Pricing, Positioning, and the Art of the Upsell | Ep 895
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The Game with Alex Hormozi
This episode is titled:
Pricing, Positioning, and the Art of the Upsell | Ep 895
Notable Quotes
"If you start with the five, you can downsell the 500 or whatever that at 460 or whatever it is, that probably anchors really well."
"You're just not going to get the one-on-one component, but you're gonna get all these other things."
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Get More InsightsEpisode Summary
In this episode, the hosts discuss the intricacies of running an online art community, specifically aimed at teaching painting skills. The guest, Sam, runs multiple tiers of his art offerings, starting with a free community that offers tutorial videos, a low-ticket monthly membership at $29, and a high-ticket mentorship program costing $5,000 a year. The discussion highlights how the pricing structure helps anchor expectations, where starting with a lower offer makes upselling easier as clients appreciate the additional value in higher-tier memberships.
Sam elaborates on his community’s offerings: the free group, which includes longer tutorial videos than those found on platforms like YouTube; the $29 monthly membership, which grants access to a weekly live class; and the high-end mentorship program that offers more personal interaction and support. The conversion strategy discussed includes guiding leads from free resources through to signed calls for higher-priced offerings, emphasizing the importance of data tracking and optimizing engagement at each step.
The episode offers valuable insights into the metrics involved, how to analyze conversion rates, and how to improve engagement with potential customers. Strategies shared include booking onboarding calls for paying members and creating opportunities for upselling additional services through personal interactions. They conclude with a roadmap of actionable insights for scaling and improving the community's reach, leading to more significant financial returns.
Sam elaborates on his community’s offerings: the free group, which includes longer tutorial videos than those found on platforms like YouTube; the $29 monthly membership, which grants access to a weekly live class; and the high-end mentorship program that offers more personal interaction and support. The conversion strategy discussed includes guiding leads from free resources through to signed calls for higher-priced offerings, emphasizing the importance of data tracking and optimizing engagement at each step.
The episode offers valuable insights into the metrics involved, how to analyze conversion rates, and how to improve engagement with potential customers. Strategies shared include booking onboarding calls for paying members and creating opportunities for upselling additional services through personal interactions. They conclude with a roadmap of actionable insights for scaling and improving the community's reach, leading to more significant financial returns.
Key Takeaways
- Starting with a lower-tier service makes upselling higher-tier offerings easier.
- Engagement and personal mentorship significantly impact conversion rates.
- Tracking metrics at each stage of the customer journey helps optimize sales strategies.
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