#48 - Make money may : Challenge #4 - Profitable price rises

This episode is for people who know, you know, you kind of, you've got that gut feeling, right, that your price is probably a bit on the low side.

This is the Doing It Online podcast with your Host, serial entrepreneur, 6 and 7 figure funnel strategist and super nerd Kate McKibben, where every week we're here talking, nerdy and sharing the things that actually work to help you do what you do online. But better, easier and with a ton more profit too. Are you ready? Let's do it It.

Hello. Hello, guys, it is Kate McKibben here. Welcome to episode number 48 of the Doing It Online podcast and to our final episode in the Make Money May challenge. This is challenge number four. So if you've been listening along, and I hope you have, over the last few weeks I have shared some simple action based little mini marketing challenges for you, little sales tactics, things you can go and try out in your business. Now, all these are all things that can get set up super quick. Some of them are literally a couple of emails, last week's one, which is one of my favorites, takes a couple of days, but it's got more of a long running, long lasting impact as well. So it's definitely worth the investment in the time because it can make sense, such a huge impact to your business, not just this month, but every month going forward as well. And I wanted to finish off the month by talking about, you know, a topic that I know a lot of people sort of might feel a little uncomfortable around, but also something I see people doing really wrong and it's just a simple little thing to change. So this week we're going to talk about making your price rises profitable and having a promotion around your price rise. Because the thing is, guys, and I've worked with now like hundreds, if not, I'd say it'd be over, definitely over a thousand at this point. I probably need to go and figure that out. You know, amazing coaches, course creators, and every time they come to me and you know, we're jumping on a call or whatever it is. Like I always make people before they, they jump into the bread and butter program where they're building funnels and things, I make them just go through and audit their offer and make sure their offer is working as well as possible. And I can tell you like 9 times out of 10, most people are undercharging. And you know what, that's okay. I'm not a person who's out here going, you know, you don't, you clearly don't value Yourself, if you're, you're not charging enough. I think that getting to the correct price, to that price, that is, you know, that your market values it as much as you value it. And I've talked about this a lot before about how like, you know, for a profitable price, a price that's going to allow you to grow and allow your business to be profitable and allow you to enjoy selling and delivering your offer, like the, it needs to feel like a fair exchange, right? So the energy that you are putting into it as you go through it forward and deliver it, the energy of which is the, you know, for your client, the energy for them is the financial and the time resources that they're putting into it and what they then get out of it. Like it needs to feel fair. Like it needs to feel like, you know, it's, it's flowing. Not one is personal, one side is giving more than the other. And usually this is where a lot of people end up sort of like self sabotaging themselves and things because, you know, they've created an offer, they, you know, a whole bunch of imposter syndrome and things like that come up and, you know, worthiness and just worried that people aren't going to buy it. So we sort of think, well, if I just make it really cheap, it'll be easier to sell. So that's a whole thing as well. People think it's easier to sell cheap things. And I can tell you it's not from someone who sold $27 offers to, you know, $5,000 offers plus, there's very little difference. There is slight difference, but it's not as much as you'd think. But anyway, so, you know, people, normally they come in new product, they're just not feeling that confident in it yet. And so they'll put it as a really low price. And you know, and I think that is fine to do almost like a beta test to dip your toes in the water to see if people are going to pay to get your confidence in the program and how well it works just to get those first few people in the door having a big discount or a low price. Like, you know, it is a marketing strategy, but it's not one you're going to be able to do forever or you want to do forever, because obviously it's, if you're trying, you know, if you're massively undercharging what your program is worth, then you're going to, you're going to get burnt out at some point because you don't have that you know, you're not having enough revenue flowing into your business for you to be able to then uplevel your business, get help. You're going to have to feel like you've got to be out there, you know, hustling and marketing and launching so much more. You're going to start to resent people coming in. Because that flow, I said, of energy that it just, it isn't even. And you feel like you're putting so much into it and getting so little in return. And that's when people start to do things like blow up their businesses or go, I don't want to offer that anymore. And really, it's just that the, you know, it's just the pricing's not right. So what do you do if your price is, you know, if you are starting to feel that right now, if you're like, well, I can't, you know, I can't afford to market my product. It doesn't have enough margin in it. Like, I won't get anything back. That's usually, that's also a sign that, you know, your offer is either the market isn't