MBA1270 Q&A Wednesday: How much do I charge for my paid webinars?

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Hey oh welcome to the Hundred Dollar MBA show, the business podcast that knows that your time is valuable. That's why we deliver daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online and today's episode is a Q and A Wednesday episode. On our Q and A Wednesday episodes, I answer one of your questions. Yes you one of our listeners. If you have a question you want to ask, just email me over@omar NBA.net Today's question is from Paul and Paul asks how much should I charge for my paid webinars? Good question Paul. Paul, paid webinars are a great way to validate business ideas, to sell your content, and to scale your expertise. I'll get into how you can set up a paid webinar as well as how much to charge in today's Q and A Wednesday. So let's get into it. Let's get down to business. So Paul asks in today's Q and A Wednesday, how much should I charge for my paid webinars? Well, like the answer to many of these questions, it depends. But I'm going to cover all the scenarios to make sure I'm covering all the bases. It depends on what you're trying to accomplish, Paul, if you're trying to actually make as much revenue as possible and make it one of the ways you earn your revenue, then that's one methodology, one strategy you're going to have to take. And we'll talk about that in a moment. But first, one of the best ways to use paid webinars is to validate a business idea, a product idea. Let's say, for example, you want to create an online course on how to snowboard. You're planning that this is going to be like a 12 module course, maybe about, you know, 60 videos, and you're gonna charge maybe about $400 for this course. Instead of building out this course and spending months and hoping there will be people interested in buying this course, you can validate this business idea as a product with a paid webinar. You can run a live webinar teaching for about an hour, an hour and a half, and it could be basically maybe the first module of this course. You can teach that first module and charge an amount of money for that first module. The point of charging is to see if people are willing to pay money for this information, this topic. So if you say, hey, I'm doing this live training that's going to cover, you know, the first day of being on a snowboard, I'm going to answer questions, I'm going to charge $20 for this webinar. Why $20? Well, $20 is a good amount of money for people to actually part ways with, to feel like they're investing in it and they're going to show up and it'd be worth their time, but at the same time, it's not so expensive. The point here is, are people willing to pay money for this information to get the guidance, to get the training? Of course, you can offer the replay as a part of this offer of $20, as well as maybe some notes in the slides, maybe even a workbook. The point here is this is a great way to validate a idea that you have, right? Instead of investing a ton of money building out this long winded course and hoping that people will buy. Now the other thing is that when you validate this idea, people start buying this, you know, first module of the course. You can ask questions to these people via email or even on the live webinar, what are some things you want to learn? And you can build out the course based on feedback. You can also reach out to these people later on and tell them when the full course is available, give them a little discount. For giving you feedback and sell them the course. So you're actually building an audience of people. But even if they paid for the webinar, they're buyers, they're willing to buy from you again if it was a great webinar. So, so for this example, I like $20. $20 is also a good price point. Even if you're not trying to validate a course, but you're trying to just validate buyers, you can use this idea even if you have a course. So you have a full fledged course. Teach the first module on a live webinar. You can charge $20 for it. See if they're willing to pay $20 for a two hour session where you can answer questions, all that kind of stuff and then go ahead and deliver it from there. You can say, hey, if you love that webinar, we have a full course on everything else you are looking for in this topic. In the example I'm giving snowboarding, here's the course, here's the offer. Now you can also use paid webinars to deliver a product. You can run a paid series webinar and run the actual course live. So do those 12 modules live every week? And in those 12 weeks they'll learn how to snowboard. What's great about this is that every week you're making the content and you're having, you have an audience to work with, you have audience to, you know, to answer their questions, to get their feedback. And then all those recordings that you have from the live webinars get saved and then you can sell that webinar, you can sell that 12 part webinar as a recorded webinar, as a standalone course. So you could sell it live and you could sell it recorded. This is the case, you're going to want to give it some value. Obviously, if somebody's attending a course live, it's going to have more intrinsic value than if they're watching a recorded course, like a watch anytime on demand course. Why? Because they're getting your time, they're getting your attention. They can go back and forth and ask questions. They can get feedback that has a lot of value. And of course those people will have access to the recordings as well. So I would have a live price and then a recorded price. So I like to start with a recorded price and say, hey, how much would I sell this as a course? If that price is $500, then I like to up the live price by 25 to 30% more. So 750, $800 or so. For the live course. In this case, one of the best ways to kind of find out the price, and I'm talking about just again, the base price for the recorded course or the recorded webinar is to look at how much would it cost them outside of this course, outside of this series webinar to get the same result, to get the same skills. Well, it's. If I had to take a group lesson on the slopes, it would be like $100, $150 an hour. So if I'm getting 12 hours, then $1200 is what I would pay for private lessons, or not even private lessons, but group lessons on the slopes. And if I pay 500, that's a pretty good savings. And hey, there's nothing wrong with doing a live webinar. People can grab their phone and do it on their own, with their own snowboard, at their own location, which is great. A lot of people would love to save that money. And then they have the recordings. When you have a, you know, real life group coaching or group lesson with snowboarding, it's not recorded for you to actually watch again later. So that's how I would base the two prices. If you're wondering how to create a paid webinar, of course. Shameless plug. We run a webinar software called Webinar Ninja that makes it super simple for you to create paid webinars. We, we have a stripe integration that takes about two clicks to integrate. You just set your price and those who register for your webinar will be offered a credit card form where they just fill out the information and you charge their credit card. Stripe takes a transaction fee of 2.9% and you get your money in your bank in about two days. So it's pretty straightforward. It's fast, it's convenient, it's easy, and you can create as many webinars as you like. You can create one offs, you can create recorded webinars, you can create a series webinar live or recorded or a combination of both. If you want to learn more, check out webinar ninja.com but all in all, paid webinars are a great way to validate ideas and deliver content that can be evergreen. Once you have it done live, it's also a great way to force you to actually get this thing done and recorded because you have a captive audience.

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To wrap up today's Q and A Wednesday's question from Paul how much to charge for your paid webinars? Well, Paul, I gave you some examples, some scenarios that you can use, but it's going to take some testing. So test out prices. It's okay to start low and then go up. And remember, price is measurable to the value you're giving them. What are they getting out of this webinar? How can you be able to show them the value via the price? So if you're going to charge $300 for a three part webinar, well, how much would it cost them to get what they're getting from this outside of your webinar somewhere else? Whether it's legal advice, whether it's coaching or support or helping them with their website. How much would it cost? Now obviously you're leveraging the power of having many people on the webinar, but they're also getting the advantage of being able to ask you questions and get feedback specifically to their needs. Thanks so much for your question, Paul. And if you have a question you want to ask, don't forget to email us over@omar00mba.net so I can make sure I answer it right here on Q and A Wednesday. That wraps up today's lesson. If you love what you hear, hit subscribe right now on whatever you're using right now to listen to this podcast. We're on every platform. Spotify, Stitcher, Apple Podcasts, Overcast. We're on them all. By hitting subscribe, you automatically make sure when our next episode is available, it downloads directly to your device so it's ready for you when you're ready to listen. Thanks so much for listening. Before I go, I want to leave you with this Webinars have such a high perceived value because one, you're there interacting live, answering questions. It's the closest thing to a live event in person. Live event. So people are willing to pay if they're gonna get some good value, especially if it's a group and it's tailored to them and it's a series of webinars. Also, if you illustrate the outcome, what are they gonna get at the end of the webinar? Who are they gonna become? What will be the advantages of taking this and what they're going to miss out if they don't? This is a really good way to not only justify your price, but also making it look like an amazing deal. Alright, I'll check you in tomorrow's episode. I'll see you then. Take care.

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