#90 How Audience Size Should Impact Your Product Strategy (And Your Pricing)
Today I'm answering one of the most common questions I get – "How big of an audience do I need to build a course/program/membership?"
You do not need a large audience to have a 7-figure education or community business. There are a lot of strategies to grow your business other than your own social media following.
But your audience size should impact your product strategy... meaning how you detail and price your products.
These are the audience sizes of my last four sprint clients:
645K
2k
2.3M
5k
Audience size doesn't impact our process, but it does impact the strategies that we recommend.
Let's do some simple math –
On a *well-designed* low-ticket membership that is $5-10/ mo we can assume that 5% of your most engaged audience will convert.
For my 2000 followers client – let's say they have 1200 active engaged audience. 1200 * 5% = 60 people – 60 x $5 = $300 per month.
That is not a good product strategy for this client.
For my 2.3M followers client – let's say that 500,000 are active and engaged. 500,000 * 5% = 25k people – 25k x $5 = $125,000 per month.
For this client, this could be a low-effort way to add a 7-figure revenue stream. While a much smaller percentage of their audience will be high-ticket buyers, this is a great option for them to monetize a larger portion of their audience.
What about products for smaller audiences?
Just because you have a small audience doesn't mean you have to charge less. In fact, you can charge more.
One of my clients (audience = 8500) has a program that is competing with a large brand (audience = 136k).
Her program is even priced higher at $1000 more per client. But it doesn't matter. Her clients are still choosing her program, and her brand is still growing, because of the program experience.
Smaller class sizes & community experience
1:1 support with a team of coaches
Transformative curriculum with social proof
Access to this Founder's unique experience
I'm sure you've heard it – the riches are in the niches.
If you have a small audience (hi, me too) – you can still build a 7-figure brand. You just need the right product strategy, offer-suite, and customer experience to get you there.
Oh and if you want help developing your product strategy that is exactly what we do in our Transformative Product Sprint service at Affinity.
The client I referenced with 2k followers 3x'd her sprint investment before we've even wrapped up her project.
We're now booking into Q1 – reserve your spot by replying to this email or filling out our form.
If you loved this, you can subscribe to the weekly newsletter here for free! I send a bunch of resources & share a bts happenings of my business in the email version.