great content! I have a high-ticketed program that has been proven to work very well by my past students. I got lots of interest but conversion is very low as you rightly pointed out. I have a question to ask you, what do I do to overcome price objections for high-ticketed program given the value is there? Thank you. Sue
Thanks Shane! My course bundle is $97 and it is evergreen thanks to Thrive Ultimatum. Thinking of how/what I could add or create to get closer to the $200 now hehe.
🎯 Key Takeaways for quick navigation: 00:00 *🧠 Importance of Pricing Strategy* - The significance of having a clear pricing strategy to avoid self-imposed obstacles in business. 01:09 *🎯 Calculating Reach and Conversion Rates* - Illustration of determining the number of sales required to reach a specific revenue target based on different price points. - Discussion on the correlation between price, conversion rates, and audience reach. 07:20 *📈 Non-linear Relationship between Price and Conversion Rate* - Explanation of the non-linear relationship between pricing and conversion rates. - Exploration of psychological price points and their impact on consumer behavior. 10:44 *🏗️ Logistics Problem in Pricing* - Discussion on the logistical challenges associated with pricing, particularly regarding product quality and audience reach. 14:32 *🎯 Identifying the Sweet Spot* - Introduction of the concept of the "sweet spot" in pricing, emphasizing a balance between audience reach and production effort. - Recommendation for a $200 price point for online courses based on analysis. 17:05 *💡 Starting with Online Courses* - Advocacy for starting a business with selling online courses due to their comparatively simpler setup and potential for foundational growth. - Personal anecdote emphasizing the role of selling courses in building entrepreneurial skills and revenue for future ventures. Made with HARPA AI
Check out part 3 - how to turn your know-how into an online course: ruclips.net/video/BZ3mgPPUd0k/видео.html
was this 2% of all traffic, or 2% of your email list?
Spent one entire quarantine day watching videos on this subject. Got to say yours was the best and most honest one. Congrats!
Thank you! That's very nice to hear. :)
This is by far the best explanation for pricing a course and I've watched a few dozen videos. Leave it to Shane and thrive to deliver the value. Thank you.
agree
I never comment on videos lol! But I have to say.....Man. You saved me!....I wanted to charge 199 for my course and reduced it to 99. (The course hasnt launched yet.) Now I am understanding the big picture. The people who will spend 99 will probably spend 199. The conversion rates just dont drop off enough. I have under charged for my coaching services this whole year. lmao! I wont make the same mistake on my course! Thanks dude! Keep doing your thing!
Hey trey. How did it go?
Awesome! Did the new pricing work for you??
I used to work for a price research company, but your explanation is better than those of high paid consultants. Just brilliant
Excellent video, Shane. This is one of the big reasons why I am such a supporter of your products for so long. You provide real solid value.
Thank you!
Wow, I did not think I'd find you here!
You are the best Shane. Some people in my country gets thousands euros to teach less than you in one video. THANKS.
Thank you, Omar!
So, you're saying I should come visit? What country is this again..? :)
@@Thrivethemes Spain...but I guess this doesn't happen only here ;)
By far the best approach to pricing that I've seen. A number of coaches only focus on the reach issues, and push you towards very high prices. But they don't address the production and credibility issues. In reality they only began to charge these high prices once they had built a strong track-record, pulled together a high-paid team and started a legitimate registered company. At start-up, most of us can't show anything like this to build enough consumer trust.
Plus they aren't generating passive income - their premium priced products generally involve real-time coaching by them and their team. So they are basically building a demanding full-time business rather than a side income.
For the solo business that's just starting out, I suspect that $180 - $380 is the sweet spot, as you say. The optimal approach might be to start at $180 and incrementally work towards $380 as we gather more reviews and other trust builders, carefully monitoring conversions rates at every increment?
Thank you for the inspiration. I was lost and now I feel empowered to continue with my online business.
High ticket sales seems to be a trend / cult these days and this video shares very practical, data based insight. Thank you!
Just added a 12mth option to our monthly subscription, money up front :).... sold 2 in less than 24hours, thanks Shane, you rock
Nice! Congrats on taking action right away. :)
@Fred Gillen let me see if I understood, besides the $200 one payment you added an option of splitting this $200 in 12 months (without interest)? Is that still profitable? Thanks in advance :D
Eduardo Batasuna it was the other way round , we had a monthly subscription but now allow multiple months to be pre-purchased in bulk
What if almost half of my followers come from low income countries? I have a reputation of high quality but I feel like 200$ is way too high for my viewership.
