Everyone has their own idea of value. A high-priced information product for many could seem reasonable to others.
Many successful online businesses have been built around targeting smaller groups of people willing to pay more than the average for something they perceive as quality.
While many online businesses prefer to target a broad demographic of consumers, it is possible to develop and promote more expensive products and find an eager audience.
High-ticket products don’t have to be a core part of the business, though, with multiple price tiers letting you reach a wide group of people.
However, before committing to high-ticket product development, it is worth considering if it is a good fit for your business.
Should You Sell High-Ticket Items?
For a new online business, selling high-ticket info products makes a lot of sense. It is unlikely that a product costing 10 times as much as another will take 10 times as much promotional work to sell.
Effectively positioning and marketing the product to a specific crowd will avoid the wasted effort of trying to convince people who will never buy the expensive product.
Many existing businesses can also benefit, with the opportunity to create an exclusive add-on to the current information product. For example, an infopreneur could include limited personal coaching services.
However, a business that is built around low-cost products will appear incongruous if they start promoting premium products.
Each industry is different, but there are many opportunities for high-ticket info products that business owners often don’t consider.
Earning a sale requires convincing a prospect to take action and make a commitment. A cheap product, though, could be an impulse purchase that has little risk.
Don’t be afraid to take your time with an expensive product, spending a longer period to create it and promote it effectively.
Offline, selling high-ticket products can sometimes involve building a personal connection with the buyer, gradually overcoming objections and showcasing the benefits of the product.
When you are promoting your information products, warm prospects up before attempting to make a sale, using text, video, or webinars to build trust and desire.
Establishing value can vary depending on the product you are selling.
Products that face similar competition at a reduced price need to set themselves apart from the middle-of-the-road alternatives. Additionally, a common product can stack value by including extras within a package.
Products that are harder to gauge in the marketplace can promote luxury, uniqueness, or specialization. Mastermind groups can stand out from cheaper regular courses through exclusivity and the personal touch.
A high-ticket info product might establish value by stacking the typical prices you would pay for each individual element of the course in the marketplace, promoting the idea the consumer is actually getting a bargain.
Provide a Personal Service
A personal service automatically increases the value of a product, whether it involves coaching, assistance, or a personalized sales experience.
When selling online products, the marketing process doesn’t have to take place individually, but it needs to make prospects feel they are in safe hands.
Webinars, for example, are used to sell info products, allowing viewers to get direct access to the seller. The format, however, still benefits from social proof, with buyers feeling they are part of a small club.
Missing out on something valuable that others are getting can be a powerful driver in marketing.
Offer Payment Options
Prospects can naturally create a number of objections to making the purchase, indicated by the high cart abandonment rate among ecommerce stores. The obvious objection for a high-ticket product is the price.
Offering a number of payment options can be a way of overcoming this objection, letting buyers reduce the feeling of risk.
Making scheduled payments over a period of months, for example, can feel more comfortable to some buyers, even if the cost is higher than for a single installment payment.
Additionally, providing a clear guarantee shows you stand by the quality of the product.
Develop Multiple Tiers Within Your Business
High-ticket products could be the focus of your business, but it is also possible to build multiple tiers into your sales funnel.
Coaching is an example of this method, with consumers purchasing inexpensive courses and ascending to a point where they feel comfortable spending a larger amount for advanced knowledge.
Many industries have entry level products that appeal to a broad cross-section of buyers, but an effective sales funnel can move buyers between tiers until they reach your most expensive product.
High-ticket products might not be right for every business, but you shouldn’t feel intimidated by the challenges associated with higher prices.
If you have been selling at reduced prices to offer as much value as possible, introducing a more expensive product will require a new approach to promotion.
However, there is a market within many industries that is content with paying more, often resulting in lower refunds and returns.
As long as you can back up your promises, promoting high-ticket items could be the catalyst for growth as your brand becomes known for the highest quality.
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