right or the pricing isn't right. But anyway, I've got, as I said, I've got other episodes on pricing. Go check them out if you are sort of going, well, I'm not sure if my pricing is correct, but if you are, this episode is for people who know, you know, you kind of, you've got that gut feeling, right, that your price is probably a bit on the low side. And like I said, 9 out of 10 people I work with, their prices is lower than it should be and can be. And for some, up to, like, it's only a third of what it can be. And, you know, this is a lot. Brings up a lot of money stuff, worthiness stuff as imposter syndrome, self sabotage. All of these things like pricing and how much we say, hey, this is how much I'm worth, is how much my experience is worth. It's loaded. It really is. And I can't, you know, I'm not a mindset expert. We have a mindset expert in our group who, if you're in our group and you're listening, one of our students, go, go chat to Amanda. But for those of you listening who are like, right, no, it. I feel like it is. I am undercharging. I am feeling that resentful. I am feeling a bit like I don't have the resources financially to be able to do what I want to do in my business. So it might be time to put the prices up. So what do you do? Like, a lot of people, they think, okay, well, I just put my prices up. Like then that's just. I just have a new price now. And thing is, when you do that, when you just go, okay, this is just the price now, you actually miss out on a really great opportunity for a really amazing easy win promo. And that is what this month is all about. Like, you know, bringing back. Come back around to my point now, guys. So this is the challenge I have for you. If you are currently thinking, hmm, I'm going to, I should put my price up. It is probably a bit low and if you feel like you're going to do it sometime soon, I would encourage you to have a special promotion like a little mini launch to your existing followers and list that is letting them know the price is going up and giving them one last chance to buy your offer at its current price. Because it's almost like reverse discounting, right? It's like, it's. And it's sort of. I think it's even better than, than discounting because it's saying, hey, the value is, you know, it's been proven. You guys say, look, you know, I started this program. We've had such good results. I invested so much into this. We've upgraded like, you know, it's time for, you know, it's been probably way too low for way too long. The price is going to be going up and how you language that is sort of up to you. But it's, you know, you want to share with people. Why is the price going up? It's because this program is freaking amazing. Because, you know, when I first launched it, I've made, you know, I've changed things, I've updated things. We've seen the results people have got. It's like, it's even better now. So it's time for the price to. To match that. So let them know the price is going up. And this is one of those easy wins. It's why this is in make money may because people, they don't want to miss out if they've been sitting on the fence thinking about joining later. And all of a sudden that later means it's going to be more expensive. They will be kicking themselves if they'd been thinking about joining and hadn't jumped in yet. So give them a chance. Don't make it super long. I wouldn't have your cart open for any more than five days. Keep it short and sweet and just explaining, you know, Go through your normal launch sequence, guys, I'm not going to walk you through that in this episode, but it is a really, really powerful promotion tool and a lot of people do miss out on that little cash injection of just giving those people who I said they've been sitting on the fence dragging their feet or maybe they missed out last time or timing wasn't right, giving them one last chance to jump in and get your offer at its current price before you put the price up. It can be one of your. For some people, it's like one of their best and easiest launches ever. So I highly, highly recommend it if you are going to put your price rise up. So anyway, guys, that is our fourth challenge. I love, love, love to know which one you've implemented and how it's gone for you. So make sure you hit me up over on Instagram hellofunnels. And you know now one of my other favorite ways to make money besides all these ones I've shared with you for your online business is through adding a, you guessed it, a funnel. And we actually have a pretty epic free calculator that you can go check out. Right now. It's HelloFunnels Co money, which will show you exactly how much money in sales you're currently missing out on because you don't have a funnel and it takes about 30 seconds. And I think you will be really surprised if not shocked by what it tells you. So just head to HelloFunnels Co money now. Check it out. I said 30 seconds. It could completely change your business. Go do that now. Then make sure you head on over to Instagram. Let me know which one of Make Money Mae's challenges you've loved the most. And I'm gonna be back guys, next month. Make My May is now officially over. I hope you loved it. If you did, make sure you let us leave us a review, share the episode and I'll be back next month with even more doable online marketing tactics for you to try out in your business. Until then, guys, keep doing what you do and I'll see you online.

Thanks so much for listening to the Doing It Online podcast. If you love this episode, don't forget to subscribe and leave us a review. And if you're ready to take your online course sales to the next level with your own six or seven figure funnel, let Kate show you exactly how today at stealmyfunnel.com.

Sam.