6 Figure Launch

Step #2

VERY BASIC DESCRIPTION / ONE WORD

EXAMPLE: BLOG BIZ + SUCCESS MINDSET

Step #2: Pricing + Payment Options

Add a brief overview or the name of the lesson here.

Pricing is everything and you’ll need a few solid numbers on paper before you launch your course or create your pre-launch content. The trick is to price your product competitively and at a price you feel is worthy instead of pricing it far too low, just to attract customers.

The common fear is that if the price is too high, no one will buy, or sales will be slow. Lower the price and you may attract more customers, but you may also devalue your product. Now consider if you’re established in your industry with other products or programs in your library or if you’re brand new and this is your first launch. Those more experienced coaches have trained their audiences to buy higher priced items while you still need to prove yourself, so a lower price point may serve you better if you’re just starting out.

It’s a common conundrum many entrepreneurs experience and, unfortunately, there’s no simple formula to follow. However, here are some common expenses you should track and include in your pricing calculations:

Cost of outsourcing (writers, designers, virtual assistants, social media manager, etc.)
Production costs (especially if you’re producing a physical product, like a published book)
Promotion costs (social media manager) and paid advertising campaigns
Fair market value (aka what amount are your customers willing and able to pay?)
The format of your product (eBooks are less expensive to produce than a 5-part video series; the same is true of a 10-part course vs. one live workshop)
Your hourly rate and number of hours spent in production

Now it’s time to work some magic and blend the science of numbers with the art of pleasing your audience. If necessary, choose a couple of different pricing options and conduct some market research of your customers’ purchases and/or your competitors’ rates.

Pricing Definitions

Here are some common pricing definitions, which you may or may not have seen before. Once you calculate your full retail price of your product or program, you can figure out the other options quite easily.

Full Pay – the full retail price of your product which your customer will pay upon purchase
Early Bird Price – a special discount price for exclusive groups or for the first 24 hours of your launch. Exclusive groups include your email subscribers, current clients, or social media followers.
Regular Payment Plan – the number of monthly payments you’ll accept
Cart Reopen Price/Payment Plan – an irresistible last chance offer for non-buyers

Remember, all these pricing options are optional. If you’re happy with your full price, keep it there and track your sales.

To Use Payment Plans or Not?

Payment plans are another way to sway customers to make an expensive purchase without having to lower your price. Payment plans are often reserved for high-ticket items, such as a group coaching plan or an in-person retreat; generally anything priced higher than $997 can be split into equal payments. The number of payments will depend on the total price and how long you personally are willing to spread out the payments.

Scenario #1

The business coaches who are running a beach retreat in 12 months can offer a 10-month payment plan to cover the cost of the retreat (room, food, activities, etc.) For clients who want to join the retreat with only 6 months to pay can do so, but their payments will be higher because there’s less time to pay it off before the retreat begins. In this example, the payment plan rewards both established clients who don’t want to give up that lump sum right away as well as those who are newer to your business, who possibly don’t have that total sum to give but who can manage lower monthly payments.

Scenario #2

You start a 6-week group coaching program. Offering a 2-payment option makes sense because the program will end at the same time as when they make their second payment. Extending the payments past the end date of the program only extends the amount of time for you to get paid for work that’s already completed. You also run the real risk of clients cancelling those last payments after the program has ended and you wasting time in a dispute.

Payment plans should feel good to you but should also feel like a steal for your buyers, too. Also remember that payment plans often total more than the full retail price of your product. Some customers don’t even realize it; they just want the convenience of monthly payments. For those who do notice, marketers explain that it’s for the extra processing charges each month plus the administrative costs needed.

PDF or Downloadable HERE

Today's Action: Know Your Numbers

Estimate your production and promotion expenses to help determine your product’s retail price.
Once your final price is determined, calculate how many products you need to sell to break even.

Step 1: Create a Launch Strategy Schedule

Add a brief overview or the name of the lesson here.

The first step in mapping out your launch is deciding exactly when it will happen – and for how long. Without a launch schedule, you’ll miss important steps, forget to send important emails, and won’t make as much money.

Planning equals money in this case, so spending time in the planning stage reflects directly on your ROI.

Your launch schedule is your roadmap to making sales while also keeping your sanity. Seeing exactly what has to happen in a chronological timeline makes life easy for you and any outside contractors you hire to assist with the launch. Instead of wondering “what happens next?” your entire team can see the progression of steps and knows exactly when different deadlines are due. From the beginning of the launch, everyone is on the same page.

To get started, take a look at your work and personal calendars and take note of the months and days when you don’t have anything scheduled. Be careful scheduling a launch around holidays or right before/after your family’s vacation. These bigger events tend to cause distractions, both for you and your audience. Pick a time that is free of major events as your launch date.

Now compare that time frame to your customers’ buying patterns. Do you generally notice a slow down during a certain time of year? Are there other months or seasons when things pick up? Examine the reasons for these fluctuations and shift your launch date, if necessary. In a perfect world, your launch date should coincide with your customers’ highest need for your product.

Here is a sample launch schedule that tends to work well:

LAUNCH SCHEDULE:

Day 1 – Release first pre-launch content
Day 3 – Second pre-launch content
Day 5 – Sales webinar or livestream event
Day 6 – Open cart
Day 7 – End early bird price
Day 8 – Launch extended payment plan
Day 9 – Cart close

We’ll discuss pre-launch content in the next section, but these freebies serve to get your audience excited about your new product. It builds anticipation and intrigue while still offering value or help with an existing problem. Your audience should want to hear more about your product after reading this content.

Notice that nothing is listed for Days 2 and 4 but that doesn’t mean you’re sitting around, twiddling your thumbs. Be present on social media. Schedule some podcast or other media interviews for those days so you can promote your webinar and/or new product. Send out emails promoting your upcoming webinar or livestream event. Tailor this schedule to the needs of your audience.

A webinar or livestream option is listed for Day 5. At this point in the launch schedule, you’ve built up buzz and you’ve offered help without giving away all your secrets; now it’s time to outwardly promote your new product. Video is extremely powerful in developing the relationship between you and your audience members, so don’t dismiss this option. This format allows for offering your paid product at the end, which will entice audience members to buy right away to jumpstart your sales.

Do you see how mistakes can be made without a launch plan? Your plan doesn’t have to be complicated, but it should be written down for you and your team to easily reference. Let’s go through the steps now to complete your own launch schedule.

PDF or Downloadable HERE

Not sure what your next step is? (this headline will change each time based on the products you're offering)

In here you're going to add more product that go with the course. This could be PLR that will help them or the next course they should look into. You can also add affiliate offers, but look in your products first.

Also, you can create a buy button from Shopify or create a collection where it adds select products at the bottom here.

You could also add a product image in the columns below and then link to those specific products. Lots of income potential here. Don't forget to put the uri parimeters so you can record where the purchases came from. You want to be able to track it.

Also, you can create a buy button from Shopify or create a collection where it adds select products at the bottom here.

Need support or have a question?

If you require any support, customer help, or help - please go through the platforms below because it is easier for me to keep track of what is happening. Sometimes if you email they get caught in with everything and I might miss it. Thank you! ~April

Support: CLICK HERE

Fill out the form, please make sure to provide your questions, comments, suggestions, or testimonials. If you have questions - provide the product or course you're going through.

Support: aMember dashboard

If you purchased your product / course through the aMember shopping cart, please open a help desk ticket through that platform.

Customer Service: april.nichestarterpacks@gmail