One of the questions that I get asked the most about teleseminars is whether they should be free or if they should they have a cost attached to them. At first thought, the answer seems to be obvious. Free seems to have no downfall, right?
Not necessarily. In fact, I would bet that you wouldn’t see much of a difference at all as far as the number of people you get on the call. You’d probably still have the same number of people on the paid version as you would on the free version. Why? If you charge for it, it increases the perceived value of what it is you’re doing.
Let me give you an example. If you told everyone on a call that you were going to give them the resale rights to the whole series that you were creating, what value would that have to them? Now if you said they could get resale rights to this particular series and it’s going to cost them $5,000, then immediately, the series has more value to it. Suddenly, people are going to take it more seriously. If you start charging for a teleseminar, people are going to take it more seriously.
The difference in the number of people who sign up for your paid call versus your free one is dependant on your price point. If the difference is from free to $200, that’s a big difference. But if you go from free to a fee of $50 or less, then I don’t think you’re going to see that much of a difference at all.
Anything less than $100 is considered an impulse item. Let’s say you do a call a month and you average 20-30 people on each call. If you charge $50 to those 20-30 people, you’re talking about anywhere from $1,000 to $1,500 a month in revenue, and you’re still building your list by 20-30 a month. Not only are you building your list, but you’re doing it with paying people. You see, not all subscribers are equal.
I have two lists. I have one list of people who have signed up to be part of my free newsletter, and I have another list of people who have bought a product from me. Which list is a better list? Obviously, the list that bought is the best because they have already spent money with me. They have already proven that they are willing to spend money with me.
Someone who has purchased from me is likely to spend money with me again some time in the future. The other list may be just as good, but we just don’t know because they have not bought from me yet.
So, if you are using the teleseminar as a list builder, and you are giving great content, then you should feel comfortable charging at least a little money for admission. Making the amount nominal should not hurt the number of people who sign up for the call and will help qualify your list as an active one. The main thing is that the whole time you are collecting names, you are also putting money in your bank account.
Repeat after me… “It’s OK to make money in my business!”