I created an online course (with USP validation) that I had put up on sale for $49. I conducted a couple of free multiple-beta rounds and kept improving the course for 6 months. Kept working on people's feedback.
A time came when the beta feedback was quite positive and they also validated the price tag of $49 to be reasonable for this course.
Then I setup facebook ads and started getting clicks for my sales page (for which I paid $1000 to a pro-rated copywriter for setting it up). However, no one purchased the course. A couple of people reached the checkout page never completed the transaction. This has been heartbreaking.
I've been solopreneuring since the last 18 months with 6-12 hours a day besides my day job in order to reach here. I've put in a lot of hard work, I've done my time in the trenches and given it everything I can but it's heartbreaking to see no one buying it at this price.
I'm trying to setup an email funnel now but everyday I'm running into new complications with email server setup / content issues, setting up A/B testing etc.
So I'm now considering whether I should start selling the course for $5 to start with. I'm bleeding on my funds and as I get real customers I can keep getting their feedback to keep improving the course. The small trickle of money can help paying for some of the costs.
Meanwhile, I can keep tinkering with my email funnel + sales page as well based on these purchases. As I get more feedback, keep improving the quality of the course I'll raise the price slowly.
My question is this:
- How does this pricing strategy sound?
- Is this a reasonable way to start selling or am I making some crucial mistake here?
- If this is the wrong approach then what is the right approach?