Short excerpt from a Lauren Bateman YouTube video arguing that hobby markets (e.g., guitar lessons) attract consumers who are less willing to pay high prices because the product is non-essential, whereas business-focused customers are willing to pay premium prices for courses that demonstrably increase revenue. The clip contrasts consumer mindsets and willingness to pay in hobby vs. business niches.
Guitar is a hobby. People don't need it. And most people who take my course aren't going to be become professional musicians. But what you can do in the business world is I get charged $1,000 for a business course knowing it's going to make that person $10,000. There's a difference, a different mindset. So when you're in the hobby space, they don't need to spend that 297. But if you're in the business space and you've got someone that's hungry that wants to grow their business, they'll spend $1,000 on a business product, no questions asked, if they know it's going to help them.
