How to set your mentorship pricing?
Most of the mentors struggle to set their monthly price for their Long Term Mentorship. Here's an article helping you with that.
Three main things to keep in mind while setting up your monthly pricing:
1.) Adding your Payout Channels
It is important for you to tell us where you wish to receive your entitled payouts.
Payouts are disbursed at the end of every month for an ongoing LTM mentee.
2.) Set your Monthly Pricing
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.
Please note that our pricing structure operates on a progressive basis. Specifically, the monthly pricing for a 3-month subscription must be higher than that for a 6-month subscription. Similarly, the pricing for a 1-month subscription needs to exceed the amount set for the 3-month subscription.
To illustrate, if the 6-month pricing is set at 10000, the 3-month pricing must be higher than 10000, and the 1-month pricing must surpass the amount set for the 3-month subscription.
Take the opportunity to look at the pricing of other mentors **in your domain, especially those who have similar experience and company profiles.
This gives you an idea of the market rate and helps you to set a competitive price.
Platform statistics along with User Behaviour:
We've seen that mentors who keep a high monthly price (above 15K/month)
when starting out on the platform struggled to get bookings due to a lack of credibility, ratings, and reviews.
If you notice, we have also enabled international pricing on your profile 💰
It means that for international mentees you will be paid more due to the effective up marked dollar rate.
3.) Configure your Bulk Discounts
By configuring discounts you can incentivize mentees to take longer term package and enjoy the assurance of committed mentees via multi-month LTM purchase at one go.
How to set up discounts?
Step 1: Open your dashboard and go to "Payments & Coupons" click on "Discount Coupons". Click on "Create Coupon" to start creating a new coupon.
Step 2: Configure your discount coupon, Click on "Create Code" to create the coupon code
Configure Points:
Coupon Code - this could be anything without space (For ex: SART20)
Discount value in % - this can only be a numeric value like 5, 10, 15 etc which will decide the discount in percent that will be offered
Applies for LTM with Duration of - this coupon code will be applicable on the months you have selected in the checkbox. You can create multiple coupon code for different months to create a better incentive for your mentee to take higher month packages.
Show this coupon on checkout? - Enabling this will eliminate the need to share this coupon code exclusively with your mentees during or after the trial session. Enabling this will make it visible for all mentees to see it in your checkout page.
Usage Limit - this lets you can decide how many time a coupon code can be used since creation
Set Expiry Date - this lets you run a coupon code till a specific date after which the coupon will not be applicable.
This will eliminate the need for renewal follow-ups, freeing up your time to focus on what matters most—providing exceptional mentorship!
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