The strategy I use on one of my courses is to offer a discount to applicants from World Bank designated low income countries. I also offer a discount to those applicants who are unemployed (the application being made through their social welfare office).
@@gerardpatrick8960 Good idea, thank you very much!
Work on your mindset. You are your own obstacle. Your customers mirror how you perceive yourself.
Great advice Shane. Just finished my first course on meditation on Thrive Apprentice and this advice is gold! Will sell for $70 as its a very basic but thorough course for beginners and look at making a $200 course once this one takes off. Thanks again, Joy
Congratulations on completing your first course!
So full of value this video. Not just the pricing part but also the part when online course is to be used as foundation
This must be the most honest content on online course pricing strategy. Thank you so much.
This really was one of the best videos I've seen in quite some while. Thanks Shane a million times! Keep up the good work
Thank you very much!
When I tell you I have never felt so confident to move forward on my course that’s been in my mind for years I feel like I can finally implement just from watching this video, thank you so much for the details I’ve been looking for this I am now an official subscriber of your channel
When the student is ready, the teacher appears. Thank you!!!. So helpful.
great vid. I appreciate your straight forwardness and no hype style. Refreshing. My coarse is, When to act on a hunch: Four steps on how to trust your intuition with unshakeable confidence. I've already created it but need help launching and video editing.
I just discovered your channel... I am impressed by the explanations! Simple, clear... Great! I am definitely going to watch your other videos!!!! Thanks for your work and for sharing! Best, Stéphane
I have been aware of this principle for a few years. However, you have done an exceptional job of presenting it easy to understand terms. Thank you.
One of if not the best video on pricing
I trust you guys alot. I was getting worried about how much to price my minicourse but I watched this and it helps me get things into perspective!
Thank you, I am in the communication business and I can only compliment you on the excellent quality and value of your work
Another great video, love it and perfect timing. I am thinking about creating a course for innkeepers and small hoteliers, "how to get more positive reviews."
That could be really valuable to those customers!
Thanks Shane. This helps because I decided to create a course (18 Feb 2019). My approach was different and seeing this video doesn't change my approach for THIS course BUT..........it is sound advice I WILL follow for future courses. Thanks again. (I just subscribed to this channel)👍👍
I don't know if the 200 price point is accurate for all markets and all audiences but it's a great confidence builder that there is a sweet spot for every niche. Maybe you start with the $5 product and keep raising your prices until it maxes out and then improve the product and then test the price out and so on until you find your personal sweet spot. Does that make sense. I am interested to know if there is a marketing formula that applies to this sweet spot as obviously your marketing has to match your product/pricing to a significant extent. Thoughts?
Wow, I got a lot out of this video. I've literally paid for videos/tutorials with far6 less value. Thank you for making this!
Two Words : Mind Blown. Thank you so much for sharing this valuable knowledge. This is the stuff no one tells you.
Thank you very much! How many hours of video content do people usually expect from a $200 course?
Brilliant! Thank you. Just loved that 'sweet spot' point. As a Thrives Themes member I just love the whole ethos of this company. Your training is second to none making the Thrive Suite excellent value.
Great video. Didn't know that you were behind the Thrive products nor the name of the channel until you said so. Great info, thanks
Thank you so much! This was VERY helpful. I love your straight forward data backed pricing strategy.
That is superb! One of the most informative videos I've seen on selling online courses.
"in so many cases that's the best way to start even if you have other ambitions..."
Thanks for that...
This is so perfect and so logical. Thank you!
I’m so thankful to have found you right now, whilst I’m right in the process of building my launch strategy!! Thank you for sharing this - extremely helpful
This is such fantastic info! I’m launching my first course in April and this was the clearest information I’ve come across for pricing. Thank you 1000x!
finally someone providing conversion rates and value. Realest guy here
This is a superb, informative, insightful video.
Thank you so much this has been one of the most informative, easy to follow, and eye opening videos I have watched in a while. You are very knowledgeable and very practical. God bless.
Thank you very much, Susan!
Thanks for sharing valuable information 😀 👍
Excellent. How can you factor in acquisition cost?
