PODCAST - why i am raising my course prices to 2k or more
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Well, it seems like everyone else is decreasing their course prices on the internet. You may be wondering why I am deciding to not only increase the prices of my courses, but to at least four to five x increase the prices of my courses, increasing my $500 flagship course into a $2,000 plus flagship course, and the reason.
Has nothing to do with money and everything to do with transformation and increasing the results that my learners like you [00:02:00] are getting with my products. Today, I'm gonna share with you the five reasons why I have no desire to sell anything less than four figures for you, my learner, my friend. This is for you, number one.
Price equals perceived value. What does this mean? This means that if you have the cheapest priced course, the cheapest priced E-learning program, learning experience, whatever it is, whatever you are offering for your learners, for your customers, if you have the cheapest price, then your learners, your customers, you're already telling them that you also.
Aren't the best. There's no way that you are the best if you are the cheapest. So if you wanna tell your customers, tell your learners, tell your clients that you are the best, and price your course less than everyone else, they're not gonna believe you. On the other hand, if you have the highest price. [00:03:00] And people look at you and you may not even say that you're the best, but people are going to assume that you're priced higher because you're giving them a better result.
Myron Golden, one of my mentors, he likes to talk about how if you have a heart issue. If you're having an important surgery, are you gonna search on chat GPT on Google, wherever you search? Are you gonna search cheapest heart surgeon in Colorado? I know for me about a little over a year ago, I was dealing with multiple health scares, and in the end it ended up being all okay, but what ended up happening is I lost complete vision in my right eye.
I went from a hundred percent vision to zero vision, and over two or three days it went back up to about 30% vision. Today, I'm all the way back up to 99% vision. Well, tell you what, when this happened, I was not searching the internet looking for cheapest eye doctor, cheapest ophthalmologist. No, I was trying to find who was the best.
And yes, [00:04:00] in the moment I went to who I knew. So I went to my optometrist, who is a great optometrist, and then they sent me to the ophthalmologist that they recommended, but I didn't even know if the ophthalmologist I went to was the best. I went there outta necessity because I needed someone to tell me what was going on right away.
I ultimately searched around. Ended up going to one of the best ophthalmologists in the country at Northwestern Memorial Hospital in Chicago. I don't even live in Chicago. I live in Denver, Colorado because I care so much about my vision, about my cardiovascular health and my overall health. I went all the way to Chicago to see one of the best ophthalmologists in the country.
Well, ultimately they wanted to do a bunch of tests on me. A bunch of cardiovascular tests to make sure that what happened. It was basically a blood clot that ended up in my eye, wasn't caused by something in my heart or in my cardiovascular system. They had me run a bunch of tests, and yet again. I had the best cardiologists, heart doctors in the country [00:05:00] doing tests and looking at data related to my health.
Now, I knew this was gonna be very expensive, which is why when I pick the insurance for me, I don't pick the cheapest insurance. I pick the highest value insurance that I can afford, and in turn, I work with the highest value doctors that I can afford. This is the same thing for you and what you're doing in your business.
Are you going to always pay for the most expensive? No, but you're gonna pay for the best value that you can afford. So what you need to do is start telling the market that you are the best value, and you do that. By pricing your course higher. Now, there's four more reasons why you need to do this, but the first really comes down to how do you want the market to perceive your value?
Because you can say that you have the best value product, but if you are charging a fraction of what you should be, or you're charging a similar price to everyone else, or you're charging [00:06:00] $25 less. Than everyone else. Then it's impossible to tell you apart from others. But if you charge four or five times, everyone else, now your learner, your customer is wondering to themselves, well, why is E-Learning Partners Course $2,000 and everyone else's course on this subject is three to four to $500?
There must be something, an E-Learning Partners course that is so much better than these other courses. Now, you may decrease the number of sales you get. But there's no way you're going to decrease the number of course sales that you're gonna get by four to five times. Maybe it cuts it in half. So maybe you go from selling 10 courses a month to selling five courses a month, and maybe you go from selling at $500 a course to $2,000 a course.
The simple math here is 500 times 10 is what? $5,000 a month? Well, what's 2000 [00:07:00] times five? $10,000 a month. So you've doubled your monthly income just by increasing the price of your course. Number two, did you know that when you price your course higher, you are actually helping your learners? Higher price equals better results.
It is proven that when people pay more, they pay more attention. When people pay more, they're more committed. Give you another example. I've been an ultra marathon runner for about five years now, and when I first started, I did not hire a coach. I did it all on my own, and I got pretty good results. I have asthma.
I've had asthma since I was four years old, and I have been able to complete marathons. I even completed a 50 mile race. I got 28th out of 50 people without the help of a coach or anything. Well, I hired a coach to run my first a hundred kilometer race, and I paid about a thousand dollars. Now, I believe the value I got was at least two to 10 times more than what I paid, [00:08:00] and that is really, we're going to dig deeper into that a bit later.
