January 13, 2025 • 31 mins
Unlock the secrets of premium pricing for your courses and elevate your brand with the strategies we unfold in this episode.
Join Francesca of Teaching Mastery Academy as we uncover the psychological allure behind high-end offerings.
Why do individuals eagerly invest more in luxury brands like Tesla and Chanel? It’s not just about the number on the price tag—it's the story behind it.
Learn how to harness emotional triggers that instill confidence and excitement in potential students, using tools like social proof and expert positioning to ensure your audience sees your course as a transformative must-have experience.
Grasp the art of urgency and scarcity to boost course demand, taking cues from the limited availability magic of the Birkin bag and Tesla vehicles.
We’ll guide you through practical strategies to position your course as a premium experience, using iconic brands like Chanel and Apple as benchmarks for luxury and innovation.
From crafting a compelling transformation promise to designing an unparalleled learning journey, we reveal how to create an educational product that not only captivates but converts.
Grab your notebook and a hot drink, and get ready to transform the way you see and price your courses.
Think of your course (or your course idea,) like a luxury car. People won’t pay top dollar unless it’s high quality, delivers an incredible experience, and meets their needs perfectly. Teaching Mastery Academy teaches course creators like you how to ‘build’ that luxury-level course—one that students trust, complete, and rave about, justifying premium pricing every time. Ready to take your expertise and ensure your digital course stands out from the crowd? Premium courses (and premium returns) start with the core teaching fundamentals that all the best course creators instinctively do, but now I'm showing you how! Join the VIP waitlist for Teaching Mastery Academy now! Click here to learn more.
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Episode Transcript
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Speaker 1 (00:00):
Hey there and welcome back to Teaching Mastery
Academy.
I'm your host, francesca, andtoday we are diving into one of
the most fascinating andpowerful aspects of selling
premium courses.
It is the psychology of premiumpricing.
I am so fascinated bypsychology and how we think and
(00:21):
how our thoughts can impact ouractions and all that type of
thing.
So I wanted to really look atthis from the point of view of
premium pricing and I want toask you a question have you ever
wondered why some people arewilling to pay $10 for a coffee
at a boutique cafe, while othersbalk at spending more than $3
(00:42):
at a chain, or why luxury brandslike Tesla and Chanel thrive
even during the tough economictimes?
It's not just about the productitself.
It's about the psychologybehind how people perceive value
, exclusivity and status.
And here's something I want youto think about as we dig into
today's episode.
(01:02):
Pricing isn't just a number youslap on your sales page.
It's a story.
The story your pricing tellsabout your course is what
ultimately determines how youraudience feels about it, whether
they see it as a game-changinginvestment, for example, or just
another run-of-the-mill offer.
And here's the exciting part ascourse creators, we're in a
(01:24):
unique position to tap intothese same principles that
luxury brands and high-endservices use to attract their
ideal customers.
You have the power to create acourse that doesn't just teach,
it transforms.
A course that feels like apremium experience from the
moment someone lands on yoursales page.
Today, we're going to pull backthe curtain on what drives
(01:45):
people to pay top dollar forcertain products, services and
yes courses.
By the end of this episode,you'll understand the emotional
triggers that make peopleexcited and confident about
investing in premium offers.
Also how things likeexclusivity, scarcity and status
play into buying decisions and,most importantly, how to apply
(02:05):
these psychological insightsinto your own course pricing so
you can position your offer as amust-have experience.
This isn't about trickery ormanipulation.
We definitely do not go therein Teaching Mastery Academy.
It's about truly understandingwhat motivates your audience and
how to create something sovaluable that your audience are
eager to invest in it.
So whether you've been hesitantto raise your prices or unsure
(02:30):
of how to position your courseas premium, or just curious as
to what separates a $97 coursefrom a $997 one, then this is
the episode for you.
Grab a notebook, a cup ofcoffee or tea, if that's your
thing, and let's explore thefascinating world of premium
pricing.
I love saying those two wordspremium pricing because once you
(02:51):
understand this, it'll changenot just how you price your
courses, but how you see yourentire business.
So let's get started.
Let's start with a truth bomb.
People don't buy premiumproducts or courses because they
need them.
They buy them because of howthose purchases make them feel.
It really is aboutunderstanding who your audience
(03:14):
are inside and out and how totalk to that audience, and this
is the heart of premium pricing.
It's not just about the featuresand the benefits or even the
outcomes.
It's about taping into thepsychological and the emotional
triggers that make your audiencefeel excited, confident or even
proud to invest in somethingthat they see as high value.
Some people invest in cars,some people invest in clothing,
(03:39):
some people invest in handbags.
You know, we're all different.
We all see value in differentthings a lot of the time,
material things, but educationis one of those pillars of our
lives.
We are investing in ourselves.
Investing in learning,investing in what's going to get
us ahead or what is going toencourage us to pick up a hobby
(04:01):
or to teach us a new skill, issomething that is lifelong.
It is a lifelong investment.
So let's break down this ideafurther, with a deeper dive into
the three most powerfulemotional triggers behind
premium purchases and how youcan apply them to your premium
course strategy.
So the first emotional triggerI want to look at is confidence
(04:24):
in the outcome.
So when someone is willing topay a premium price, they're not
just buying your course,they're buying into the
certainty that your course willsolve their problem or fulfill
their desire.
This isn't just about providinginformation, it's about
providing reassurance.
Think of it this way if you'reshopping for a parachute, are
you going to choose the cheapestoption?
Of course not.
(04:44):
Think of it this way if you'reshopping for a parachute, are
you going to choose the cheapestoption?
Of course not.
You're going to choose the onethat gives you the absolute
highest level of confidence inyour safety.
Well, the same principleapplies to premium courses.
Your audience wants to feelcertain that enrolling in your
course is a guaranteed steptowards the transformation that
they're seeking.
So how do we build confidencein your outcome?
(05:06):
Well, we start with a crystalclear transformation promise.
We make it undeniably clearwhat students will achieve by
the end of your course.
We use specific, measurableoutcomes like by the end of this
program you'll have a 90-daycontent strategy that doubles
your engagement without spendingmore than two hours a week
something like that.
We also need to have expertpositioning, so showcase your
(05:28):
credibility, your experience andpast results, and this could be
through testimonials, your casestudies or even sharing your
story of how you've achieved thetransformation that you're
teaching.
