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💸 Course Creators Weekly #63 🗓 September 6th, 2021 - How to Price Your Info Product

Nat Eliason talks about pricing, Andrew Barry shares his insights about group learning, and Louis Grenier talks with Harry Dry about repurposing content.

How to Price Your Info Product (For Reach and Revenue) How to Price Your Info Product (For Reach and Revenue)
📹 Video 💰 Pricing

How to Price Your Info Product (For Reach and Revenue)

This 11-minute video is packed with insights about pricing from Nat Eliason! 🤯

  • ⏫
    Most people underprice—if you're new to this, start by doubling your price
  • ⏬
    Remember you can always lower your price if the market proves it to be too high
  • 📉
    Remember there isn't a linear relationship between price and number of sales

On Subscription vs. Fixed Price

  • 👍🏾
    Subscription pricing gives you predictable revenue, which is nice, but…
  • 🔁
    They create the expectation of regular updates and ongoing value creation
  • ☎️
    They tend to generate more support requests

On Influence vs. Revenue

  • 🗣
    Consider pricing lower to increase your influence and benefit from word of mouth
  • 📈
    Optimising for influence could reduce revenue in the short-term, but pay off long-term
  • 🏷
    Remember you'll get different types of customers at different price points
  • 💸
    Fewer customers at higher price points might mean lower revenue, but…
  • 🏖
    Fewer customers also means fewer support requests and less demand on your time

A few other considerations:

  • ⏱
    Consider your own time investment per customer—make sure you're not losing money
  • ⏳
    Consider how much time you're saving your customers and what that's worth to them
  • ⚖️
    Be aware of what people compare your prices with—your positioning affects this
  • 💨
    Avoid comparisons by bundling multiple products/services (Amazon Prime does this)

Finally, Nat's pricing strategy at a high level:

  • 🤔
    Decide subscription or fixed—if subscription, guesstimate your customer lifetime value
  • 🧮
    Find your minimum price: estimated time investment per customer × your hourly goal
  • ⏫
    Decide if you're optimising for influence or revenue—if revenue, double the price
  • 🖼
    Frame your price against alternatives and your customers' time—is it a good deal?
  • 👌🏼
    Seem like a good deal? Increase a little // No? Maybe lower it, or try to add more value
  • 🏌🏽‍♂️
    Set the price and remember you can always change it later
🔗 Nat Eliason via youtube.com
Why You Need Two Kinds of Groups to Power Group Learning Why You Need Two Kinds of Groups to Power Group Learning
🧩 Structure & Design ✏️ Article

Why You Need Two Kinds of Groups to Power Group Learning

First, 9 reasons why group learning works:

  • 1️⃣
    Groups keep us accountable to show up and do the work
  • 2️⃣
    We learn more from the struggles and failures of others, than we do of our own
  • 3️⃣
    Having a mentor to guide us and answer our questions helps us learn faster
  • 4️⃣
    Sharing ideas with others helps us see more clearly, and it keeps us honest
  • 5️⃣
    We learn through feedback—particularly, giving feedback helps us internalise ideas
  • 6️⃣
    We're able to build and sustain our momentum with the help of others
  • 7️⃣
    Groups are constrained by their commonality, and that helps us find focus
  • 8️⃣
    Healthy competition pushes us beyond our comfort zone—in the end, everyone wins
  • 9️⃣
    We stop feeling alone, and start feeling part of a community in pursuit of a goal

What types of groups do we need?

  • 🚀
    Destination Groups, led by people who are already where we aspire to be
  • 👩🏻‍🚀
    Journey Groups, led by people who are a step ahead, but still on the journey with us

Why do we need different types of groups?

  • ⚖️
    Destination groups excel at 3, 7 and 8, but Journey groups are better at 1, 2, 4 and 5
  • 👉
    Destination Groups can be intimidating, but provide better focus and guidance
  • 🙌🏾
    Journey groups lack constraints, but can be more supportive and keep us accountable

Want to learn more?

  • 👁
    There's a second part to this article, summarised in CCW #35.
  • 🧵
    In this thread, Andrew further breaks down Journey Groups into 3 distinct subgroups: Mentor, Peer Supporter, and Accountability Groups
🔗 Andrew Barry via curiouslionlearning.com
3 Steps to Repurposing Your Content for Every Channel 3 Steps to Repurposing Your Content for Every Channel
🎙 Podcast 💰 Sales & Marketing

3 Steps to Repurposing Your Content for Every Channel

First, the steps:

  • 0️⃣
    Make sure your site converts email subscribers well
  • 1️⃣
    Before publishing an article, pull out some quick tips and share them on their own
  • 2️⃣
    Once published, create helpful social media posts + link to your article at the END
  • 3️⃣
    Email your audience with the full article + ask for likes/upvotes on social media

More great tips:

  • 😇
    Write authentically and promote your articles yourself
  • ✅
    Write great content worth sharing—obvious but often forgotten
  • 📦
    Adjust the format of your social media posts for each platform
  • 🙏🏻
    Share your primary social media post at the end of articles + ask for upvotes
  • 💁‍♀️
    Be helpful—don't force-push people to your website
  • 🔦
    For LinkedIn, combine a long-form article with a short "highlight" post
  • 🔗
    For Reddit, share full articles, linking to your site for feedback/questions only
  • 🐦
    Choose the platform that works best for you—it may not be Twitter
  • 🧪
    Test and experiment to find out what works for you and each platform
  • 👌
    Focus on basics, not tactics, e.g learn to write great titles
🔗 everyonehatesmarketers.com

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