I decided to split up some of Gillian Perkins’ teachings in smaller videos because they have a lot of good information. In this post we talk about how to price your courses and services. Enjoy!
How to Price Your Courses and Services ft. Gillian Perkins
Below is a transcription of the podcast. This transcription was taken from Otter.ai so it might not be completely accurate:
0:02
This is the Digital Nomad Quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design the best lives. Hey guys, it’s Sharon from Digital Nomad Quest. And as you know, I actually interviewed Gilliam, Perkins the other day. And I found that there were a lot of really great nuggets of information. But because these interviews are so long, I wanted to kind of cut up the clips that I really enjoyed, and thought I learned a lot from into the smaller episodes. So I’m gonna release this one and then another one after this one of teachings from Galen, and then I kind of want to do that for my Pat Flynn interview. I did a while back. So that interview was like two hours but I had so many good pieces of information. So I was planning to do that. But let me know if that’s something you guys want me to do or not. To me. It’s helpful when I can get these people bite sized pieces of information. That’s why I do that in my episodes, but let me know if that’s something you guys would actually enjoy. Or would you guys think it’s kind of repetitive because I had already done a full interview with them and don’t need to spice it up. But for now for this Gilliam interview, I’m going to spice up this part. So this one’s going to be about pricing your courses and then the next cut I’m going to do is going to be about marketing your courses. So here goes How did you figure out like how much to price your, you know, your services? How did you figure out how to like package it? Did you look at other successful people like how did you do that?1:42
Yeah, well, when I initially started pricing, I think every time I started praising something I kind of started at the bottom of the barrel sort of pricing just because I didn’t want to be trying to market a service and wondering why people weren’t buying and having it be because of the price, like I needed to work on my my copy and the marketing messages surrounding whatever that package service or product was. And I felt that if I charged a premium price, then maybe my copy was fine. And it was just the price. So I would always spend a start at it like the lowest possible price. However, that’s not necessarily what I recommend someone to do. Because as I’ve worked in marketing for longer and longer, and I’ve learned more about the psychology of marketing, I’ve come to realize that the price that you put on a product is really the value label that you’re putting on it. Yeah. So if you’re selling a course, for example, and you say this course is being sold for $100, or you say, I’m charging $1,000. for it, you’re saying that this course is worth $100 or worth $1,000. And so it can actually be more difficult to sell a product for a lower price point. Yeah. And that can be really counter intuitive and can make for challenging situations as you’re trying to just kind of feel that out and find the right price point. Of course, the message also has to match the price point, you’re talking about it like it’s a premium service, but then it’s $5 a night, then people are going to, like, have a red flag, open their brain, you know, amazing, but it’s really cheap, what’s wrong here. But can conversely, if you are packaging it as this is like a discount service, you know, we hire us because we’re cheap. And then it costs $1,000. That again, people are like the message won’t match that price tag. So you just have to kind of make sure that there’s can ruin See there. So what I typically recommend to people now is to look at their competitors, see what their competitors are charging, try to figure out what the average price that other competitors are charging on the high side of average. So if you see that your competitors are selling a digital force and in your specific niche, maybe it’s going for any way between $20 and $1,000. And I would say the most niches it is that widespread, right? But most of the courses maybe fall between the five and $700. Mark and $700 would be right where you want to be. It’s going to be a really safe spot where you’ll be able to position yourself as a premium brand, but you will be pricing yourself as market.4:20
So I hope you guys enjoyed this episode, please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
This is the Digital Nomad Quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design the best lives. Hey guys, it’s Sharon from Digital Nomad Quest. And as you know, I actually interviewed Gilliam, Perkins the other day. And I found that there were a lot of really great nuggets of information. But because these interviews are so long, I wanted to kind of cut up the clips that I really enjoyed, and thought I learned a lot from into the smaller episodes. So I’m gonna release this one and then another one after this one of teachings from Galen, and then I kind of want to do that for my Pat Flynn interview. I did a while back. So that interview was like two hours but I had so many good pieces of information. So I was planning to do that. But let me know if that’s something you guys want me to do or not. To me. It’s helpful when I can get these people bite sized pieces of information. That’s why I do that in my episodes, but let me know if that’s something you guys would actually enjoy. Or would you guys think it’s kind of repetitive because I had already done a full interview with them and don’t need to spice it up. But for now for this Gilliam interview, I’m going to spice up this part. So this one’s going to be about pricing your courses and then the next cut I’m going to do is going to be about marketing your courses. So here goes How did you figure out like how much to price your, you know, your services? How did you figure out how to like package it? Did you look at other successful people like how did you do that?1:42
Yeah, well, when I initially started pricing, I think every time I started praising something I kind of started at the bottom of the barrel sort of pricing just because I didn’t want to be trying to market a service and wondering why people weren’t buying and having it be because of the price, like I needed to work on my my copy and the marketing messages surrounding whatever that package service or product was. And I felt that if I charged a premium price, then maybe my copy was fine. And it was just the price. So I would always spend a start at it like the lowest possible price. However, that’s not necessarily what I recommend someone to do. Because as I’ve worked in marketing for longer and longer, and I’ve learned more about the psychology of marketing, I’ve come to realize that the price that you put on a product is really the value label that you’re putting on it. Yeah. So if you’re selling a course, for example, and you say this course is being sold for $100, or you say, I’m charging $1,000. for it, you’re saying that this course is worth $100 or worth $1,000. And so it can actually be more difficult to sell a product for a lower price point. Yeah. And that can be really counter intuitive and can make for challenging situations as you’re trying to just kind of feel that out and find the right price point. Of course, the message also has to match the price point, you’re talking about it like it’s a premium service, but then it’s $5 a night, then people are going to, like, have a red flag, open their brain, you know, amazing, but it’s really cheap, what’s wrong here. But can conversely, if you are packaging it as this is like a discount service, you know, we hire us because we’re cheap. And then it costs $1,000. That again, people are like the message won’t match that price tag. So you just have to kind of make sure that there’s can ruin See there. So what I typically recommend to people now is to look at their competitors, see what their competitors are charging, try to figure out what the average price that other competitors are charging on the high side of average. So if you see that your competitors are selling a digital force and in your specific niche, maybe it’s going for any way between $20 and $1,000. And I would say the most niches it is that widespread, right? But most of the courses maybe fall between the five and $700. Mark and $700 would be right where you want to be. It’s going to be a really safe spot where you’ll be able to position yourself as a premium brand, but you will be pricing yourself as market.4:20
So I hope you guys enjoyed this episode, please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