And then think about socialproof.
So testimonials are gold forbuilding confidence.
Highlight stories of studentswho've seen real success with
your course, especially onesthat feel relatable to your
(05:48):
audience.
Now, if you don't have anysocial proof yet because your
course is relatively new andyou're still building up that
awareness online, then I wouldhighly recommend seeing in your
community, in your network, whois out there that could go
through your course to give yousome really good, solid feedback
, because within that reallygood, solid feedback will come a
(06:09):
testimonial, and then you canuse that testimonial to be the
foundation that you can start tobuild on testimonials from
there.
So when we're looking at thisfirst emotional trigger behind
premium purchases, which isconfidence in the outcome, I'll
give you a real world example.
Think about the brand Peloton,the bike company Peloton.
Now, peloton doesn't just sellstationary bikes.
(06:30):
If you thought it was justabout stationary bikes.
You are completely wrong.
Instead, peloton sells theconfidence of having world-class
workouts led by motivationalinstructors combined with a
vibrant community that keeps youaccountable.
Their messaging makes you feellike this bike isn't just a
piece of exercise equipment.
(06:52):
It's your gateway to betterhealth, increased energy and a
support system cheering you on.
So how do you make your coursethe Peloton version of your
niche?
How do we turn your course intothe premium idea, the
transformational promise thatyou want your audience to embody
(07:15):
Now?
The second emotional trigger isdesire for exclusivity.
Here's the thing People lovefeeling special.
They love knowing they'regetting access to something not
everyone can have.
That's why exclusivity is sucha powerful emotional trigger for
premium pricing.
When a course feels exclusivewhether it's because of limited
(07:35):
seats, high-end bonuses orprivate access to the creator it
instantly feels more valuable.
And we need to look at how totap into this exclusivity, and
I've got three ways you can dothis with your premium course.
The first way is limitedavailability.
Think about maybe capping thenumber of students in your
course or your premium tier, so,for example, only 20 spots
(07:56):
available for VIP coaching.
Because scarcity makes peopleact faster and adds to the
perceived value of what you'reoffering.
Or you could also look at maybestarting with a discounted
price for the first 20 buyersand then that price goes up.
Or maybe think about adiscounted price for the first
20 students that sign up andthen the next 20 gets a slightly
(08:17):
higher price, and so on and soon until you build all the way
up to your full price offer.
So think about adding a versionof limited to your course
offering.
The second way is to look atexclusive bonuses.
So offer something unique toyour premium buyers, like an
additional live coaching sessionor a personalized review of
their work or even access to aprivate mastermind group.
(08:39):
Think about something that'sreally going to add that
exclusivity to your offer.
And finally, think about earlyaccess or insider content.
I love this one.
We do this inside TMA all thetime.
Position your course as byinvitation only or offer early
enrollment for certain audiences, so you're making your students
and you're making your audiencefeel like they're part of a
(09:00):
really elite group.
Your offering is not open tothe general public.
Come through the gates of yourworld, of your brand, before you
even get to the front of thequeue, to be able to see what
your offer is, and I'll give youan example from the real world.
So think about Tesla.
Okay, the car company andTesla's early launches are a
(09:22):
masterclass in exclusivity.
So when the Tesla Model S firstcame out, owning one wasn't
just about having an electriccar, but it was about being part
of this amazingly exclusivegroup of early adopters who were
way ahead of the curve.
The electric car curve, andthis sense of being on the
cutting edge created a real buzzthat made Tesla not just a car
(09:45):
company but a status symbol.
Imagine if you could turn yourcourse, your brand, into a
status symbol.
What would that look like?
What would that look like toyour audience, to your niche?
This is how we want to viewyour courses through these
premium content lenses.
Now the third trigger, thethird emotional trigger, is the
(10:06):
emotional boost of status.
Let's talk about status for amoment, because premium
purchases are often less aboutthe product itself and more
about what the product saysabout the person who buys it.
Oh, this is so true, peoplethat drive a certain car you
want to say, oh, they're suchand such a type of person.
Or if you dress in a certainway, a certain style, a classic
(10:27):
preppy style or a grungy rockstyle.
How we come across in ourpurchases and the way that we
express ourselves in the worlddefinitely says more about us
than the product, and people payattention for high ticket items
because it elevates theiridentity, whether that's as a
(10:50):
professional or a leader or evenjust someone who values the
best.
So think about your course.
What status boost does it offeryour students?
Will it help them become arecognized expert in their field
?
Will it position them as aleader in their niche or give
them a personal or professionaledge that they can proudly
showcase?
So how do we position yourcourse for a status boost?
(11:18):
We can frame it as anachievement.
So talk about how completingyour course is a milestone worth
celebrating.
So this could be in the form ofa certificate that they can put
in their portfolio, or they canput on a frame on their wall,
or maybe a portfolio piece or amajor skill that students can
proudly showcase.
Also, highlight the prestige ofworking with you.
If you've got a reputation inyour niche.
Emphasize that access to yourcourse means access to you.
(11:42):
Position it as a chance tolearn directly from someone
who's been there, done that andand can help them.
Help students fast track theirsuccess.
For example, if your course isabout public speaking, talk
about how your students willconfidently deliver keynote
speeches in front of hundreds.
Or if it's a business course,highlight how they'll be
(12:02):
recognized as the go-to expertin their industry.
Let me give you a real worldexample again.
So think about luxury brandslike Chanel and Gucci.
They don't just sell clothes,they sell status.
A Chanel bag isn't just a purseoh, no, no, no, no.
It's a symbol of sophistication, of success and exclusivity.
(12:25):
And the same principle appliesto your course.
It's not just about whatstudents learn, it's about who
they become as a result.
So here's the magic theseemotional triggers don't just
work in isolation, they amplifyeach other.
When you position your premiumcourse with a clear outcome
confidence, add a layer ofexclusivity and tie it to a
(12:48):
status boost.
Add a layer of exclusivity andtie it to a status boost, you
create an offer that feelsirresistible.
Okay, so let's put them alltogether.
I want you to imagine offeringa limited enrollment course that
promises a specific,life-changing transformation in
other words, giving yourstudents confidence and includes
, maybe, vip coaching sessionsdirectly with you.
That's the exclusivity elementadded to it.
