Setting the Right Pricing for Your Mentorship Program

As a mentor, it's important to set the right pricing for your mentorship program. Here are some tips to help you make an informed decision:

1. Factor in the effort and time you will invest

Long-term mentorship requires a good amount of effort and time from your end ⏲️. Consider the time you will invest in mentoring sessions, providing feedback, following up, and any additional support or resources you offer. This will help you to determine the appropriate pricing for your mentorship program.

2. Consider other mentors' pricing and evaluate its effectiveness

Take the opportunity to look at the pricing of other mentors in your field, especially those who have similar experience and are offering mentorship programs. This can give you an idea of the market rate and help you to set a competitive price 💪.

⏩Additionally, consider your potential mentees' financial capabilities and expectations. Conduct market research to understand their pricing expectations and adjust your pricing accordingly, ensuring your mentorship remains accessible and attractive to them.

This will help you establish a fair and appealing pricing structure that aligns with mentees' financial capabilities and expectations.

3. Keep room for discounts and coupons

Setting the right pricing strategy is crucial for attracting mentees and maximising conversions. Offer bulk discounts 💸 or scholarship/discount coupons 💳to entice mentees and encourage longer engagement. When determining your base price, it's important to consider these factors.

✏️For example, If you set a base price of 10,000 with a 30% discount for a 3-month direct purchase, it will result in an effective price of 7,000 per month. Alternatively, when you set a higher base price e.g. 15,000, and provide varying discounts of 30-40%, it will result in an effective price of 10,000, which you wanted to set in the first place.