7 – Create A High Ticket Item You Can Sell Again & Again
Note: This is the last post in my 7 Day Double Your Money Challenge.
Our goal here is to help you find ways to double your income as painlessly as possible. Please don’t misunderstand! I’m not promising you’ll double your money in 7 days… but… if you implement the ideas in this mini-course, you’ll be well on your way! If this sounds good to you, sign up to get the daily emails!
One of the quickest and easiest ways to double your income is to come up with a high ticket item that you can sell to your customers. One of the most popular models to do this is to offer one-on-one coaching or small in-person, local workshops.
While that’s certainly an option and a great way to justify asking for up to several thousand dollars per ticket, depending upon your niche and expertise, this model has one big problem. It isn’t scalable because you’re limited as to how many you can sell by how much time you’re willing to spend on these meetings in any given week or month.
Let’s look at some options that allow you to create one of these high-end products, without this limiting factor involved. In short, we’re going to look at some high-value products you can create that you can set up once and then sell over and over again.
Let’s run the numbers
First though, why is creating a high-end product such a good idea? After all, the majority of your subscribers and customers won’t buy it. The reason is because you don’t need to sell a lot to be profitable. Let’s look at an example.
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 new customers you need to find 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 okay. You don’t need a lot of buyers each month to seriously increase your profits.
Choose the best options for you and your customers
There are a lot of different ways to create these products. Your main goal will be to offer a ton 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. Think about what you would have wanted when you were in their position. Or 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 your product.
A Message from Norma... In case you're curious, I started working online in 1997 - in the dinosaur days of the internet. My purpose here at HomeFreeMedia is to help YOU build the business of your dreams by developing and recommending top quality products and tools. This will also result in profit and affiliate commissions for me, so we both win!
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