(13:09):
Then you highlight how yourpast students have gone on to
achieve major milestones andgain recognition in their
industries, which is giving youa bit of status, and this
combination creates a powerfulemotional pull that gets people
excited to invest not just inyour course, but in the version
of themselves they'll become bycompleting it.
(13:29):
When you understand theemotional triggers that drive
premium pricing, you unlock thekey to creating courses that not
only sell but resonate on adeeper level.
Remember, people aren't justbuying information, they're
buying feelings, they're buyingconfidence.
They're buying exclusivity andthe status that comes with
transformation.
Let's look how we can usescarcity and urgency to further
(13:52):
enhance your premium coursestrategy.
So why are we talking aboutscarcity?
Why does it work?
Why is it such a powerfulelement to when we're talking
about the psychology behindpremium pricing?
Well, scarcity is the idea thatwhen something is limited in
availability, it's perceivedvalue skyrockets because people
inherently want what they can'teasily have.
Right, it's human nature.
(14:12):
And in the context of premiumpricing, scarcity might look
like this.
It could look like limitedspots in your course, or a short
enrollment window, or aone-time bonus that disappears
after a launch.
So scarcity creates FOMO, fearof missing out, which drives
buyers to act quickly instead ofhesitating.
Think about the Birkin bag byHermes.
(14:33):
Now, the waiting list for aBirkin bag can be years long and
that scarcity only adds to itsallure.
So we want to add that elementof scarcity to your course.
How do we do it?
What does it look like for yourcourse?
Think about that.
Do you offer limited spots inyour course or do you offer a
(14:53):
short enrolment window?
I know, when we open the doorsto Teaching Mastery Academy, we
only offer a 48-hour window, twodays because we know that our
community are waiting at thedoors.
For when the Teaching MasteryAcademy doors open, they don't
hesitate.
They know exactly when thedoors open and they are there.
They are at the front of theline.
So think about a shortenedenrollment window, or maybe a
(15:16):
one-time bonus that disappearsafter launch.
We do this all the time as well.
I mix up the bonuses.
Some rounds of Teaching MasteryAcademy will offer one bonus
and then another round ofTeaching Mastery Academy will
offer other bonuses.
So we keep it fresh and we keepit exclusive.
So think about how you can addscarcity to your offering.
Now, remember that when you areadding urgency, it's about
(15:38):
timing.
You want to create a sense thatthe action needs to be taken
now to avoid missing out.
So, while scarcity focuses onlimited quantity, urgency
focuses on limited time.
And here's how you can useurgency to drive premium course
sales.
You can offer early biddiscounts with a specific
deadline, or you could run atime-sensitive bonus for those
(16:00):
who enroll within the first 24hours, or you could use
countdown timers on your salespage to highlight when
enrollment closes.
These are all really powerfulways that you can add urgency,
and if you combine scarcity andurgency together, you will
achieve maximum impact.
So, for example, you could sayonly 10 spots left.
(16:20):
That's that scarcity element,and enrollment closes in 48
hours.
That's the urgency.
So when you put those twotogether, it is potent, my
friends.
That's the urgency.
So when you put those twotogether, it is potent, my
friends.
Now to really understand premiumpricing, let's look at some of
the most successful premiumbrands outside of the course
world.
Let's give you a little bit ofa broad overview of how other
(16:41):
really well-known brands usepremium pricing to their
advantage.
So the first one is obviouslyTesla.
We talked about this brieflyand Tesla, as we know, redefined
the electrical vehicle marketby positioning its cars as
premium, eco-friendly statussymbols.
They didn't market to everyone.
They focused on a specifichigh-income audience who wanted
(17:05):
cutting-edge technology and asleek, exclusive design.
So what can we learn from this?
What is the takeaway from Tesla?
Well, premium doesn't meancatering to the masses.
We need to focus on a specificaudience who's willing to pay
for the unique value you bring.
So never, ever, worry or fearthat by refining and niching
(17:26):
down on your offer, that you'recutting out a whole lot of
possible sales.
You're actually going toincrease the likelihood of
people investing in you if youfocus on a very super
hyper-specific niche, anaudience who's willing to pay
for that unique value.
Let's look at Chanel.
We talked about Chanel brieflytoo.
Chanel doesn't just sellhandbags.
(17:47):
They sell a legacy, a story anda symbol of luxury Going to
Paris and stepping foot in theChanel store in Paris and just
having that overall experienceof being in Chanel Paris and
just having that overallexperience of being in Chanel,
being in Paris and reallyenveloping, soaking up that
French vine.
Because Chanel don't discount.
Oh no, they never try tocompete on price.
(18:08):
Instead, they emphasizetimeless quality and exclusivity
.
So what can we learn from this?
Well, when you position yourcourse as premium, I would
highly recommend avoidingcompeting on price.
You don't want to discount.
You don't want to run sales.
Instead, you want to highlightthe unique transformation, the
quality and the experience thatyour course delivers.
(18:29):
Why it's an investment.
Let's think about a brand likeApple, because Apple thrives on
simplicity and innovation andbranding, and their products are
easy to use, they'rebeautifully designed and my son
absolutely loves their packaging.
He's he's at nine and he'sobsessed with the beautiful sort
(18:49):
of sleek white boxes and howeverything is, I just feel, so
super tech.
And it's the way that Applemarkets themselves.
Is they market themselves asessential tools for creative and
professional success.
I remember growing up, my dadhad a graphic design company and
he was Apple all the way.
All of his computers were Appleand he said it was because they
(19:12):
were the best for design, forcreative design.
So Apple really has identifiedwith that niche in the market.
So what can we learn?
Well, streamline your messagingand design.
So Apple really has identifiedwith that niche in the market.
So what can we learn?
Well, streamline your messagingand design.
A premium course isn't aboutoverwhelming your audience with
content.
It's about delivering a clear,seamless and impactful
experience.
So how does your Apple branding, your Apple box, look like for
(19:36):
your niche?
Your course?
What type of design?
What type of feel experienceare your potential students
having when they visit yoursales page?
Think about that.
Think about how easy is it forpeople to navigate around your
sales page?
This is how we really want toestablish ourselves as premium.
So, now that we've covered thepsychology, let's talk about
(19:59):
some practical strategies toposition your course as a
beautiful premium offer we wantto create, obviously so.
Step one is to create a highvalue transformational promise.
The transformation your coursepromises needs to feel worth the
investment.
