Think of your favorite blog, podcast, or YouTube channel.
The one that, if you could only read, listen to or watch one of its kind, you’d pick that one.
Let’s assume that this blog or show or channel has others who’d also pick it along with you. And let’s assume, for the sake of this topic, that there are 1,000 of you who pick this as your favorite in the blog, podcast or video genre.
Now, we know that blogs, podcasts, and videos are free. So imagine if your favorite one started charging.
It’s not free anymore. You either pay, or you get nothing.
And let’s set a price: $1.
Not per post or per day, or even per month.
$1 per year. $10 for a lifetime pass.
Out of the 1,000 fans who’d picked it as their favorite, at least 700 will be gone. Because they’re not paying.
Even if the price is $1/year.
It’s not because they don’t have the money.
It’s because they don’t value investing.
Investing — simplified to “putting something in now to get back more later” — isn’t about how much or how little you have to put in.
Investing is a mindset of knowing you have to put something in now in order to get something back later. Most people simply don’t have it.
Now, let’s talk about your buyers. The people who do have it at least in part.
The biggest problem with the $1 YouTube channel would not be the lost 70% of the audience who didn’t want to part with $1.
It’d be the people who paid but still don’t get much ROI.
They wouldn’t get much ROI not because your material got worse. It’s because that $1 wouldn’t be enough to move them to any different actions.
Easy to get, easy to for-get.
When we pay, we pay attention.
When we pay a lot, we pay a lot of attention.
And, since most humans in the Western world have an emotional connection to money, when we do invest “a lot,” we do the work to ensure that our investments produce returns. We are emotionally attached to that investment.
“A lot” is relative.
In summary: if you want people to get results from what you offer, make them invest “a lot” to get it, and they will do most of the work to make it work.
You won’t have to push them. They can’t help but to do that. It’s not logical. It’s emotional.
I have a MasterClass on Raising Your Prices that will help you understand how pricing works both logically and emotionally. You can get it here: https://workonmygame.com/1102