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Rachel mcmichael:

The Pros & Cons of Hosting a Free Challenge vs. a Paid Bootcamp

Should you host a free challenge or a paid bootcamp?

On today’s episode, we're going to talk about the pros and the cons of hosting a free challenge versus a paid bootcamp.

We're going to talk you through why we recommend initially opting to go free, but why some other businesses choose to go with a paid bootcamp.

We’ll dive into the data, metrics, and math of it all so that you have all the information you need to start making these informed decisions for your business! We’ll also tell you how the math can sometimes be manipulated to make one avenue seem better than the other.

Let’s dive in!

1:39

At 1:39, I take you back in time a bit (to a roller rink!) and share why my daughter’s first time roller skating is a lot like how we approach our businesses: so often we're afraid to try something new because we're afraid that we might fail. Because if we fail, what will that mean about us? What will that mean about our product, or our service, or our ability to do business, or our ability to be in business?

9:28

At 9:28,  we get into the details about how we make the decision to do a free or paid challenge: Math & Budgets! And if you don't love the math in your business, it might just be because you don’t know exactly how to use it to inform your business decisions. But here’s the good news…you can get really good at the math! I didn't used to love the math in my business, but I got good at the math in my business because I realized the math and the data really matter.

21:09

At 21:09, we talk here about how it’s really easy to manipulate the math. So, if you’re seeing everywhere that a certain strategy is better than the other because “the math” says so, we help you understand how the math can be manipulated if you don’t understand your data and your industry. You have to know what’s true for your industry to make the best decisions!

FREE
Budget
$1,000
Free Leads Cost $5-10/lead
100-200 leads
$27 bootcamp paid Leads Cost $30-$45
Conversion %
2-8%
Total Sales
2-16 sales
Paid (good case)
Budget
$1,000
Free Leads Cost $5-10/lead
$27 bootcamp paid Leads Cost $30-$45
$27 lead = 36 leads
Conversion %
20%
Total Sales
6-7 sales
Paid (average)
Budget
$1,000
Free Leads Cost $5-10/lead
$27 bootcamp paid Leads Cost $30-$45
$40 lead = 25 leads
Conversion %
10%
Total Sales
2-3 sales

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I’m so grateful for you!

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