So focus on solving a highstakes problem or delivering a
life-changing outcome, forexample.
So, for example.
So, for example, instead oflearn Instagram marketing, you
(20:22):
could say something like createan Instagram strategy that
generates $10,000 a month insales.
Really super specific, focusingon a high stakes problem or
delivering a life-changingoutcome.
Get some really specific detailin your transformation promise.
(20:43):
The second thing is to design anexceptional experience.
Remember that premium coursesaren't just about the content,
they're about the experience.
So you want to be usingprofessional branding and high
quality videos and your iPhonecan do high quality videos and
then you use something likeCanva to add a little logo on
the bottom or, you know, toreally sort of give them a
polished edge.
(21:04):
Same with professional branding.
Canva, obviously, is a greatfree resource, or if you've got
a little bit more in the budget,then maybe look at getting a VA
, a virtual assistant, to helpyou.
Virtual assistants don't haveto be expensive.
I use a place in thePhilippines called onlinejobsph
and they are amazing.
I have had so many incrediblevirtual assistants from there
(21:27):
over the years helping me withvarious brands and various
products and, you know, for aslittle as $4 or $5 an hour, they
can put together some reallypolished content for you.
They can give your sales page amakeover.
It is such a really worthwhileinvestment.
If you are looking at gettingsome additional help, think
about offering personalizedsupport like group coaching or
(21:49):
Q&A sessions, and also thinkabout surprise bonuses to
delight your students, and thisis something that we do at
Teaching Mastery Academy all thetime.
I love just popping in an extralittle bonus there, and I
haven't even advertised it.
It's just something that peoplethat have purchased Teaching
Mastery Academy they get,because I create an environment
(22:09):
for my students where they canexpect the best and they get the
best.
Now the third thing you can dois leverage testimonials and
case studies, so social proof iscritical to premium pricing.
It really is, because it's theelephant in the room.
We can't avoid not havingtestimonials if you're starting
out.
We have to think about waysthat you can get some on your
sales page, because you reallywant to be highlighting success
(22:32):
stories before and aftertransformations, and
testimonials that show the realimpact of your course on your
students and on your community.
And testimonials that show thereal impact of your course on
your students and on yourcommunity.
Maybe some pro bono work thatyou could offer until you start
to get those testimonials tocome in.
Just think about ways you canget those testimonials if you're
(22:53):
new, if you're starting out.
And finally, step four is tocreate some premium tiers.
And when I say that, thinkabout offer multiple pricing
tiers to appeal to differentlevels of buyers in your niche,
in your community.
So, for example, you can havethree pricing pairs for your
course.
The standard tier is aself-paced course for $997.
(23:14):
The premium tier could includegroup coaching for $2,000.
Or the VIP tier could beone-on-one coaching for $3,000.
So think about ways that youcan have multiple pricing tiers
for your course, for your offer,and obviously different niches
will have different ways ofdoing this and your particular
(23:35):
course or expertise might lenditself more to the VIP tier,
where you have the one-on-onecoaching or the self-paced
course.
The standard standard tier for997 might be better for your
audience.
You will know best as to whatthey'll lean into, but by having
those options there it reallydoes mean that the premium
pricing psychology can appeal toyour audience overall.
(23:57):
Finally, I want to address themindset shifts that you need to
confidently charge premiumprices for your course, and I've
got three mindset shifts andyou might be one or you might be
all of them, but these arethings that are in our
subconscious that we really needto start addressing.
Bring it up to the surface,bring it up to our conscious
awareness and let it go.
And the first one was we wantto believe in your value.
(24:20):
If you don't believe in yourcourse and you don't believe
that your course is worth theprice, your audience won't
either.
I want you to remind yourselfof the transformation that
you're delivering and theexpertise that you bring to the
table.
I want you to imagine all thelives that you are going to
change as a result of yourstudents taking your course.
(24:42):
What is the impact that it willhave on the world.
What is that ripple effect thatwill happen from people taking
your course and then going outto help others in the community?
Really believe in the value ofthe course that you're offering.
You have to believe in it.
You have to believe that yourcourse is worth the price,
because if you don't believethat your course is worth the
price, then no one else will.
(25:08):
It comes out in oursubconscious, it ekes out.
So believe in your value.
Okay, that's the first mindsetshift.
You need the second one stopcompeting on price.
You're not a bargain brand andyour course isn't a commodity.
Let's keep you focusing on thevalue, not the price tag.
And I know that it's sotempting to have a race to the
bottom almost with prices.
Look at what your competitorsare doing and then undercut them
(25:29):
, but with a premium pricingstrategy, we leave that
completely alone.
We don't even look at that,because it's not a race to the
bottom, it's not a.
You're not a bargain brand and,funnily enough, the more that
you position yourself as bargain, the harder your clients are.
It attracts a segment of themarket where people don't
(25:50):
appreciate the quality thatthey're getting and it's almost
like you have to over deliver towin their approval.
So, in order to elevate yourcourse to the premium pricing
level, remember that you do notneed to compete on price.
You are not a bargain brand andyour course is not a commodity.
Okay, and the third mindsetshift that we need to address is
(26:11):
that we need to embrace ourpremium buyers.
Remember that premium buyerswant the best and they're
willing to pay for it, but thatmeans they appreciate the best
because they know what the valueof it is.
So your job is to show yourstudents why your course is the
solution that they've beensearching for, why it is the
(26:32):
premium answer, why they shouldturn left on the plane rather
than right, why they should stepinto your first class premium
course world.
Because they will appreciatethis, my friend, and they will
thank you for it when they getthe transformation that you have
got waiting for them.
All right, let's recap.
(26:55):
So, premium we talked aboutpremium pricing and how it's
rooted in psychology.
We've looked at the confidence,the exclusivity and that status
.
Those three things confidence,exclusivity and status are key
drivers with premium pricingpsychology.
Then we looked at scarcity andurgency and how, when using
these two together, can bepotent for creating FOMO that
(27:17):
motivates your buyers to act forcreating FOMO that motivates
your buyers to act.
We have looked at some of thekey lessons from premium brands
like Tesla, chanel and Apple toshow us that quality, experience
and branding really matter topremium priced courses.
Then we looked at how toposition your course as premium
by focusing on transformation,by designing an exceptional
(27:37):
experience and leveraging socialproof.