Appreciate you went straight to the point clearly. Thank you
INSANE AMOUNT OF VALUE!!! Thank you so much!
Happy to know this was valuable for you, David! :)
I love these types of videos, straight to the point, clear and intelligent. Thank you.
Hi. I have watched many but you are the best. You simplify things & make it easy to implement. Thank you so much.
Shane, Great video thanks for the info. I am a recent user of Thrive Themes and I have to say that because of the practical and to the point videos and walkthroughs you have both on RUclips and in the University, I am finally getting great results with building my pages! Thank you so much for the added content like this, it is great!
That's awesome! Thank you, Frank. :)
Total quality advice here. It put into words and made concrete what was floating around in my mind.
Thank you, Shane.
I am using Thrive Themes to build landing pages and squeeze pages and sales funnels for my ebooks. Thank you for building something that is far better, and less expensive than ClickFunnels.
Thanks Shane will be building a course on Complex Problem Hacking
Great video - easy. to understand and it makes sense. Thank you!
Amazing explanation!
Thank you
A great one, clear, direct, simple, thank you man !!!
This video is fantastic, great analysis on pricing and easy to understand. great work!
Thank you Shane. Once again you have provided a fantastic amount of insight. And thank you for sharing your experience.
Glad you liked this video!
Thank you very much! I learned a lot from this video!
A very informative video I have ever seen. Thank you Shane.
Thank you, Shahin!
Such an insight video. Thank you for sharing!
Clear and concise. Thank you! I am a new subscriber )
This is fantastic!! Does this still hold in the current explosion of online courses?
Great information. I've seen tons of courses, though, in art, music, etc. that will sell for $300-$800.
What a great content.
Thank you for sharing your knowledge with some practical information.
Awesome content! I’ve actually already decided to price my first course at $197, so to see that your discovered sweet spot is $200 I was jumping for joy. Also, what’s the song at the end?
Yes! I have 197 USD top online tennis courses and the sweet spot explained here works great for me and my clients as well! Good video and thanks for good info! 🙏🎾
Thanks Shane, I do appreciate these insights. It is indeed valuable to my new online course.
this is a great infopreneurship video my friend, your channel should be much bigger, you have me as a subscriber
We’re selling a product $1199 with a 4.2% CTR I think the ‘sweet spot’ is determined by the copy in my opinion. Great info for those starting out though 👍
Really interesting video and just at the right time. I'm using the Thrive membership including Apprentice to make my first online course. What're your thoughts on tier pricing for online courses? and great editing software, I'm in the market for a good one and I love the way it looks. Which one did you use for this video?
Thank you very much for making great software and teaching us, because of you and your passion, you've enabled mine.
Thank you, Kimron!
Tier pricing can be good, if it's done right. It's important that it doesn't feel like you're slicing one thing apart, to charge different prices for it. The value that separates tiers has to feel fair and logical.
I've used Adobe Premiere for the video editing.
Fascinating, very useful and focused. I might be overcomplicating my potential course!
excellent, open my eyes... big thanks...
Thank you for a fantastic explanation. Where does one generally go to get reliable e-commerce conversion rates by product or market?
This was super helpful, thank you so much for sharing this!!! Just Subscribed :)
I'm happy to hear that!
so helpful! Thank you!
I'm in love with you Shane!!! you are the best!!!! Thank you so much.
Amazingly insightful! U were awesome n best, Period!
Thank you so much for opening my eyes on such new and important aspects!
But I have a question and I'd be so glad of you could answer me, how do you deal with the idea of competition, if you're new to the market but there are others who are teaching the same subject let's say, how do you calculate the effect of that competition on your price? How do you get customers to trust you?
Not Shane but Tony here. Still, would love to chip in on this because it's a great question.
How I would go about this...
I don’t think you should base your price on the competition. Instead, base it on the value to the user. Just because YOU know what the competition is charging DOES NOT mean that a user on your site does. The world is a big place.
Now, that's not to say that you can't look at what others in your niche are charging for a course that includes X, Y and Z and see how that value offering compares to yours.
- Tony
Awesom video and presentation! Thank you
Awesome video, Shane! I've never seen this broken down so well anywhere else. Really helped me make some decisions for my current course which I built on Thrive Apprentice! Question: Was your roughly 2% conversion rate for the $200 course from email, organic, or ad traffic mostly? I'm mostly running social ads and curious if such numbers are realistic for cold social ad traffic?
