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How to Sell High Priced Products
During my presentation at my recent Underground Online Marketing Seminar (www.UndergroundOnlineSeminar.com) - I talked about my own "Underground" secrets. One of the things I covered was how to sell super high-end products.
Personally, I've sold everything from $17 ebooks to $14,500.00 "Apprentice Programs" and lots in-between. My most recent high-end product is a $7,995/month program for cosmetic surgeons.
I really love high priced products and you'll see why in a moment...
First off, if you want to make $1M this year - then you'd have to sell 20000 copies of my 'doohickey' at $50. Or it could be 2000 copies at $500. Or better still 200 copies at $5000.
It's a lot easier dealing with 200 customers than 20,000. Think of all the customer service and infrastructure, etc. Plus, as a general rule - the buyers of a high-priced product or service are better buyers are easier to deal with than someone who bought a $9.95 ebook and drives you crazy.
The other thing is these customers pay more attention and revere the information or product/service more. I've attended $500 seminars and I've attended $10,000.00 seminars. Which one do you think I was paying more attention to? So having higher priced products is actually better for your customers because they are more committed. Think about the last time you gave free advice to someone - what happen? That's right. Nothing. But if you had made them pay you for consulting - they would have taken it to heart.
But there's still more on the economics side...
With a higher priced product that means you have more money to advertise. If I'm going against someone selling a $19 ebook and I'm selling a $199 home study course in the same market - who can spend more?
No contest, right?
My competitor can only go up to $19 (unless they've got a back-end product) but I can actually spend up to $199. But what else does that let me do? I can come into a marketplace and suck up a big part of the resellers because I can give more commissions. Hey, that's the name of the game for many affiliates. I can give them $100 to promote my product instead of the measly $10 my competitor might give them.
And of course speaking of economics there's more money in it for you. If you've got a high priced product there should be a very high margin built in. If not, raise the price. I'm serious most people are undercharging for what they provide. My rule of thumb and one of my values I look at it every morning in my planners says "I am rich by enriching others 10x - 100x what they pay me in return".
That's a big deal for me. If you pay me $1000 for a product - I want to make sure it delivers $10,000 in value for my customers. I suggest you consider something similar. If your product isn't good enough for you to raise your price on it - make it better!
Here are just some of the high-end products you could sell in the information marketing world (I've successfully sold all of these and taught many of my students how to do the same):
* Live events like workshops and seminars
* "Big" boxes of manuals, CDs, DVDs, CDroms, etc
* High end facilitated group masterminds
* "Done it for them" services
* Reprint rights and licenses and many more...
And don't think high-priced products can only sell if you are selling 'how to make money' related products. I have students and friends doing very well selling high priced products to the fitness marketplace, the dating markets, small niche obsessive-compulsive markets, self-help, career marketplaces and many more.
Now a lot of people think selling high priced products are a lot tougher than low-priced products. Not true. You usually spend about the same effort trying to sell a high- priced product as a lower priced product.
Now when selling a high-priced product most people make the mistake of just trying to "1-step" it. That means sending people off to a webpage or sending them a sales letter and then nothing more. Only a small percentage will buy this way. I prefer lead generating where I get people to "raise their hands" and say "yeah I'm interested". This way I can now afford to spend more to chase those prospects. And it's not enough to just email them follow-ups. I prefer to have a whole arsenal at my fingertips if needed like direct mail, voice broadcast, telephone calls, postcards, etc.
If over-delivering on value - hold your breath and add an extra zero to your price. You'll thank me for it! ;)
Copyright 2006 SurefireMarketing.com
This article was posted on March 05, 2006