Building my one-person business to $10M in revenue. Posts and articles about the process.
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.
The hypothesis model can be used for all aspects of a business, including social media content strategy. Hypothesis: If I post LinkedIn carousels, I will receive X more engagement. Action: Post multiple LinkedIn carousels. - Post a variety for enough data. Was my hypothesis correct? ❌ No, don't post more or retry in different way. ✔️ Yes, double down and post more carousels. It starts with a hypothesis and some data to keep your content strategy moving along.
I like how you structured your thoughts on pricing your program Justin Welsh. Does the tool you use allow you managing PPP easily or is that a manual process still for you? I see a couple of ways to do it but am curious as I know you are able to automate a huge portion of your processes.
150 may be accesible in USA, but expensive in LATAM. How do you think this should be adapted according to the region?
“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.” I love this balance here. Along with working to keep things simple you also stay more nimble. I’ve gotten a lot out of the course so far. And as I reminisced about how I bought it, i thought…yeah. All of this makes perfect sense 🤓
I had noticed how well your strategy worked - for thank you for your ongoing transparency, it’s super helpful. I benefited from the PPP when I bought your course months ago. How do you integrate this to the checkout, if you don’t mind me asking, Justin?
Hypothesis 3: would love to see this unpacked further. What were the actions you took to drive word-of-mouth? How is the affiliate program structured?
I am half way in your course and have already produced content worth seven times the cost. I'm a small business, so this is much for me in just a week 😅 I should have done this much sooner Justin Welsh🤷♀️ This course has not only shown me to use LinkedIn smarter, but it has also opened my eyes and given me a new pitch and a smaller niche, so I can stay focused on reaching the ones I truely want to work with.
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.
The main problem with high-ticket courses is that you need to actively make webinars, zoom calls, and sales calls. While with your approach it's almost a passive income ✌🏼
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1yAre you wondering if you should create a course? I have 10k followers and decided not to launch one. Here's how to decide if it's worth it ⤵ ▶ How many can I expect to sell? With my audience of 8000, I could sell 50x$100= $5000. Not bad! ▶ What if I wait until I have 50k followers? Then I can sell 1000x$50 = $50,000. Way better! Don't rush to create and sell a course, podcast, ebook, or anything that will take you an immense amount of time. If you wait, you might be able to 25x your return. Follow me for my future course 😂