Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about whether or not offering lifetime access or lifetime fixed pricing is a good idea and how you can make this strategy work for your business.
In the digital and online space, it’s very common for companies and individuals to offer lifetime access or lifetime fixed pricing. This type of approach is especially prevalent among software as a service (SaaS), course-based memberships, the coaching space and other digital products and services. Jason believes this is a great strategy for launching a new product or service to jumpstart momentum and early upfront sales. If you choose to offer lifetime access or fixed pricing, do it the right way. Unfortunately, many entrepreneurs don’t do the math on what the lifetime cost would look like for maintaining the products and services they’re offering. Know how much it will cost to provide customer support. It’s important to keep in mind the more customers you have, the more customer support providers you’ll need. There are many ongoing costs even if you’re offering something fairly low-cost. Jason recommends limiting the number of deals you offer even if the cost is low. Run the numbers! Determine how many years it will take for you to break even. You need income coming in to service your customers. You also need income to stay profitable and stay in business. The lower the price, the more likely you’ll attract low-quality customers. It’s one of the reasons why limiting your offering to a specific number of people makes sense. Jason and his team are using this strategy for his new online course helping others develop an online-based business. Lifetime access will be limited to the top 20 applicants.
3 KEY POINTS:
Offering lifetime access or lifetime fixed pricing is a great strategy for those who want to launch a new product or new service. To make the most of this strategy, do the math and consider the cost of maintaining the offering. For this strategy, offer a product or service customers will eventually outgrow and limit it to a certain number of people. TWEETABLE QUOTES:
“You want to make sure you run the numbers. You want to determine how many years it takes for you to break even.” - Jason Duprat
“You need income coming in in order to service your customers.” - Jason Duprat
Healthcare Entrepreneur Academy for Digital Businesses - https://www.facebook.com/groups/HeathcareEntrepreneurAcademy/
Healthcare Entrepreneur Academy for Brick & Mortar Businesses - https://www.facebook.com/groups/HealthcareEntrepreneurAcademyBrickandMortar/
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