A question I get all the time from people new to online business, sales or marketing is about spending money on expensive courses, classes, coaching, etc.
They ask me “Should I buy Course X, it cost ($3k/$5k/$10k)?”
This post will go into detail about my opinion of online courses, the pros, the cons and the in-betweens. But first, there are a few things you need to hear.
The Truth About High Priced Courses
Generally speaking, digital products can be hard for the general public to get value from unless they come with mentorship, personal access or amazing examples. That’s the key. But that’s not to say there are no diamonds in the rough, I would know more than anyone that there are…
I have paid quite a bit of money for products over the years, for knowledge, competitive research purposes and inspiration. And every now and then something will really surprise me.
For example, I purchased Frank Kern’s List Control product and while it didn’t teach me anything I didn’t already know about email marketing and building huge email lists that make a lot of money – I got inspired to restart that section of my business.
Don’t Discount Something Just Based On Cost
Most people discount expensive products and say that they aren’t worth it (which can be true more times than not). But, if you buy something that cost $5k, $10k, $15k or more and it makes you… $100k or $500k profit a month – to me that would be worth it. Would you agree?
I think most people would agree. The problem, however, is that how do you really know until you know?
Most of these courses come with 30 or 60-day money back guarantee, if you aren’t satisfied. You can certainly figure it out in that time if this is something that you feel is for you or not.
Obviously, don’t get scammed. Use common sense. Make sure you don’t wire some guy in China $5k through Western Union and expect a refund if you don’t like it.
Why Consultants And Coaches Are Better Than Courses
The big thing that I like to look for when I spend money on high-end courses is personal mentorship or personal access to the expert. In fact, 9 times out of 10 I would prefer to pay a consultant or coach for individual attention rather than his course.
If it comes with individual access to a proven expert or successful entrepreneur it might be worth it for that alone.
I know a lot of people that would pay big dollars to get access to the right people, even for a 20-minute session.
I have had people offer me a lot of money for help with a specific pain area. And I have charged a lot because I know they are going to make a lot if they do even half of what I tell them to do. And I have many friends with different expertise that do the same.
The reason why they are better than a course is that you have communication. You get personal attention and you are taught individually.
Personalized teaching is always better than someone standing in front of a room or sending you a video that was sent to 1000 other people.
I believe that the best teachers are ones that encourage you to take action immediately so what they are teaching sinks in.
Obviously as consultants and coaches, we can’t force you – but they should do everything in their power to persuade you.
The Ultimate Value is Based on Your Action
I’ve given people exact step by step plans to make a lot of money online. Systems that I have developed and used personally that have created some massive businesses and tremendous revenues. Do you think everyone listens? Absolutely not.
The rest is truly up to you. It’s up to you to decide what advice to follow and what to ignore.
I for one, have always had great mentors. Most of them I paid a lot of money to learn from. I sought out people that were fantastic in their field, and steered clear from the posers.
How to Find A Good Coach, Consultant or Mentor
I use the 3 terms interchangeably because sometimes the lines between the 3 can be skewed and blurry. I would refer to myself as a mentor and a consultant more than a coach, but that’s just personal preference in terminology.
The key thing you want to look for is willingness to help you achieve your goals, above all else.
If they are solely concerned only with their fee then you need to run. Don’t get me wrong, you should expect to pay for good guidance from an experienced online entrepreneur but the framing of the conversation should focus on helping you first, and the fees are just a matter of secondary formalities.
Pros of High Priced Digital Courses
With all of the above said, I want to highlight the Pros of high-ticket digital courses.
- Multiple mediums (text, video, audio) usually makes it easier to understand
- Usually more specific and in-depth to a method or system than a book alone would be
- They usually inspire and motivate people
- Can be very rewarding monetarily if you follow the advice
- Could be a worthwhile investment if you are prepared to act on it
- You can usually get a refund if you don’t like it
- Sometimes you can get “free” consulting from the course creator if you are struggling
Cons of High Priced Digital Courses
- Some courses don’t come with any interactive element, making learning a challenge for some
- The cost, if you aren’t prepared to act on what you learned
- The content layout or medium might not be ideal for your way of learning
- Getting a refund can be embarrassing or difficult for some
- You don’t know if it’s going to be good until you try it, with fake testimonials on the rise
- Can be difficult overall for some to get value from
- Sometimes personal communication is far superior than a one-way medium