602 - Generosity, Pay What You Want Pricing, and Lowering the Barrier to Entry with Tom Morkes

Today’s guest is Tom Morkes. Tom is an author, consultant, coach, and publisher. He’s written several books, including The Complete Guide to Pay What You Want Pricing. He’s worked with successful entrepreneurs, launched authors who have landed on the New York Times, Wall Street Journal, and USA Today Best Seller lists, and has done more than a dozen product launches that have generated more than $100,000 in sales in their first 30 days.

While Tom started his career in the military, he always knew he wanted to follow more artistic pursuits at some point in his life. So after five years of service, he transitioned to being an entrepreneur. Starting a business provided him with the ability to make something out of nothing.

While he’s done many different things, he’s currently transitioning away from implementation toward consulting.

In today’s episode, Tom talks about “pay what you want” pricing, and shares the best way to start experimenting with your pricing, other places this model works, and how to align it properly with your goals and desired outcomes. We also chat the actual results he’s seen from selling his own products with this pricing model.

You can learn more about Tom, his services, books, and courses, at his website TomMorkes.com.

"I think pay what you want is a fantastic way to grow your list, instead of just having a free lead magnet." ~ Tom Morkes

In this episode Tom talked about:

How his military career segued into where he is today.Who his clients are, and how he helps them get to where they want to be.How you can use a “pay what you want” pricing models to increase your sales and traffic, regardless of industry.

Main Takeaways

It’s ok if it takes some time to start selling your product. It might not take off instantly. You’ll have to work to gain traction.People will pay for things, even if you offer them for free.Eliminate your product’s barriers to entry, if possible. Even asking for $1 is a barrier to entry, and getting rid of it could increase results.Try testing out “pay what you want” pricing on a special day with a low-risk, low-margin product.

Important Mentions in this Episode

Tom MorkesThe Complete Guide to Pay What You Want PricingTom Morkes on TwitterThe War of Art by Steven PressfieldSmart Passive Income PodcastPatreon