Episode 24 – How to Profit With The Pay What You Want Model w/ Tom Morkes

Tom-MorkesI have to warn you, this episode is full of tips and tactics that can take your business to the next level. I had the pleasure to sit down and talk with Tom Morkes all about his publishing career and The Pay What You Want pricing model. He grew up in the Chicagoland area (like yours truly) and went to West Point to join the military. He was a combat security platoon leader in Iraq. When he got back stateside, while still in the Army, he started writing about what he learned in the military and how it applied to entrepreneurship and life. This was his side hustle.

The first time he started monetizing his creative works, he introduced the Pay What You Want Model to his 150 subscribers and made $500. That got him excited and started down of path to really embrace that pricing model. 6 months ago after using the Pay What You Want pricing model to sell some of his writings, he was able to walk away from his job with the military. So in this episode we talk about his journey and how a person can use the Pay What You Want model.

In this interview with Tom Morkes we talk about:

  • What is The Pay What You Want pricing model
  • How to encourage an impulse buy
  • 3 Psychological reasons why Pay What You Want works
  • What is essential to make Pay What You Want work
  • 5 Essential components of Pay What You Want
  • The 6 Step Perfect Pitch Framework
  • Industries that can use the Pay What You Want pricing model
  • What is the biggest concern with using the Pay What You Want pricing model
  • How to setup Pay What You Want
  • How to use Pay What You Want for retainer services
  • How to make sure you don’t undervalue yourself
  • Creators are leaders. Both entrepreneurs and artist. (Click to Tweet)
  • We Are Chicago (My Pay What You Want Project)
  • Much more…

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Cool things mentioned in this show:

 

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  • http://www.sidehustlenation.com Nick Loper

    Haha I just talked to Tom yesterday — you beat me to it! Gonna try some PWYW next year?

    • David Hutcherson

      Yes!!! That was my only goal. Beat the great Nick Loper lol. You will enjoy the conversation and if you are going to use PWYW next year make sure you take lots of notes.

  • http://www.TheLisaBExperience.com Lisa Beasley

    This slide show idea for your episode is awesome! And you let us download it. Too cool!!!

    • David Hutcherson

      Thanks Lisa. Adversity sometimes leads to some of the best discovers. ;)

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