S3E13 | Is a Paid Challenge For You?
Sandra shares three different ways you can monetize your challenges without having a launch at the end.
“Some of you are asking, other than launching towards the end of our challenge, how do we monetize this challenge? I have a couple of things I’m going to tell you.”
Last episode we talked about how running a free challenge can help you grow your group, grow your email list, generate excitement for a launch, and increase your credibility, but you may be wondering how you can monetize a challenge.
You can certainly charge people to take your challenge, but I would advise you only do this after you’ve run your challenge several times and worked out all the kinks. This will also give you time to get statistics on the challenge results and gather testimonials. You want to get those bragging rights! But just note, if you’re charging for a challenge, you likely won’t be growing your free group very much. Even though you’ll have less people join for a paid challenge, those who do join will likely be highly qualified. So while you likely won’t grow your group, you will gather highly qualified people.
Another option is to run a free challenge, but have an upgrade offer. In my latest challenge I had an upgrade offer that started as $10 and was completely an experiment, but those who paid were promised all the recordings from the challenge. So that included every Facebook Live training I did for eight days. They also got four hour-long Zoom calls that they could attend, and they would receive a copy of those recordings as well.
This upgrade offer was perfect for those who either wanted to get to know me more because they wanted to see what I was like to work with, or because they didn’t think they’d have enough time during that week to go through the challenge, so they could always refer back to the challenges.
Another option to monetize your challenge is to stop using it as a challenge and offer it as a workshop. You can charge for this workshop, and even turn a one week challenge into a day-long workshop, as long as that works for your challenge.
So you have three great options for monetizing your challenge: charging people to join your challenge, including an upgrade offer, or transforming your challenge into a paid workshop.
I hope you try one—or more!—of these monetizing strategies!