“Nothing over nonsense” was one of the first lessons that emerged from my theme, “Rise,” this year. It might be painful to watch an income stream trickle slowly towards zero while you’re figuring out what’s next, what’s better, but sometimes, that’s superior to frantically trying to save something not worth saving.
This week, I learned another: Ask for your true worth.
My writing course was the most expensive product I had ever sold. It started from around $200. I had no problem asking for that much, since it was filled with over 100 lessons, a solid 15 hours, of writing experience and lessons acquired over many years. That course sold hundreds of units in its lifetime and made around $70,000.
In hindsight, I should have priced it higher. It was worth a lot more still — but it was also the closest I ever came to asking for my true worth. Everything else I’ve done, from my books to the Four Minute Books membership to my writing on Medium, was far too cheap for its value.
One of my most-read articles on Medium, for example, made $11,873. That sounds like a lot for one essay, and it is. But that essay was viewed almost a million times, and more than 250,000 people actually read the nine-minute piece. That means everyone who read it paid, in essence, less than five cents for a truly glorious dose of inspiration. No one would ask me to sell it directly to people for that much. Even the idea feels insulting. And if I took as little as $1 for it, that’d still make it worth 20 times as much as I was actually paid.
The irony, of course, is that if we pay less, we perceive less value. It’s much easier to talk down a $20 product than a $200 product. After all, it makes you look like a fool for spending that much on a mistake. Plus, the math messes with our heads.
With my writing course, the price also established important boundaries. People could easily identify whether they could afford it or not, and there was little haggling over the price. Everyone wants a deal on a $20 fruit basket, but no one asks for 5% off on a Gucci handbag. One feels like a smart play, the other is just embarrassing.
I’ve spent a long time trying to be the guy who gives away everything for next to nothing, and so far, that has never led to a sustainable source of income. I think I’m done trying. I’d rather have a lasting business than a good-samaritan reputation, because if giving away your last shirt leaves you without anything to give, then how much good will you ultimately really do?
People don’t appreciate cheap pricing on good value as much as they appreciate fair pricing on great value. Stop selling yourself short, and ask for your true worth.