Overpriced courses – Are ‘gurus’ trying to take the mickey.

Overpriced courses – pet peeve of the week. With yet another guru launch this week and again a 2k pricetag!

So the general Internet Marketing Guru’s pattern is currently this…

  1. Create a course that consists of videos 2-3 hours worth. Bulk itup with pdf worksheets, mp3’s of the videos, and transcript pdfs. Maybe put in some bonuses another 1-4 hours of stuff but not useful for everyone. The course consists of rehash of existing stuff. Created using content from other courses or from a couple of books. It’s their interpretation (which may be wrong – but is usually not comprehensive).
  2. Setup a website and marketing email campaign.  Use  leadpages, clickfunnels, kajabi or optimizepress. Use infusionsoft as their back end to capture leads and feed into a funnel machine.
  3. Do some webinars with gotowebinar as their provider. All to add to the funnel. Use FB traffic to get signups.
  4. Use a hosted backend cart system
  5. Sell the course for $997 or $1997. With some options sometimes to pay in installments.

Well  they may be raking in the millions, but its still overpriced average pap for the main part.

Their faulty logic works something like this:-

  • Make it an expensive course. People will then have a vested interest in proving ‘the’ method works. If its cheaper its more likely that they will not ‘try’ their method out to the full. Then they fail and want a refund.

The fault here is that their course is  average but those that spent 2k on a course are going to give it a big try. So they can justify the spend. More likely they are afraid to admit to themselves they made an expensive mistake.

By and large, any course will get ‘some’ good students. Students who were ready for anything. Students that  get off their behinds and do something. These will generate enough cash to buy again – and you get your repeat customers. There are also a significant number who didn’t and won’t. Those customers will be lost forever.

It’s building a business out of clay. I can see some people doing this wondering why their sales are drying up after a few products and courses are released.

Running the numbers also shows a huge investment (almost 1k a month) in the front end. This needs a huge dosh of cash to churn the system. It needs lots of Ads to get lots of signups, to get lots of  buyers.  A lot of them are just jumping on the next shiny thing. You need a lot of cash to feed this machine.

Additionally,  the advisors suggesting this setup to other ‘entrepreneurs’ are raking it in. People use ‘their’ systems to do this so they get double bubble… “sell a course to use my $99 a month system!”

The only reason I can see for using these systems is lack of technical knowledge. It does take time to develop (sic) but at what long term cost?? Given I’ve got Sendy, node-red and thrive themes I can replace all that setup and the data is my own.

I still need to develop a brilliant taguchi/bayes/bandit optimiser tool but I’ll get there.

Oh and build an average 2-4 hour course!

 

 

Spencer Westwood
 

Author, musician, developer and generally a bit of a self confessed computer geek.