Have you ever hosted a challenge? Maybe you’re unsure what a challenge even is? In the online world, a challenge is a mini-training where you teach your participants to form a new habit, master a new skill, or achieve a goal. Paid challenges are even more beneficial because they are more worthwhile for yourself and your customers. Let’s go over some of the benefits of paid online challenges for you and your business!
Improve your Business
Online challenges are one of the best ways to grow your list, increase your visibility, and create a strong following. They can be offered at any time (evergreen or just for a specific time period). Since your customers can join from anywhere in the world, it’s an effective way to serve thousands of people. Here are some other major pros to paid challenges:
- Establishes you as an expert
- Can be used as part of a launch
- Provides quick income
- Serves as the first step in program creation
- Becomes a part of your marketing funnel
Your Clients are Committed
Paid online challenges work because where you pay, you pay attention. Your customers are committing to take action, and the challenge keeps them accountable, motivated, and engaged. While you may get more people signed up for a free challenge, a paid challenge requires that level of commitment. Conversion rates are 10% higher and there is also a much higher registrant turn out. Plus, you’ll be able to cover the cost of ads to attract even more customers.
Establishing Trust
Something special happens when a group of people share a successful, positive experience. A good online challenge establishes trust in you and your brand, which creates meaningful long-term relationships with your customers. They’ll spread the word about you and your business and will be more likely to invest in future challenges or even a monthly membership.
Have fun
Challenges are just plain fun! They are fun for you AND your participants. Get creative with your challenge offerings and enjoy getting to know your customer base. It also feels good to share your knowledge, teach a skill, and overall make your customer’s lives a little bit better.