We find pricing quite challenging.
On one hand we don't resonate with inflating the cost to increase perceived value and would rather offer our products for a price that's affordable. On the other hand, we've noticed a correlation between how much people pay and how much energy they put in, and the more energy people put in, the more successful they will be with our program.
For example, we priced our first course at $29, and 50 people bought it, however most have never even logged into the course, and only 4 attended the workshops regularly. On the other hand, I participated in a course priced at $50 with a lot of engagement, so perhaps the price is not the deciding factor, or at least not the only factor at play.
Our way to navigate this is to experiment with alternative pricing models, such as a sliding scale, where people can choose their participation fee, or "name your price", but these bring their own risks: what if nobody pays and I end up making a loss?
While we don't have perfect answers to that problem, we still feel more drive towards alternative pricing, because of the values behind them. Perhaps it's futile to resist market forces, but I guess that the rebel within me also needs to have some time to play 🤘.
In our first experiment we started with setting the low tier price, which would be the minimum that would feel okay for us as an exchange for our work. We then set the medium and high prices.
We also define the minimum amount of participants needed to run the course. If we wouldn't reach it, we'd refund everyone. This serves as our "proof of concept", but it's also a bit tricky, especially if you're a creator living "from launch to launch" and frankly speaking any income is good to have. We see this choice as something to be made for each individual case, and the other factors to consider are things like your time needed to deliver the course, the impact you can have with it, the experience you'll gain by delivering it and the fun you'll have in the process. If you're missing one or two people from your viability number, and there's merit in delivering the course, you can always invite people for free.
Speaking of free, we generally don't offer free access to our programs, however we always open the backdoor for people to access them with a discount.