Here are the pros and cons...and a superior alternative:
The pros of offering a discount:
- You create urgency: People sign up to lock in the low price. A discount is a powerful motivator.
- You enable people to join who couldn't afford it otherwise.
Now to the cons of discounting:
- You "train" people to expect discounts. Many will wait until you offer one again.
- You might not attract the right type of students suited for your course. Some will join because it's on sale.
- You risk creating awkward moments with existing students who paid full price. (I was on the student side of this once. It was weird and made me trust the course creator less).
- You're ultimately making less money while complicating things operationally.
But, what's the alternative to discounting that retains some of the benefits while minimizing the risks?
Offering scholarships helps you reach the people who typically can't afford your course but are motivated to succeed.
Creating a simple application form is easily done in Google forms or Typeform. Set a deadline and scholarship amount.
Now, you just need to announce it on social media and/or as part of your email launch sequence.
You decide how many scholarships you want to award. But it helps to define what criteria you're looking for.
If you have experience with giving out scholarships or you've been awarded one before...
I'd love to hear about your experience.