The point is, I was so committed to this race. I was willing to put a thousand dollars behind it. So I put a thousand dollars and I put my time behind it, and that's just what I paid my coach. Then you look at how much I invested in high quality food and just living a higher quality, healthier life. Well, I ultimately ended up winning that race, and a big part of that is because I showed my commitment by paying for a coach who had been there before, and I paid more than I ever thought I would for a running coach, and it was worth every penny.
Here's another example. I promote four different learning management systems, and if you need a learning management system for your business, I highly recommend that you check out one in the four. And if you want to get paired with the perfect system for you and save five to 200 x what you could be paying, if you end up using the wrong system, then I highly recommend you check out my e-learning platform finder.
It is linked in description below and in the show notes if you're listening to this as a podcast. But the point is. As a part of pairing you [00:09:00] with the right system, I give away a free course, and I give away a free course. If you try out any of these systems too, if you've been on my YouTube channel, you're like, Hey, I wanna check out Kajabi.
Well, I have Kajabi made simple. Oh, well, I want to check out talent, talent mess. So I have. Talent, talent mess made simple. And how that course works is by using my affiliate link, I give you access to the course for free. Well, I'll tell you this, I have dozens of people that sign up for all of these courses every single week, and I thought that because I was giving a course away for free.
And yeah, people kind of have some skin in the game because you are on a free trial and once that free trial's over, you're gonna start paying for that platform. I thought people would actually use the course. Well, I would say maybe one or two outta 10 people actually use the course. That's 10 or 20%. And those who use the course, by the way, get amazing results and have actually got an ROI on the system that they're using right away because they invested.
But since they didn't put money in, most people don't. Take it seriously. So you are [00:10:00] doing your learners a disservice by not charging a lot. The more you charge, the more value, the better results they will get, which gives you better case studies, which allows you to empower and powerfully serve more and more people.
So higher price. Equals better results. The price is not for you, it's for them. In this case, the price of my courses and my products is for you so that you can provide as much value to your learners as possible. So that's why my courses are higher priced, because I care about you just like you care about your learners.
The other crazy thing I find is I have sold E-Learning Simplified Academy for about five years now, and I've sold a basic version and a premium version or a platinum version. And what I found is everyone who buys the platinum version actually completes the training comments in the course, and most of them even send me an email saying thank you.
On the other hand, people that buy the basic version, maybe 30 or 40% of the people actually even get halfway through the course, and the price point hasn't even been that much different, a couple hundred dollars. Well, this [00:11:00] is why I am increasing. My course price even more, and I'm getting rid of the basic version of my course.
I can have one version of my course, and yes, I'm adding a little bit to it because I have learned even more over the past five years to help you get a 10 times or more return on your investment in my $2,000 plus course. And that brings me. To number three, when you are pricing your course, you need to price your course based on ROI, not based on your competitors.
So instead of going out there and looking at how much everyone else in your space is charging for their courses, you need to look at how much value, what are the results that you actually get for your learners? What is the payoff you get for your learners? For me, when organizations actually partner with e-learning partners, and we literally become the e-learning partner of the organization.
We are able to save our partners multiple six figures per year, which is millions of dollars over time, even after paying our multi six figure fees. So what I've done is I've [00:12:00] taken the exact processes that we execute with our partners, and I've packaged those into an online course. So why the heck would I sell that for $500?
$2,000 is probably not enough. Because the reality is, yes, you're gonna pay 2000, or I may even increase it even more. I might make it 2,500, might make it 3000, might make it $5,000. But if you pay me $2,000 and I save you multiple six figures a year, but let's just say that I'm able to save you a hundred thousand dollars.
So you pay me $2,000 and I'm gonna save you a hundred thousand dollars. What is this? This is a 50 x return on your investment. So if I continue to sell this for $500, I mean, you're getting a pretty crazy return. You're getting a 200 x return. But the reality is, even looking at this, I [00:13:00] could even sell my course for $5,000 because I'm still gonna give you.
A 20 x return on your investment. And this is just the first year. Now, when I do these partnerships with organizations, we actually become the e-learning partner. Yes, we do a lot of the work and we train you and your staff exactly what to do, but it's the same system. You just need to make sure that you actually implement the system.
And that's why I'm doing you a disservice charging $500. 'cause if I charge $500, are you gonna implement that system right away? Probably not. But if you pay 2000, 2,500. 5,000 and you're probably gonna start implementing the system pretty quickly. You spend $5,000 on it. You need to get your return on your investment as quickly as possible.
When someone pays 500, you don't really need to get, if you're paying less than 500, well then you don't really care at all. The more you pay, the faster you wanna get the return on your investment. So you're gonna dig even deeper and you're gonna take it more seriously. Now, when [00:14:00] you are pricing your course, you may be asking yourself, well, Johnny, I'm not in a money making or saving niche.
Well, I have another company called Athlete with Asthma and that not directly a money making or saving niche, but it is a health making or saving niche, which means that my courses, I'm doing the same thing. I have a weight loss course that I started out selling at a hundred dollars and no one bought it.
