Pricing

The great thing about challenges is they allow us to bundle up our products and services into enticing packages.  I liken it to those Christmas Hampers with everything already in them and then it’s just a matter of choosing one.

People love choice, but not too much. Between 2 and 4 differently priced packages works a treat.

7 price option examples for challenge packages

  1. One familiar option are packages with progressively increasing prices with names like Bronze/Silver/Gold, usually with an increasing amount of products and services in the higher priced packages.  It’s a very price focused form of pricing.
  • $/A/Bronze/ 1 star
  • $$/AA/Silver/ 2 star
  • $$$/AAA/Gold/ 3 star
  • $$$$/AAAA/Platinum/ 4 star

My top tips and insights with this popular scenario are:-

  1. Load up your highest priced package with everything that would help entrants get across the finish line successfully. Don’t hold back thinking people will never do all this or be able to afford it. People are choosing this one when they want it to have everything they need already in it.  If it’s going to be too time consuming for you to do many of these, then don’t; limit how many people can sign up to it.
  2. If people choose a cheaper package, with less offerings in it, they are essentially saying they can succeed without paying for the extras of the higher priced package. They’ve got those things covered.  That decision alone can help motivate people into doing more of what it takes to succeed.
  3. The cheapest package shouldn’t automatically be for people new to your business, or beginners, as it may well not contain the level of support required for them to succeed. Consider making your cheapest packages available only to long term clients/experienced exercisers etc.,(see next examples).  If you do offer your cheapest packages to newbies then include or require them to attend live sessions with you as part of that package; think workshops, classes, webinars etc.  If you only offer downloadable material, you will be competing with every app, influencer, magazine and You Tube video out there, and worse, on it’s own, that stuff is unlikely to see them achieving their goals.  Provide opportunities for them experience more of YOU, your group of clients and your business.
  4. If you’ve run challenges before and have great statistics about more entrants succeeding when they have purchased the more expensive packages, then put those statistics alongside the packages.

There are plenty of other ways in which to price your packages so as to better connect you with more of your potential challenge entrants.  To frame them so they speak to a factor unique to them, beyond how much dosh they have. Here are six variations to consider.

Plus, fact or fiction?  

  • Specials always work?

  • Your friends make you poor?

  • People don’t value things that are free or cheap?

  • Show your prices upfront?