And then, most importantly, welook to have a belief in the
value you bring in your ownworth.
And we've just scratched thesurface today on the psychology
of premium pricing, and we coverthis in so much more.
We go so much deeper in thepsychology of premium pricing,
(27:57):
the psychology of teaching inTeaching Mastery Academy.
So if you really don't want totake your course to the next
level, you don't really want tolook at how to turn your course
into a premium offering, thenjoin the waitlist for Teaching
Mastery Academy so that you arethe first to be notified when
doors open.
Next you go onto our VIP list.
You can head tobeclosetochyschoolteachercom.
(28:18):
Forward.
Slash tma, that's t forteaching, m for mastery, a for
academy, to save your spot.
So thanks for hanging out withme today.
Remember, keep creating, keepserving and remember you've got
this, my friends.
Bye for now.
Hey there and welcome back to Teaching Mastery
Academy.
I'm your host, francesca, andtoday we are diving into one of
the most fascinating andpowerful aspects of selling
premium courses.
It is the psychology of premiumpricing.
I am so fascinated bypsychology and how we think and
(00:21):
how our thoughts can impact ouractions and all that type of
thing.
So I wanted to really look atthis from the point of view of
premium pricing and I want toask you a question have you ever
wondered why some people arewilling to pay $10 for a coffee
at a boutique cafe, while othersbalk at spending more than $3
(00:42):
at a chain, or why luxury brandslike Tesla and Chanel thrive
even during the tough economictimes?
It's not just about the productitself.
It's about the psychologybehind how people perceive value
, exclusivity and status.
And here's something I want youto think about as we dig into
today's episode.
(01:02):
Pricing isn't just a number youslap on your sales page.
It's a story.
The story your pricing tellsabout your course is what
ultimately determines how youraudience feels about it, whether
they see it as a game-changinginvestment, for example, or just
another run-of-the-mill offer.
And here's the exciting part ascourse creators, we're in a
(01:24):
unique position to tap intothese same principles that
luxury brands and high-endservices use to attract their
ideal customers.
You have the power to create acourse that doesn't just teach,
it transforms.
A course that feels like apremium experience from the
moment someone lands on yoursales page.
Today, we're going to pull backthe curtain on what drives
(01:45):
people to pay top dollar forcertain products, services and
yes courses.
By the end of this episode,you'll understand the emotional
triggers that make peopleexcited and confident about
investing in premium offers.
Also how things likeexclusivity, scarcity and status
play into buying decisions and,most importantly, how to apply
(02:05):
these psychological insightsinto your own course pricing so
you can position your offer as amust-have experience.
This isn't about trickery ormanipulation.
We definitely do not go therein Teaching Mastery Academy.
It's about truly understandingwhat motivates your audience and
how to create something sovaluable that your audience are
eager to invest in it.
So whether you've been hesitantto raise your prices or unsure
(02:30):
of how to position your courseas premium, or just curious as
to what separates a $97 coursefrom a $997 one, then this is
the episode for you.
Grab a notebook, a cup ofcoffee or tea, if that's your
thing, and let's explore thefascinating world of premium
pricing.
I love saying those two wordspremium pricing because once you
(02:51):
understand this, it'll changenot just how you price your
courses, but how you see yourentire business.
So let's get started.
Let's start with a truth bomb.
People don't buy premiumproducts or courses because they
need them.
They buy them because of howthose purchases make them feel.
It really is aboutunderstanding who your audience
(03:14):
are inside and out and how totalk to that audience, and this
is the heart of premium pricing.
It's not just about the featuresand the benefits or even the
outcomes.
It's about taping into thepsychological and the emotional
triggers that make your audiencefeel excited, confident or even
proud to invest in somethingthat they see as high value.
Some people invest in cars,some people invest in clothing,
(03:39):
some people invest in handbags.
You know, we're all different.
We all see value in differentthings a lot of the time,
material things, but educationis one of those pillars of our
lives.
We are investing in ourselves.
Investing in learning,investing in what's going to get
us ahead or what is going toencourage us to pick up a hobby
(04:01):
or to teach us a new skill, issomething that is lifelong.
It is a lifelong investment.
So let's break down this ideafurther, with a deeper dive into
the three most powerfulemotional triggers behind
premium purchases and how youcan apply them to your premium
course strategy.
So the first emotional triggerI want to look at is confidence
(04:24):
in the outcome.
So when someone is willing topay a premium price, they're not
just buying your course,they're buying into the
certainty that your course willsolve their problem or fulfill
their desire.
This isn't just about providinginformation, it's about
providing reassurance.
Think of it this way if you'reshopping for a parachute, are
you going to choose the cheapestoption?
Of course not.
(04:44):
Think of it this way if you'reshopping for a parachute, are
you going to choose the cheapestoption?
Of course not.
You're going to choose the onethat gives you the absolute
highest level of confidence inyour safety.
Well, the same principleapplies to premium courses.
Your audience wants to feelcertain that enrolling in your
course is a guaranteed steptowards the transformation that
they're seeking.
So how do we build confidencein your outcome?
(05:06):
Well, we start with a crystalclear transformation promise.
We make it undeniably clearwhat students will achieve by
the end of your course.
We use specific, measurableoutcomes like by the end of this
program you'll have a 90-daycontent strategy that doubles
your engagement without spendingmore than two hours a week
something like that.
We also need to have expertpositioning, so showcase your
(05:28):
credibility, your experience andpast results, and this could be
through testimonials, your casestudies or even sharing your
story of how you've achieved thetransformation that you're
teaching.
And then think about socialproof.
So testimonials are gold forbuilding confidence.
Highlight stories of studentswho've seen real success with
your course, especially onesthat feel relatable to your
(05:48):
audience.
Now, if you don't have anysocial proof yet because your
course is relatively new andyou're still building up that
awareness online, then I wouldhighly recommend seeing in your
community, in your network, whois out there that could go
through your course to give yousome really good, solid feedback
, because within that reallygood, solid feedback will come a
(06:09):
testimonial, and then you canuse that testimonial to be the
foundation that you can start tobuild on testimonials from
there.
So when we're looking at thisfirst emotional trigger behind
premium purchases, which isconfidence in the outcome, I'll
give you a real world example.
Think about the brand Peloton,the bike company Peloton.
Now, peloton doesn't just sellstationary bikes.
