{"id":8614,"date":"2023-07-21T14:39:52","date_gmt":"2023-07-21T14:39:52","guid":{"rendered":"https:\/\/blog.growthtools.com\/?p=8614"},"modified":"2023-07-21T14:44:23","modified_gmt":"2023-07-21T14:44:23","slug":"course-price-increase-campaign","status":"publish","type":"post","link":"https:\/\/blog.growthtools.com\/?p=8614","title":{"rendered":"How a 20% Price Hike Increased Course Sales by $8,751"},"content":{"rendered":"

The bad news: most course creators are leaving thousands of dollars on the table per month by underpricing their course.<\/p>\n

The good news: you can easily turn a price increase into your most profitable campaign ever.<\/p>\n

For example, our client Will Gibbons recently implemented our simple Price Increase Campaign to announce his courses were going up by 20%.<\/p>\n

The campaign alone brought in an extra $8,751 in sales, bringing his monthly total to about $21,000 \u2014 roughly twice what he would make in a typical month.<\/p>\n

All from sending 5 simple emails.<\/p>\n

Our Director of Marketing, Ben Dahl, hopped on a call with Will to break down his campaign so you can use it to increase your course or coaching prices as well \u2014 and pick up a flood of new customers in the process.<\/p>\n

Check it out and get the full breakdown below!<\/p>\n

[su_youtube url=”https:\/\/youtu.be\/WIjSBJU9kWE” title=”His Email List Wouldn\u2019t Buy. Then He Tried Our \u201cSecret Weapon\u201d Campaign.<\/span>“]<\/p>\n

[su_box title=”Want My Team to Find the Perfect Marketing Strategy for Your Business?” box_color=”#09DD82″]Click here to book a free Strategy Call<\/a>\u2014one of my in-house experts will study your business, hop on a call, and we will do a deep dive analysis into your best opportunities for growth<\/span>.[\/su_box]<\/p>\n

Check out Will’s website and business here.<\/a><\/p>\n

Breaking Down the Price Increase Campaign That Doubled Will\u2019s Typical Monthly Sales<\/span><\/h2>\n

First, let\u2019s get clear on Will\u2019s business so we can understand how the price increase campaign factored in.<\/span><\/p>\n

The Business:<\/span><\/strong>\u00a0Will is a product visualization specialist who teaches people how to create 3D renderings using software called KeyShot.<\/span><\/p>\n

What\u2019s a 3D rendering? Think of it like a high-end mockup of a product, like this one of a Ducati engine:<\/span><\/p>\n

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Will teaches and attracts leads via his blog<\/a> and YouTube channel:<\/span><\/p>\n

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The Product:<\/span><\/strong>\u00a0Will sells a wide range of courses via his website. They\u2019re designed to help customers master various aspects of KeyShot to create 3D renderings.<\/span><\/p>\n

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The Problem:<\/span><\/strong>\u00a0Here\u2019s the thing about KeyShot (the subject of Will\u2019s courses) \u2014 it\u2019s freaking expensive. Like, $1,188\u00a0per year<\/span>\u00a0expensive. And its customers are skilled professionals.<\/span><\/p>\n

That means the people who use it:<\/span><\/p>\n

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  1. Have money, and<\/span><\/li>\n
  2. Can further their career by leveling up their KeyShot skills<\/span><\/li>\n<\/ol>\n

    So why was Will only charging $399 for his incredibly comprehensive KeyShot Rendering Masterclass course?<\/span><\/p>\n

    He needed to raise his prices yesterday. In fact, he literally had customers telling him he needed to do it.<\/span><\/p>\n

    It\u2019s a good problem to have.<\/span><\/p>\n

    But how do you actually go about doing it?<\/span><\/p>\n

    Do you just increase the price on your website and cross your fingers?<\/span><\/p>\n

    Only if you want to leave a bunch of sales on the table.<\/span><\/p>\n

    Instead, the smart move is to implement a Price Increase Campaign \u2014 one last chance for your audience to get your product at its current price before the increase hits.<\/span><\/p>\n

    It\u2019s like offering a discount without offering a discount. And it works like a charm.<\/span><\/p>\n

    How to Announce Your Price Increase with 5 Simple Emails<\/span><\/h2>\n

    A Price Increase Campaign has 3 jobs:<\/span><\/p>\n

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    1. Create urgency<\/span><\/li>\n
    2. Explain why the price is increasing<\/span><\/li>\n
    3. Prove the product is effective<\/span><\/li>\n<\/ol>\n

      Fulfilling the first job is easy. All you have to do is announce the price change and communicate that the current (much lower) price will only be available for a few more days.<\/span><\/p>\n

      That remaining number of days defines your campaign structure.<\/span><\/p>\n

      In Will\u2019s case, he kicked off the campaign on a Monday and announced the price would be increasing on Friday at midnight. He sent 5 emails during that window:<\/span><\/p>\n

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      Emails 1,4, and 5 are all primarily aimed at creating urgency.<\/span><\/p>\n

      Here\u2019s how Will announces the increase in Email 1:<\/span><\/p>\n

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      It doesn\u2019t get much simpler than that. That\u2019s the power of savings + urgency.<\/span><\/p>\n

      Pro Tip:<\/strong> In later emails, Will specifies how much money people can save by purchasing before the price increase. I\u2019d recommend doing that in Email 1 as well. For example, he could have tweaked the last line above to read, \u201cWith that in mind, now\u2019s your opportunity to\u00a0save $100 by placing an order before the price goes up.<\/span>\u201d<\/span><\/p>\n

      Of course, people will naturally question\u00a0why\u00a0<\/span>the price is going up. And \u201cbecause I haven\u2019t been charging enough for it\u201d isn\u2019t the best possible answer.<\/span><\/p>\n

      That\u2019s why Email 2\u2019s job is to communicate one (or both) of the following:<\/span><\/p>\n