I increased it to $300 and people started to look and pay attention, but now I am going to be increasing it to at least a thousand dollars because I know that if I can teach you how to lose at least 30 pounds and keep it off, I'll drop 30 and keep it off, then your entire life is going to change. And by losing weight, you're gonna have more years of your life.
You're just gonna be healthier, happier, all these things. You're gonna be more productive 'cause you're gonna be more confident and you're potentially gonna make more money as well. So I know that I need to sell my course for more so that you get more in that case as well. Now [00:15:00] what you need to do is put a value on how much ROI return on investment your course creates for your learner.
And then you need to make sure that your course is creating at least two x, but even better, 10 x the results that they're paying for. So if someone's paying a hundred dollars, that you need to be giving them at least a thousand dollars of results. Now, I don't think you should price your course at a hundred dollars if you're giving a thousand dollars of results.
Then please at least price it at $500. So that'd be two x. But really you gotta dig deep and think about how much results are you actually giving for your clients, and then you take that number and divide it. It's easy for me to say, okay, well if this is what people are getting when I actually work hand in hand and I'm giving them the system still in my course, then if I can save organizations multi six figures a year after paying me multi six figures a year, then saying that.
By investing in e-Learning Simplified Academy, you're gonna potentially save six figures. A hundred thousand dollars is a no-brainer to [00:16:00] spend two or five grand, or even 10 grand on the course. Same thing for you. I invite you. To be here. But if you're like, you know what? I give people $20,000 of results and I wanna sell my course for 10 grand, well, you could still technically sell your course for 10 grand.
You're giving them a two extra turn on investment. So you wanna be somewhere in here if you can be even beyond. If you could be a hundred x even better, but let's not go a hundred x and then sell our course for less than four figures. Let's make sure that we're pumping ourself up into the four figure range.
At least $500. You need at least sell it for $500, but if you can get the four figures, 1000, 2000, 3000, 5,000, and you can still prove that you get two x to 10 x results, let's do it together. I'm giving you permission to price it at that amount. Number four. When you have a higher profit margin by charging more for your course, you have a healthier business, and there are numerous benefits for having a healthier business.
When you have a healthier business, this means that your business is gonna [00:17:00] stay around longer, which means you're gonna be powerfully serving your students, your learners, your customers, even longer. You're gonna be supporting your employees even longer. When you have higher profit margins, you can compensate your employees more.
You can give more money away. You can invest in better and better products. So this is extremely important for you and your business. I want you to have a higher profit margin so you have a healthier business. The other thing this does, and this is really the foundation of why this is so important, when you have a healthier business, you move from survival, scarcity.
You move away from this towards. Abundance and prosperity. And when you move from survival and scarcity towards abundance and prosperity, you are able to move your customers, your learners, your students, away from survival and scarcity towards abundance and prosperity. The more successful your business is, the more successful your students' business is, which is [00:18:00] why you wanna price your courses for a healthier business so we can get out of survival and scarcity.
And two, abundance and prosperity and moving you from survival and scarcity to abundance and prosperity is so important to me that I accidentally put that as a number one reason. Again, that was number four, and now we're going to number five. Number five is that you're gonna have less. Refunds that you have to give and less customer service that you have to do.
And this is for multiple reasons. One, yeah, you are gonna most likely have a few less people buy, but I'm not just talking about less refunds from a quantity perspective, I'm talking about less refunds and less customer service from a percentage perspective. For me, I've really only had two or three refunds that I've ever had to give on my courses, but that's because.
People are already spending 300 or 500 or a thousand dollars on a course, but I never have anyone ask for a refund on my high ticket coaching offers. It just doesn't happen when people spend [00:19:00] a hundred thousand dollars. They don't ask for a refund when they spend 200, $250,000 plus a revenue share. They don't ask for a refund.
So you get less refunds on a percentage perspective. And the more people pay, the less you have to hold their hand. The less customer service, and what I mean by this isn't that you're gonna be less high touch. 'cause the great thing is because you have higher profit margins, you're gonna be able to serve your customers, your learners more deeply.
What tends to happen is when people pay more, they pay more attention. They have a better idea of what they're actually getting from you. So instead of spending time giving refunds and answering all these logistical questions for customers, you can provide even more value. You can share more on refunds and customer service.
And instead, you're gonna create a premium learner experience that is going to skyrocket the return on investment of your learners and of your customers. Now, if you wanna dig even deeper on all of this, and you wanna stop wasting time on the wrong e-learning programs and learn the [00:20:00] three pillars that not only help you prevent six figure mistakes, but help you get ROI in your e-learning program in 12 months or less.
Then I invite you to sign up for my free masterclass below and learn the three pillars of E-learning that prevent six figure mistakes and empower you and your organization to get a return on your investment in 12 months or less. I'll see you in the next episode.
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And as a bonus, you'll get free access to a course that walks you through building your learning experience on your matched platform. Click on the link in the show notes or go to [00:21:00] www.elearningpartners.com/elearning-platform-finder. I'd also love to hear from you. Leave a review on Apple Podcasts or Spotify or drop a comment on our YouTube channel.
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