Pricing Your Upgrades
So you've decided to create a content upgrade, that's great! How will you price it for profit? It's time to dig out the Million Dollar Plan you've been working on. Look at your package prices and the target number of packages you have to sell each year to make your goal.
How could a content upgrade help reduce the number of packages you sell? Consider this example:
If you have to sell 30 of your premium packages at $6,000 a piece to make your income goal, that's almost three new premium clients a month and a ton of work to hit that $180,000 goal. What if you could instead create a content upgrade that delivers $1,000 worth of value, sold at a $497 price point. You could remove 10 of your premium package clients if you can sell 120 units of your content upgrade. This content upgrade is built once and remains evergreen on your website, it's just a matter of continuing to promote it. If you spend 5 hours a month with each of your premium clients, that's 600 hours of time that you've saved in a year by selling your content upgrade instead.
Still not sold? Consider this example:
Using the same numbers as above, you have to sell 30 of your premium packages at $6,000 a piece to make your income goal. That's almost three new premium clients a month and a ton of work to hit that $180,000 goal. What if instead, you partner with a similarly-aligned business owner to create an offering. Say you're a graphic designer and you partner with a web designer. Together, you create a $1,500 course on designing and building a website and social media content. For each course you sell, you make $750 (half of $1,500). By selling 120 courses, you'd make $90,000 dollars, allowing you to eliminate 15 of the premium clients you needed to achieve your income goal and saving you 900 hours of time over the course of a year.
By creating a content upgrade and pricing it at a rate that is a discount over 1:1 time with you but still an income-generating price, you can reduce the amount of time you need to spend 1:1 with clients and still achieve your revenue goal.