Recently, Bob Bly had a post commenting how one marketer had said the optimal price was so high that your customers complained.
I’d been wondering what to raise the price of my course to and commented on the article. Evidently Fred Gleeck has a model that info products should be worth 10X what the price is. That next question is how to determine the value.
If you have a product like Glypius or MuVar, the value comes as a return on your investment in your own business. You pay 300 Euros and make way more than that in increased conversions.
The example Bob gave in his reply comment was:
Louis: in the case of an information product, the marketer must explicitly make the case for the value he claims in the copy. For instance, let’s say you are selling an e-book of forms for consultants. To pay a lawyer or expert to create each form would cost the prospect at least $200 per form, and there are 50 forms in the book. Therefore, buying the collection of ready-made forms can save the customer $10,000, allowing you to claim a value of 10K for your product. Would I charge $1,000? Probably not. But you could charge $97.
The reason you probably wouldn’t want to try charging $1,000 is because the value of those forms would be specific to a particular individual’s deal. That’s what attorney’s and real estate agents charge for… knowing how to appropriately fill in the blanks and customize language.
I searched online for other pricing information and it was mostly academic. I’m guessing everyone else is just pricing according to what everyone else is charging.
Here’s how it relates to us:
I’ve already mentioned that by this time next week, I’ll have raised the price of my "Be a Hypnotic Writer" course. Currently it’s $10 per lesson for a total of $110 (first one’s free). I think that price grossly undervalues the information I’m including in the course. People tend to form an impression of the value based on the price.
Since a lot of this is based on the personal study I’ve done, I’ll low ball that and say my time is worth $50/hr. You couldn’t get a good direct response copywriter to work for that much so I’m being conservative. Most of the materials I reviewed, I acquired second hand or borrowed so I’ll estimate the cost.
If I’m using the 10X figure, here are the things I need to include:
- Harlan’s NLP Copywriting Certification Seminar ($1000)
- Accommodations (I opted to stay in a hostel), airfare, copies of the DVDs, expenses to attend the seminar ($550)
- Completing the certification process (20 hours = $1000)
- Several source material books on NLP ($50 + 20 hours including 5 I read completely and 10+ I’ve skimmed speed reading = $1050)
- A few Richard Bandler seminars (36 hours worth = $1800)
- NLP Practitioner (22 CDs) and Master Practitioner Courses ($2000 each plus 15 hours study invested = $4750)
Let me be clear that I’m not an NLP Practitioner. I’ve only reviewed the course materials to make sure this course really does include everything there is to know about NLP copywriting thus far. I am an NLP Certified Copywriter although that only accounts for about half of what I’ve learned about NLP so far.
The total is $10,150. That’s not including the time I’ve spent preparing the course. That’s also not including the time I took to learn copywriting before I began studying NLP or internet marketing. That’s also not taking into account that you probably can’t get Harlan’s DVDs anywhere and there’s not another course out there that teaches this material. Not only that, but it includes exercises so that you actually assimilate the material, not just read it.
By that standard, I should be charging about $1000 for the course. I may at some future date. In the meantime I’m going to raise the price to a one time payment of $300. It will come with a 30 day money back guarantee of course. I’ll still keep it on a weekly delivery autoresponder unless I add a physical product as well. I feel like people will be more likely to read the lessons and do the exercises if they have a deadline for the next lesson. That will also cut back on the number of folks who buy, download your entire product and then immediately ask for a refund. If someone hasn’t figured out if they’re going to use it by the 4th lesson, I don’t want to keep sending it to them.
If you want to figure a price based on your profit due to increase in conversion, no doubt the price would be even higher.
If you want to compare it to other regular copywriting courses, the price should be much higher too. Not many full blown courses go for less than $1000.
If you want to compare it to hiring an NLP certified copywriter, it would be much higher. The average copywriter charges around $3,500 for a letter while the average A List copywriter charges $10,000 or more. Through this course, you’ll develop persuasive copywriting skills that even some of those copywriters don’t know about.
Until next Sunday, May 18th, you can get it for $10 a lesson. It’s such a steal that I almost feel embarrassed about letting anyone have it at that price. It’s my way of saying thanks to my early subscribers and testers.