Doc Williams: All right, let's do this. All right, so now that we have all of the background information and we know what's gonna be happening, the next thing is recon, reconnaissance, and understanding where you're gonna be starting with pricing, right?
All the other part, it was context getting you here and you're like, doc, but this is why I actually joined. I wanted you to just tell me the pricing. Like that was nice, but let's just do this. So now what we're going to be doing is just doing some. Recon going back and then seeing from here. So I'm gonna be bringing up my Notion doc for a second and we're gonna do this together and everything like this.
Now, if you look at this for a second, I love showing this because people freak out. My wife hates my Notion Doc document because she's like, what are you doing? All these things. So I'm just gonna try to make this over here so people. Don't have a heart attack. So if we look at this, the first thing that we have to do is look at your competition.
Okay? Do you have competition? What's going on? This helps you to decide if you are going to be either a premium in your community or you're going to be almost a competitor. M my thoughts on this is, I'd rather go premium. And the reason behind that is that allows you to be the authority in the space. And this is of course, if you're having the expertise, you're already be, you know, you are already an expert in your industry.
You can be going premium. We'll talk about if you're in a. If you're learning along the way and you're building the community, the pricing might ch change. You know what I'm saying? But if you already have an expertise, you've already have ex experience, you've worked one-on-one with someone, and you've already changed or had the transformation effect.
You're still an expert, okay? So don't feel like you have to get like all these degrees and feel like before you're an expert. If you've proven that expertise and you've done it even on a one-on-one basis and you're gonna be scaling into a community level, you can still go premium. So I just want to say that don't don't feel that you have to go back to school for another seven years for that.
Okay? So look at your competition. What does your competition look like? Right? So if I'm looking at a competition, what is excuse me. What is their pricing? Okay, so that allows you to see, say for instance, okay, in this market right now they're at $79 a month, they're at 130, whatever. That gives you a baseline to understand what's going on in your industry when you're going premium.
And there's a lot of different factors depending on the features you're gonna be having. And you're gonna be able to anchor your price. You can still go premium on what's going on in your vertical, whatever it is. Okay? And I'm, I really, really wanna stress this, that you do not just because someone says $79, you have to say, well, I'll be 73 or 69, or all those things.
You don't have to do that. You do not have to do this. Remember, because if you are. If you already know your offering, you already know that you're good. You already can give results. Be the best in class. Be the best in class, because then you can offer even better experience. You don't have to go with all these cost cutting maneuvers and all of these different things be premium in your industry.
Okay, now, The other version of this would be if you are learning and you're saying, I'm very passionate. I'm building this community along with you, then you could go with a lower price or a bargain price, but you have to do that with the storyline and let people know, hey, I'm just getting started. I'm excited.
Hey, I'm, I'm, I'm new at YouTube. I would love to have other creators at YouTube. This is for us to all grow together. I only have 250 subscribers. The group is for all of us to obtain, to get a hundred subscriber, a thousand subscribers. Together. Let's go. Each week we're together. We meet as a mastermind on Wednesdays to make sure that we're helping each other out about the analytics, da, da, da, da.
But you see the storyline. You are not selling that you're an expert and then going. Bottom of the bottom barrel. You're not saying I'm an expert. I charge $3 a month. I charge a dollar. No. You are showing that you are growing with them and you can change your prices as things change later on if you're going premium.
We are now aligning in going back to, as we're talking to your tribe, finding out their pain points. What you're doing is you're aligning value by how much. It is that you're solving their problem. For example, drew was talking about being able to cure a lazy eye. If he did that for you, what is that worth to you in your life?
What can you be doing? And Drew knows all of these things, right? And we're gonna invite him up in a little bit. But you see the storyline is connecting. What are you going to do with them? What are they gonna be experiencing in life? And now the pricing is totally different. Pricing is not, oh, you know I, I'm, I'm trying to bargain with them and pleading with them for $79 a month.
It, you're aligning your goals or their goals with what the community is going to be doing. So let me know if that makes sense. We're gonna go through some examples too. We're gonna invite Drew up for a second to get more details because we're gonna go into pricing. He was talking about the lower pricing didn't work, and then we're gonna have more details later on as we go through this.
Murtaza Bambot: Awesome. one thing I really wanna like stress that Doc said is like that that premium pricing actually helps quite a bit. We noticed this at Heartbeat too, with our own like product. We initially like went out on the market and we said, all right, all these other competitors we're just gonna take 10 bucks off their price, and that's gonna be the prices for Heartbeat.
And what we actually noticed is that, yeah, we were getting more sales, but we were having ridiculously high churn where people would buy heartbeat, try it for a month, and then leave. The small thing that we did was actually going to like a couple dollars above all of our competitors, and we noticed that conversions went down a little bit, but the ch the retention just went through the roof.
So even small things like that, it tends to be kind of a red hearing to just like drop your prices and have very low prices.
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