Price Your Offers For Growth
We have come so far in this class already. We are on the homestretch right now here, as we start lesson eight of 10. And as I said, we are going to talk about pricing in this lesson. But just to kind of give you an idea of where we are in the process, we started off this whole class talking about how to really streamline your business from a junk drawer business model into one tool that you can use to get your job done for your customers, so that they can get on the road to the next thing, the next transformation, the next question answered, and you can get on the road to actually meeting your revenue goals once and for all with that core offer. We talked about how to position it, how to find space in the market to sell it out every time, to talk about the value behind it in a really concrete way, and so that also, you have a guide for developing and refining that product. We talked about how to find product market growth, what you were going to need to invest in as you discover this n...
ew company, this new business that you're building based on this core offer. And, in the last couple of lessons here, we talked kind of in-depth about how to survey your audience in a way that actually gets you responses that matter, that helps you refine that core offer, or discover your follow-up offer, or what your customers need as a first step. And then we took all that information, and we plugged it into your three pillar business model. So now you know you have one, two, or three offers that you can use to really create an engine behind your business, and make sure that every action you take has an exponential response to it, so that, as you're working hard, you're not just working hard at the thing you're working at, you're working hard at really the whole business system. But a key part of that business model is figuring out what the heck you're gonna charge for these three, or up to three, offers that you're going to have. And I know that you might think that pricing is really reserved for the Einsteins among us, right? The people who can figure out how to do very higher level math. But the good news is, the price isn't a formula. There's no formula that I can give you that's going to spit out a number that's exactly how much your course should cost, exactly how much your service package should cost, exactly how much your program should cost. I can't do that for you, and even if that formula did exist, you wouldn't want it, 'cause it would look like that thing that I just put up on the slide before that. Price is about telling a story about what you're offering. It helps you position yourself in the market, it helps you fulfill that unique selling proposition, it helps you tell your customer, "Here's the kind of value you're gonna get out of this, "here's the kind of commitment I need from you, "here's why this is gonna help you." Your price actually has a lot to say on all of those things, but the numbers have to work out as well. And not only do the numbers have to work, but there is a way to really price your business, and to think about pricing in your business to help your business grow, so that it's not just working out, but that it's actually helping propel you forward. Sometimes that means charging less, sometimes that means charging more, but I'm gonna lead you step by step through all the things you need to consider and account for, so that you feel pretty confident about that price you set. And just like everything else that we've talked about in this class, it's gonna be a process of iteration, of evolution, of figuring out what's right, of being open to learning what is really going to work. So I'm gonna help you set some prices today, you're gonna go out, and you're gonna experiment with them. You're gonna see, was your assumption correct? Was your hypothesis correct on price, just like you're going to do with your value proposition, your eating/selling proposition, and then you're gonna make some adjustments. So, our goal here isn't to get it right right out of the gate, it's to make sure that we're strategically accounting for everything we need to account for to make sure that our price is on the right track, so that we're going in the right direction.