Helping 100,000+ solopreneurs build a fulfilling life through lean, profitable, one-person business.
How to price your online course for maximum impact. My "4 Hypotheses" Model: My course on using LinkedIn as a business tool has over 10,900 students and thousands of 5-star reviews. One of the most common pieces of feedback I receive is that it's "a game changer, especially at the price". That's how I want people to feel! But deciding what to price the course at is always a really difficult decision. So I made 4 hypotheses to eventually end up at the right price point: Hypothesis 1: Make it accessible I guessed that most people would be at the beginning or intermediate stages of leveraging LinkedIn. My hypothesis was that pricing should skew low to capture that audience. Outcome: Needs to be less than $300. Hypothesis 2: Make it easy to buy, fast I wanted to make it what I call, a "Quasi-impulse" buy. Low enough to be easy to buy the first time they saw it, but high enough to be taken seriously and also to earn significant revenue. Outcome: To make it a quasi-impulse buy, it probably needs to be less than $200. Hypothesis 3: Driving word-of-mouth & affiliates would make it viral Word-of-mouth and affiliate sales only make sense at a lower price point. Noting hypothesis 1, the majority of users won’t feel comfortable referring friends to something incredibly expensive. "Hey, bud - check out this thing I bought. You should buy it too. It's only $2,997!" Not gonna happen. Outcome: Drop to $150. Hypothesis 4: The 3rd hypothesis will accelerate with global adoption. Make sure to include PPP (purchase power parity). This will incentivize purchases from other countries. Those purchasers would be likely to enroll in the affiliate program, too. Outcome: Include PPP discounts. The results? - Price: $150 - PPP Discount: 20% to 60% by country - Students: 10,900 - Revenue: $1.345M - Timeline: 18 months - DM's and emails from happy customers: Thousands And that's it. My 4 hypotheses model. If you enjoyed this method and think it would benefit your audience, feel free to repost it to your account. ----- Turn on my 🔔 for more posts about launching, growing, and monetizing internet businesses.
Especially at those price points! Justin Welsh unlike other course creators who price their courses at $2,997 and then advertise that you’ll be driving a Lamborghini when you go to the beach after taking this course. Those people = ya right. It should always come as a “entry level” point to build further trust towards the high ticket item! 👍
Justin, was the PPP discount built in from the beginning? If not, do you have any data you feel comfortable sharing on how it affected your sales?
I took both of your courses. I love how quick, easy, and comprehensive they are to go through. I'm an affiliate and have sent several people your way. You're amazing!
This is brilliant and so true, that's exactly why I bought it. It was accessible and it is a game-changer. I think about it every time I post. I have had other courses offered to me that costs thousands and I haven't bothered with them at all. It's far too much! Thank you for the great advice as always, Justin!
Świetne model Justin Welsh. Ja mam oba Twoje kursy ale ciekaw jestem jaką zniżkę przygotowałeś dla twórców z Polski. Dla większości z nas 150 dolców to jednak znacząca kwota.
I finished your course lsat weekend and it was phenomenal. So much good information. Its accessible for anyone and everyone. I've already recommended it to a couple of folks.
I remember reading this from a while back and it definitely informed how I modeled my own course pricing.
Your LI course helped me get started on the right track. I’ve recommended it to anyone looking for help getting started.
I create efficient tax plans and investment strategies for Software & Sales Employees + Business Owners | DM me "W2" for an intro call.
2yAbsolutely great business model