04/08/2021
Sell on Value not Price
When was the last time you saw a sale going on on Udemy? It probably went something like "Get this course at 90% off for this week only" or "Get this bundle of courses now and save 50%".
After you saw that, did you think to yourself, "Wow, this is great value for money, and I'm going to learn so much from this." Or did you think, "Well, that's pretty cheap. I guess I'll buy it and save some money."
So you bought the course, and then you probably never went through the course because, to be honest, you just didn't see the value in it.
Well, you're not the only one who's gone through a scenario like this. The reality is that most people will invest more in something that they believe is valuable to them than they will in something that's priced lower. And because of this reality, it's important for you to sell your courses based on value, not on price.
So how do you do that practically when marketing your course? That's a great question, and I'll answer it by giving you a couple of practical examples.
Let's say you want to sell your course at 50% off. In your marketing, instead of saying "I'm going to give you 50% off for this training", why don't you change it to "If you pay for this training you can bring one friend with you. So now you're getting 2-for-1 on that training".
Even though you're essentially saying exactly the same thing in both cases, the perceived value in your customer's mind just went up exponentially. And as an added bonus for you as a marketer, you now have two names and email addresses added to your list instead of just one. These are two more names that you can nurture over time and convert into raving fans of you and what you provide for them.
Let's look at another practical example.
Say you've priced your program at $997. That's not a low cost to your consumer, and they'll probably have some reservations about paying that price. Instead of discounting your program, what you can do instead is say "For $997 I'm going to give you my course. And added to that I'm going to give you 3 one-on-one coaching calls with me over the duration of the program. On top of that, you'll have access to exclusive mastermind calls with industry experts."
The exact bonuses that you add to your course are up to you; I just shared some examples to get your creativity flowing.
What I want you to take away from this example is that instead of discounting your course, you instead add bonus content and/or materials to your program that increase its value in your customer's mind without taking too much more time or money away from you.
When the value of your program is higher in your customer's mind, then they'll be more than willing to pay the higher $997 cost that you have attached to your program.
Is this all making sense to you? Great.
What I want you to do from now on is to always think of ways in which you can change your marketing from "sell by price" to "sell on value." You will have much higher quality customers for your course, sell more consistently, and make more money with your programs.
Share how you offer value!