(06:30):
If you thought it was justabout stationary bikes.
You are completely wrong.
Instead, peloton sells theconfidence of having world-class
workouts led by motivationalinstructors combined with a
vibrant community that keeps youaccountable.
Their messaging makes you feellike this bike isn't just a
piece of exercise equipment.
(06:52):
It's your gateway to betterhealth, increased energy and a
support system cheering you on.
So how do you make your coursethe Peloton version of your
niche?
How do we turn your course intothe premium idea, the
transformational promise thatyou want your audience to embody
(07:15):
Now?
The second emotional trigger isdesire for exclusivity.
Here's the thing People lovefeeling special.
They love knowing they'regetting access to something not
everyone can have.
That's why exclusivity is sucha powerful emotional trigger for
premium pricing.
When a course feels exclusivewhether it's because of limited
(07:35):
seats, high-end bonuses orprivate access to the creator it
instantly feels more valuable.
And we need to look at how totap into this exclusivity, and
I've got three ways you can dothis with your premium course.
The first way is limitedavailability.
Think about maybe capping thenumber of students in your
course or your premium tier, so,for example, only 20 spots
(07:56):
available for VIP coaching.
Because scarcity makes peopleact faster and adds to the
perceived value of what you'reoffering.
Or you could also look at maybestarting with a discounted
price for the first 20 buyersand then that price goes up.
Or maybe think about adiscounted price for the first
20 students that sign up andthen the next 20 gets a slightly
(08:17):
higher price, and so on and soon until you build all the way
up to your full price offer.
So think about adding a versionof limited to your course
offering.
The second way is to look atexclusive bonuses.
So offer something unique toyour premium buyers, like an
additional live coaching sessionor a personalized review of
their work or even access to aprivate mastermind group.
(08:39):
Think about something that'sreally going to add that
exclusivity to your offer.
And finally, think about earlyaccess or insider content.
I love this one.
We do this inside TMA all thetime.
Position your course as byinvitation only or offer early
enrollment for certain audiences, so you're making your students
and you're making your audiencefeel like they're part of a
(09:00):
really elite group.
Your offering is not open tothe general public.
Come through the gates of yourworld, of your brand, before you
even get to the front of thequeue, to be able to see what
your offer is, and I'll give youan example from the real world.
So think about Tesla.
Okay, the car company andTesla's early launches are a
(09:22):
masterclass in exclusivity.
So when the Tesla Model S firstcame out, owning one wasn't
just about having an electriccar, but it was about being part
of this amazingly exclusivegroup of early adopters who were
way ahead of the curve.
The electric car curve, andthis sense of being on the
cutting edge created a real buzzthat made Tesla not just a car
(09:45):
company but a status symbol.
Imagine if you could turn yourcourse, your brand, into a
status symbol.
What would that look like?
What would that look like toyour audience, to your niche?
This is how we want to viewyour courses through these
premium content lenses.
Now the third trigger, thethird emotional trigger, is the
(10:06):
emotional boost of status.
Let's talk about status for amoment, because premium
purchases are often less aboutthe product itself and more
about what the product saysabout the person who buys it.
Oh, this is so true, peoplethat drive a certain car you
want to say, oh, they're suchand such a type of person.
Or if you dress in a certainway, a certain style, a classic
(10:27):
preppy style or a grungy rockstyle.
How we come across in ourpurchases and the way that we
express ourselves in the worlddefinitely says more about us
than the product, and people payattention for high ticket items
because it elevates theiridentity, whether that's as a
(10:50):
professional or a leader or evenjust someone who values the
best.
So think about your course.
What status boost does it offeryour students?
Will it help them become arecognized expert in their field
?
Will it position them as aleader in their niche or give
them a personal or professionaledge that they can proudly
showcase?
So how do we position yourcourse for a status boost?
(11:18):
We can frame it as anachievement.
So talk about how completingyour course is a milestone worth
celebrating.
So this could be in the form ofa certificate that they can put
in their portfolio, or they canput on a frame on their wall,
or maybe a portfolio piece or amajor skill that students can
proudly showcase.
Also, highlight the prestige ofworking with you.
If you've got a reputation inyour niche.
Emphasize that access to yourcourse means access to you.
(11:42):
Position it as a chance tolearn directly from someone
who's been there, done that andand can help them.
Help students fast track theirsuccess.
For example, if your course isabout public speaking, talk
about how your students willconfidently deliver keynote
speeches in front of hundreds.
Or if it's a business course,highlight how they'll be
(12:02):
recognized as the go-to expertin their industry.
Let me give you a real worldexample again.
So think about luxury brandslike Chanel and Gucci.
They don't just sell clothes,they sell status.
A Chanel bag isn't just a purseoh, no, no, no, no.
It's a symbol of sophistication, of success and exclusivity.
(12:25):
And the same principle appliesto your course.
It's not just about whatstudents learn, it's about who
they become as a result.
So here's the magic theseemotional triggers don't just
work in isolation, they amplifyeach other.
When you position your premiumcourse with a clear outcome
confidence, add a layer ofexclusivity and tie it to a
(12:48):
status boost.
Add a layer of exclusivity andtie it to a status boost, you
create an offer that feelsirresistible.
Okay, so let's put them alltogether.
I want you to imagine offeringa limited enrollment course that
promises a specific,life-changing transformation in
other words, giving yourstudents confidence and includes
, maybe, vip coaching sessionsdirectly with you.
That's the exclusivity elementadded to it.
(13:09):
Then you highlight how yourpast students have gone on to
achieve major milestones andgain recognition in their
industries, which is giving youa bit of status, and this
combination creates a powerfulemotional pull that gets people
excited to invest not just inyour course, but in the version
of themselves they'll become bycompleting it.
(13:29):
When you understand theemotional triggers that drive
premium pricing, you unlock thekey to creating courses that not
only sell but resonate on adeeper level.
Remember, people aren't justbuying information, they're
buying feelings, they're buyingconfidence.
They're buying exclusivity andthe status that comes with
transformation.
Let's look how we can usescarcity and urgency to further
(13:52):
enhance your premium coursestrategy.
So why are we talking aboutscarcity?
Why does it work?
Why is it such a powerfulelement to when we're talking
about the psychology behindpremium pricing?
Well, scarcity is the idea thatwhen something is limited in
availability, it's perceivedvalue skyrockets because people
inherently want what they can'teasily have.
