If you’re like most of my clients, one of your top issues right now is figuring out what exactly to offer and how to price it.
So I’m not advocating for a huge pivot or a complete reinvention unless that’s totally necessary.
But… THINGS HAVE CHANGED.
And we gotta change with them.
So, how do you decide how to move forward in your business? Should you continue with your existing programs with a little re-messaging? Should you restructure a program or offer it as a group instead of individual? Or individual instead of group? How do you translate something in person to online? Should you create something entirely new? And, how the heck do we price for these times?
Ok, so the first thing is (you guessed it) SLOW DOWN.
I got all sped up just typing those questions!
Question 1: What’s Most Needed?
This is ALWAYS the primary question to ask in business and is the primary ROOT of your business along with your target audience (the Roots of Business are the important foundational pieces that support your business to thrive and grow – you can’t fruit if you don’t root).
This question is even MORE important now. Why? Because your audience’s problems have changed over the last month or so. Their core issues might be exactly the same, but the challenges that are top of mind now just weren’t there before. (However, they are likely different versions or expressions of the same problem they had previously).
So what exactly is your ideal client struggling with most in this moment? What do they need to help them manage/solve/heal/deal with it? And what is the structure of program that will actually support them to do that? (In other words, don’t offer something tiny if they need to be held in a longer process).
Question 2: What’s Most Profitable?
I’m seeing people give away a lot of stuff and create very small, inexpensive, short term offers. I am ok with this. To a point. Yes to free stuff that feels sustainable for you and is super useful for your clients and gives folks a taste of your work. Yes, to a shorter program if it can lead someone into a deeper, higher-value program (aka you’re not trying to shove 6 months of work into 3-weeks).
But, it’s a lot of work to run short $250 courses over and over again, unless you are planning on building a huge email list. For example, you have to sell 40 $250 courses/month to hit 10K in revenues.
So you have to find a balance. You mayneed to offer a smaller bite, a shorter-term program, initially. But I still want you to have a plan (sales funnel) for at least some of those folks to progress on to deeper work with you.
Notice I said MAY. Your existing, long-term, higher-value, higher-priced programs are likely still totally salable with some reframing and smart messaging. Don’t assume people aren’t buying right now. Don’t choose the cheapest offer because you’re afraid people won’t buy.
Your job as an entrepreneur is to create something super valuable and then communicate how valuable that offer is to folks.This means really understanding their challenges and writing excellent marketing copy that shows them you get it and you can help.
Question 3: What’s Easiest?
As I’ve mentioned, starting from scratch is a lot of work. If you can use an existing program and modify it, use the curriculum from it or simply keep it and create new messaging for it, then that is optimal.
If you create something new, pick something that’s easy and fun for you to create.
And, commit to the “Super Beta.” In other words – drop the perfection and put something out there even if it’s not gorgeous and fancy.
Question 4: What’s Juiciest?
Finally, you have to WANT to do this. You might have some low-hanging fruit in your business that you could grab. But make sure you like the taste of it!
You might find that you can feel lit up enough about an offer if you can charge a certain amount. Great. Or, you may be thinking, there is nothing I could charge for this and enjoy doing it. Listen to that. Do something that inspires you instead, you’ll be much more excited to promote and sell it.
It’s also important that your offer is aligned with your purpose and your vision for your life and business… otherwise, it’s a distraction and will take you off-course in the long-run.
Now, how to price it?
Do me a favor and don’t slash your prices. I’m not saying don’t offer anything at a reduced rate, but don’t take an existing program and do a 50% off sale. It cheapens your work and will make it harder to raise your prices again if/once things are (maybe?) back to some semblance of normal (??). You get what I mean though.
Instead do one of these things:
- Offer something different or a different version of your usual offering, like doing it as a group instead of one on one, that costs less, instead of just reducing the price of your usual program.
- Add more value to your usual program and charge the same (just don’t overextend yourself and get burnt out).
- Create two or three prices. The first one is the REGULAR price. Be clear that people who are stable financially need to pay that amount. Plus, it’s important for everyone to know the real value of the service. The next price or two can be discounted specifically for people in challenging financial positions. Describe in your copy who should pay what price.
- Offer more options for payment plans.
Don’t fall into the trap that nobody has money. It’s not true. Please charge your regular prices for people who can pay them, and if you need to, offer a lower price or a partial scholarship for those who can’t afford it.
You can even charge a higher fee for someone who wants to be generous and help out, allowing for more scholarships to be available.
This is actually a powerful equity model. There is no shame in charging your real prices or more to people who can afford them and using the extra money for scholarships for people who are economically impacted, especially folks from marginalized communities.
But remember, before you go offering a bunch of scholarships… you need to support YOU first!
If you’re interested in getting private, customized support on this, I have one private coaching spot available right now. Just fill out the form here to apply.