I got an email from someone yesterday, wondering about the logic behind the pricing of my webinars. Here’s how it works…
The live event is $117 ($99 if you get in on the earlybird price). It also includes an audio and video recording of the event.
The recorded event, by itself, is $117 (there’s no earlybird price, since it’s prerecorded).
He was surprised that the recording wasn’t less expensive than the live event.
It’s a reasonable question. After all, if the live event + recording is the same price as the recording alone, I’ve essentially priced the live event at zero. Shouldn’t the recording alone cost less?
Maybe, but that’s not how I look at it. I always give the live event participants the best price. Two reasons:
1. Because I don’t want to train them to wait. If the recorded version is less, maybe they’ll wait for that.
2. Because I want to reward people for their active, interested participation. The people who register for live events — particularly if they do it quickly enough to get the earlybird price — are “the fanbase.” They’re the people who tend to write the testimonials and spread the word. I want them to be thrilled – by both the event and the price, and to never wonder if maybe they should have just bought the recording.
The way I look at it, the way to build a long-term business isn’t to maximize dollars; it’s to maximize excitement, interest and satisfaction (which leads to those dollars).
What do you think? Is there a different/better way to price these events?