Create pricing options

In the last blog post, here’s what you read about setting a price: If your price exceeds your customer’s ability to pay, you lose . Because no matter how valuable your audience finds your service or product they won’t buy it because they can’t. Go back to the drawing board and come up with a low-cost version. What does “a low cost version” mean? Does it mean you have to scrap your original price point? Not at all. It just means you get creative. Here’s a real life example. We just finished up the Virtual Yoga Conference, priced at $297 for the full 5-day live event. Not everyone who was interested had the time or the money to attend. So here’s what we did . We took that $297 and sliced it the following way: 1. No cost: Listen to three workshops for free, which includes my session called Living with Ease . 2. Low cost : Buy any single workshop for less than $20. 3. Value pricing : Buy a day pass for any of the 5 days for only $97. 4. Extreme value : For a limited time, buy next year’s 2012 conference at the lowest price ever and get complete access to last year’s 2010 conference. Click here to see how it was done. Notice none of the options undercut the original price point. It simply would not be fair and equitable for existing customers if the new price options hurt those loyal customers. In fact, we gave an unexpected gift to existing customers as well–instead of two week access to the conference content, we extended their pass for the rest of 2011. You can copy this model for your work. Let’s go back to the original case study: a teacher was starting a new meditation course and wanted to know what price to charge. If the original price point was $100 for the in-person course, she could offer alternative options with: -an email self-study course -a CD with a favorite meditation from the course -a recorded audio of the dharma talk from the actual retreat -a bundle package for an early registration for the next in-person retreat What products and services do you have that can be packaged in a new way to open additional doors for people to enter? One size definitely does not fit all when it comes to pricing and delivery options.

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