Right, it's human nature.
(14:12):
And in the context of premiumpricing, scarcity might look
like this.
It could look like limitedspots in your course, or a short
enrollment window, or aone-time bonus that disappears
after a launch.
So scarcity creates FOMO, fearof missing out, which drives
buyers to act quickly instead ofhesitating.
Think about the Birkin bag byHermes.
(14:33):
Now, the waiting list for aBirkin bag can be years long and
that scarcity only adds to itsallure.
So we want to add that elementof scarcity to your course.
How do we do it?
What does it look like for yourcourse?
Think about that.
Do you offer limited spots inyour course or do you offer a
(14:53):
short enrolment window?
I know, when we open the doorsto Teaching Mastery Academy, we
only offer a 48-hour window, twodays because we know that our
community are waiting at thedoors.
For when the Teaching MasteryAcademy doors open, they don't
hesitate.
They know exactly when thedoors open and they are there.
They are at the front of theline.
So think about a shortenedenrollment window, or maybe a
(15:16):
one-time bonus that disappearsafter launch.
We do this all the time as well.
I mix up the bonuses.
Some rounds of Teaching MasteryAcademy will offer one bonus
and then another round ofTeaching Mastery Academy will
offer other bonuses.
So we keep it fresh and we keepit exclusive.
So think about how you can addscarcity to your offering.
Now, remember that when you areadding urgency, it's about
(15:38):
timing.
You want to create a sense thatthe action needs to be taken
now to avoid missing out.
So, while scarcity focuses onlimited quantity, urgency
focuses on limited time.
And here's how you can useurgency to drive premium course
sales.
You can offer early biddiscounts with a specific
deadline, or you could run atime-sensitive bonus for those
(16:00):
who enroll within the first 24hours, or you could use
countdown timers on your salespage to highlight when
enrollment closes.
These are all really powerfulways that you can add urgency,
and if you combine scarcity andurgency together, you will
achieve maximum impact.
So, for example, you could sayonly 10 spots left.
(16:20):
That's that scarcity element,and enrollment closes in 48
hours.
That's the urgency.
So when you put those twotogether, it is potent, my
friends.
That's the urgency.
So when you put those twotogether, it is potent, my
friends.
Now to really understand premiumpricing, let's look at some of
the most successful premiumbrands outside of the course
world.
Let's give you a little bit ofa broad overview of how other
(16:41):
really well-known brands usepremium pricing to their
advantage.
So the first one is obviouslyTesla.
We talked about this brieflyand Tesla, as we know, redefined
the electrical vehicle marketby positioning its cars as
premium, eco-friendly statussymbols.
They didn't market to everyone.
They focused on a specifichigh-income audience who wanted
(17:05):
cutting-edge technology and asleek, exclusive design.
So what can we learn from this?
What is the takeaway from Tesla?
Well, premium doesn't meancatering to the masses.
We need to focus on a specificaudience who's willing to pay
for the unique value you bring.
So never, ever, worry or fearthat by refining and niching
(17:26):
down on your offer, that you'recutting out a whole lot of
possible sales.
You're actually going toincrease the likelihood of
people investing in you if youfocus on a very super
hyper-specific niche, anaudience who's willing to pay
for that unique value.
Let's look at Chanel.
We talked about Chanel brieflytoo.
Chanel doesn't just sellhandbags.
(17:47):
They sell a legacy, a story anda symbol of luxury Going to
Paris and stepping foot in theChanel store in Paris and just
having that overall experienceof being in Chanel Paris and
just having that overallexperience of being in Chanel,
being in Paris and reallyenveloping, soaking up that
French vine.
Because Chanel don't discount.
Oh no, they never try tocompete on price.
(18:08):
Instead, they emphasizetimeless quality and exclusivity
.
So what can we learn from this?
Well, when you position yourcourse as premium, I would
highly recommend avoidingcompeting on price.
You don't want to discount.
You don't want to run sales.
Instead, you want to highlightthe unique transformation, the
quality and the experience thatyour course delivers.
(18:29):
Why it's an investment.
Let's think about a brand likeApple, because Apple thrives on
simplicity and innovation andbranding, and their products are
easy to use, they'rebeautifully designed and my son
absolutely loves their packaging.
He's he's at nine and he'sobsessed with the beautiful sort
(18:49):
of sleek white boxes and howeverything is, I just feel, so
super tech.
And it's the way that Applemarkets themselves.
Is they market themselves asessential tools for creative and
professional success.
I remember growing up, my dadhad a graphic design company and
he was Apple all the way.
All of his computers were Appleand he said it was because they
(19:12):
were the best for design, forcreative design.
So Apple really has identifiedwith that niche in the market.
So what can we learn?
Well, streamline your messagingand design.
So Apple really has identifiedwith that niche in the market.
So what can we learn?
Well, streamline your messagingand design.
A premium course isn't aboutoverwhelming your audience with
content.
It's about delivering a clear,seamless and impactful
experience.
So how does your Apple branding, your Apple box, look like for
(19:36):
your niche?
Your course?
What type of design?
What type of feel experienceare your potential students
having when they visit yoursales page?
Think about that.
Think about how easy is it forpeople to navigate around your
sales page?
This is how we really want toestablish ourselves as premium.
So, now that we've covered thepsychology, let's talk about
(19:59):
some practical strategies toposition your course as a
beautiful premium offer we wantto create, obviously so.
Step one is to create a highvalue transformational promise.
The transformation your coursepromises needs to feel worth the
investment.
So focus on solving a highstakes problem or delivering a
life-changing outcome, forexample.
So, for example.
So, for example, instead oflearn Instagram marketing, you
(20:22):
could say something like createan Instagram strategy that
generates $10,000 a month insales.
Really super specific, focusingon a high stakes problem or
delivering a life-changingoutcome.
Get some really specific detailin your transformation promise.
(20:43):
The second thing is to design anexceptional experience.
Remember that premium coursesaren't just about the content,
they're about the experience.
So you want to be usingprofessional branding and high
quality videos and your iPhonecan do high quality videos and
then you use something likeCanva to add a little logo on
the bottom or, you know, toreally sort of give them a
polished edge.
(21:04):
Same with professional branding.
Canva, obviously, is a greatfree resource, or if you've got
a little bit more in the budget,then maybe look at getting a VA
, a virtual assistant, to helpyou.
