While that’s certainly an option and a great way to justify asking for several thousand dollars per ticket, this model has one big problem. It isn’t scalable because you’re limited in how many you can sell by how much time you’re willing to spend on these meetings in any given week or month. We’ll circle back around to these methods later.
Now let’s look at some options that allow you to create one of these high-end products, without this limiting factor involved. These are high-value products you can create, set up once and then sell over and over again. The reason creating a high-end product is such a good idea is because the majority of your prospects and customers won’t buy them. Yes you read that correctly.
The reason you love the “big ticket” stuff is because you don’t need to sell a lot to be profitable. Let’s look at an example. This is why you don’t care if you sell tons.
Let’s say your average product costs $27. To make $5,000 per month, you need to sell an average of 185 of them. That’s a lot of prospect turned buying customers; plus you need to repeatedly find that same number each month to reach your income goal. Now let’s say you have a $97 product. You only need to sell 51 of them. Last but not least, let’s go crazy and say you come up with something you can sell for $497. You only need to sell about 10 of those per month.
Now let’s circle back around to the idea of doubling your income. Sure you could come up with another $27 product, but you’d have to do double of what you’re doing now to generate an extra 185 sales. But what about that $497 product? It could become the last piece in your product funnel. Not every single one of your customers will buy it. Only the ones that need the extra help and are serious enough about reaching their big goals will pick it up. But that’s ok. You don’t need a lot of them to buy it each month to seriously increase your profits.
There are a lot of different ways to create these products. Your main goal will be to offer a lot of value and to make a real difference in your customers’ lives or businesses.
For example, this could be a comprehensive guide with workbooks and open office hours where customers can ask questions. In the guide you walk them step-by-step through each part of the process of reaching their goal. Or maybe it’s an interactive video course that allows them to pick and choose lessons specifically on the stumbling block they are facing next. Or maybe part of it is access to your own team of people who can help them create covers, set up websites etc. Or maybe it’s yearly access to your membership site where they get help, motivation, advice, and interaction with like-minded people. Get creative.
Remember those methods of coaching mentioned above? Well why not record yourself coaching and sell access to these “owner lead” coaching sessions for a monthly fee or even package yourself coaching on a specific topic and put it together with step by step cheat sheets and some workbook and package that as your high end ticket price?
Think about what you would have wanted when you were in their position. What would have helped you get to where you are now faster? Create that and then don’t be afraid to put a premium price on the product.
Speaking of getting help for your setting up especially after COVID-19 sign up for the Hustlecamp monthly coaching sessions. Learn how to earn from your side hustle and much more.
Iolande V. Argent,
CEO, Solutionspreneur, Money Maven and Media Host
Tweet me @tweetiva