Honestly....I have a few channels I follow on YT which are simply worth thousands of dollars in terms of content. Shane's content is one of them. Others, i'll keep to myself ;) I love Thrive Themes...amazing software to make a shit tonne of money when used properly!
Thank you, Andrew!
Excellent - best explanation
Great video and information. Thanks, Shane!
Shane, thanks for all your videos. I'm thinking to make some courses about rehab after injury.
Sounds good! Definitely an urgent and important issue for someone wanting to get back into training.
Great video Shane! The content is very clear and informative!
Think about how to discount the course initially that make a course
For example price your course at 94.99 and then discount it 79% to sell it for 19.99.
The way Miss Excel does it is that she sells her course for 297 so that when there is a 50% discount sale, its priced at 149 and not 150.
This came at just the right time. Thank you!
Glad you liked it!
thank you so much for your hard work Shane and everyone at Thrive Themes!
Thank you!
the most valuable and best explanation i have watch it. thanks for your effort. my question is. the CR is the same at any country with any kind of courses? thanks ❤
Thanks so much Shane, really making things clear again. Great to know now because I just start to promote two courses with a lot of videos.
You are a great teacher! Up to your next video! I am always eager to learn.
Thank you! Glad it was helpful.
Great video, Shane! Is this conversion rate on a blog/website or on a mailing list? Is there a way to avoid mailing lists? Thanks!
Great insights! Repricing my course to the sweet spot!
Sweet spot is $200 for an online course means to reach 2,500 people with a conversion rate of 2.0 to make $10,000 from 50 people. Create several $200 courses at the start.
That was great insight Shane ! Just about to launch my product with Thrive Themes, you gave me the icing on the cake with the price strategy. As for the 2k€ I plan to launch a course on pro tips on sail racing. Very specific market but hey I can do it :D
Sail racing! That's really cool. And I guess people who are into that have money to spend...
@@Thrivethemes You could say that but while they love to pay for the hardware (boat, sails, stuff..) it's very hard getting paid for the service / coaching. But with a bit of copywriting and social proof it might work, at least i'll try ;-)
This video is just amazing, thank you so much for all the information. It is truly valuable
Thank you! This was incredibly helpful.
Hi Shane, thanks for your advice and insight on pricing right. Great content! I have a high-ticketed program that has been proven to work very well by my past students. I got lots of interest but conversion is very low as you rightly pointed out. I have a question to ask you, what do I do to overcome price objections for high-ticketed program given the value is there? Thank you. Sue
Well done. Your math clarified quite a bit foggy issues.
This is a really helpful video. Thank you!
Thanks Shane! My course bundle is $97 and it is evergreen thanks to Thrive Ultimatum. Thinking of how/what I could add or create to get closer to the $200 now hehe.
Thanks for your comment!
The best way to find out what you could add to increase the value of the product is by talking to your existing customers!
@@Thrivethemes Thanks for your advice!
🎯 Key Takeaways for quick navigation:
00:00 *🧠 Importance of Pricing Strategy*
- The significance of having a clear pricing strategy to avoid self-imposed obstacles in business.
01:09 *🎯 Calculating Reach and Conversion Rates*
- Illustration of determining the number of sales required to reach a specific revenue target based on different price points.
- Discussion on the correlation between price, conversion rates, and audience reach.
07:20 *📈 Non-linear Relationship between Price and Conversion Rate*
- Explanation of the non-linear relationship between pricing and conversion rates.
- Exploration of psychological price points and their impact on consumer behavior.
10:44 *🏗️ Logistics Problem in Pricing*
- Discussion on the logistical challenges associated with pricing, particularly regarding product quality and audience reach.
14:32 *🎯 Identifying the Sweet Spot*
- Introduction of the concept of the "sweet spot" in pricing, emphasizing a balance between audience reach and production effort.
- Recommendation for a $200 price point for online courses based on analysis.
17:05 *💡 Starting with Online Courses*
- Advocacy for starting a business with selling online courses due to their comparatively simpler setup and potential for foundational growth.
- Personal anecdote emphasizing the role of selling courses in building entrepreneurial skills and revenue for future ventures.
Made with HARPA AI