Virtual assistants don't haveto be expensive.
I use a place in thePhilippines called onlinejobsph
and they are amazing.
I have had so many incrediblevirtual assistants from there
(21:27):
over the years helping me withvarious brands and various
products and, you know, for aslittle as $4 or $5 an hour, they
can put together some reallypolished content for you.
They can give your sales page amakeover.
It is such a really worthwhileinvestment.
If you are looking at gettingsome additional help, think
about offering personalizedsupport like group coaching or
(21:49):
Q&A sessions, and also thinkabout surprise bonuses to
delight your students, and thisis something that we do at
Teaching Mastery Academy all thetime.
I love just popping in an extralittle bonus there, and I
haven't even advertised it.
It's just something that peoplethat have purchased Teaching
Mastery Academy they get,because I create an environment
(22:09):
for my students where they canexpect the best and they get the
best.
Now the third thing you can dois leverage testimonials and
case studies, so social proof iscritical to premium pricing.
It really is, because it's theelephant in the room.
We can't avoid not havingtestimonials if you're starting
out.
We have to think about waysthat you can get some on your
sales page, because you reallywant to be highlighting success
(22:32):
stories before and aftertransformations, and
testimonials that show the realimpact of your course on your
students and on your community.
And testimonials that show thereal impact of your course on
your students and on yourcommunity.
Maybe some pro bono work thatyou could offer until you start
to get those testimonials tocome in.
Just think about ways you canget those testimonials if you're
(22:53):
new, if you're starting out.
And finally, step four is tocreate some premium tiers.
And when I say that, thinkabout offer multiple pricing
tiers to appeal to differentlevels of buyers in your niche,
in your community.
So, for example, you can havethree pricing pairs for your
course.
The standard tier is aself-paced course for $997.
(23:14):
The premium tier could includegroup coaching for $2,000.
Or the VIP tier could beone-on-one coaching for $3,000.
So think about ways that youcan have multiple pricing tiers
for your course, for your offer,and obviously different niches
will have different ways ofdoing this and your particular
(23:35):
course or expertise might lenditself more to the VIP tier,
where you have the one-on-onecoaching or the self-paced
course.
The standard standard tier for997 might be better for your
audience.
You will know best as to whatthey'll lean into, but by having
those options there it reallydoes mean that the premium
pricing psychology can appeal toyour audience overall.
(23:57):
Finally, I want to address themindset shifts that you need to
confidently charge premiumprices for your course, and I've
got three mindset shifts andyou might be one or you might be
all of them, but these arethings that are in our
subconscious that we really needto start addressing.
Bring it up to the surface,bring it up to our conscious
awareness and let it go.
And the first one was we wantto believe in your value.
(24:20):
If you don't believe in yourcourse and you don't believe
that your course is worth theprice, your audience won't
either.
I want you to remind yourselfof the transformation that
you're delivering and theexpertise that you bring to the
table.
I want you to imagine all thelives that you are going to
change as a result of yourstudents taking your course.
(24:42):
What is the impact that it willhave on the world.
What is that ripple effect thatwill happen from people taking
your course and then going outto help others in the community?
Really believe in the value ofthe course that you're offering.
You have to believe in it.
You have to believe that yourcourse is worth the price,
because if you don't believethat your course is worth the
price, then no one else will.
(25:08):
It comes out in oursubconscious, it ekes out.
So believe in your value.
Okay, that's the first mindsetshift.
You need the second one stopcompeting on price.
You're not a bargain brand andyour course isn't a commodity.
Let's keep you focusing on thevalue, not the price tag.
And I know that it's sotempting to have a race to the
bottom almost with prices.
Look at what your competitorsare doing and then undercut them
(25:29):
, but with a premium pricingstrategy, we leave that
completely alone.
We don't even look at that,because it's not a race to the
bottom, it's not a.
You're not a bargain brand and,funnily enough, the more that
you position yourself as bargain, the harder your clients are.
It attracts a segment of themarket where people don't
(25:50):
appreciate the quality thatthey're getting and it's almost
like you have to over deliver towin their approval.
So, in order to elevate yourcourse to the premium pricing
level, remember that you do notneed to compete on price.
You are not a bargain brand andyour course is not a commodity.
Okay, and the third mindsetshift that we need to address is
(26:11):
that we need to embrace ourpremium buyers.
Remember that premium buyerswant the best and they're
willing to pay for it, but thatmeans they appreciate the best
because they know what the valueof it is.
So your job is to show yourstudents why your course is the
solution that they've beensearching for, why it is the
(26:32):
premium answer, why they shouldturn left on the plane rather
than right, why they should stepinto your first class premium
course world.
Because they will appreciatethis, my friend, and they will
thank you for it when they getthe transformation that you have
got waiting for them.
All right, let's recap.
(26:55):
So, premium we talked aboutpremium pricing and how it's
rooted in psychology.
We've looked at the confidence,the exclusivity and that status
.
Those three things confidence,exclusivity and status are key
drivers with premium pricingpsychology.
Then we looked at scarcity andurgency and how, when using
these two together, can bepotent for creating FOMO that
(27:17):
motivates your buyers to act forcreating FOMO that motivates
your buyers to act.
We have looked at some of thekey lessons from premium brands
like Tesla, chanel and Apple toshow us that quality, experience
and branding really matter topremium priced courses.
Then we looked at how toposition your course as premium
by focusing on transformation,by designing an exceptional
(27:37):
experience and leveraging socialproof.
And then, most importantly, welook to have a belief in the
value you bring in your ownworth.
And we've just scratched thesurface today on the psychology
of premium pricing, and we coverthis in so much more.
We go so much deeper in thepsychology of premium pricing,
(27:57):
the psychology of teaching inTeaching Mastery Academy.
So if you really don't want totake your course to the next
level, you don't really want tolook at how to turn your course
into a premium offering, thenjoin the waitlist for Teaching
Mastery Academy so that you arethe first to be notified when
doors open.
Next you go onto our VIP list.
You can head tobeclosetochyschoolteachercom.
(28:18):
Forward.
Slash tma, that's t forteaching, m for mastery, a for
academy, to save your spot.
So thanks for hanging out withme today.
Remember, keep creating, keepserving and remember you've got
this, my friends.
Bye for now.
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