Your very best products – the premium stuff making you the most money – is worth even more than you think it is.
Let’s say you’ve got a successful membership site. You’re charging $20 a month and you’ve got 300 subscribers.
That’s $6,000 a month you’re bringing in, before expenses.
Obviously you’re doing well with that, right?
So what do some marketers do?
They make an info product teaching how to do this very thing. How to set up the site, how to get the outsourcers to create the content and how to get subscribers.
And they charge maybe $9 or $17 for a WSO or JVZoo offer on this product.
That’s one way to go.
But there is another method – one that generally makes more money with less hassles, and it’s this:
Making a premium offering.
Let’s face it – there are significant advantages to attracting $500 customers over $10 customers in the online marketing field.
A $10 customer tends to be skeptical. They need a lot of convincing because they’re pretty sure nothing works.
That’s because thus far, they haven’t met with much in the way of online success.
And when they buy your $10 program, they often need help.
A typical query: “How do I take payments?”
You: “Have you heard of Paypal?”
Your customer, “Sure, but could you walk me through on how to set that up?”
A $500 customer, on the other hand, tends to be on an entirely different level. They’ve likely already experienced online success, which is why they can see what you’re offering works.
They don’t have as many questions. And they know that any basic answers they do need (like how to set up a website, or Paypal) can be found online, rather than expecting you to do the work for them.
It’s paradoxical, I know.
A $10 customer needs $100 worth of your time. Or more.
A $500 customer generally doesn’t need help. But even if they do, you don’t mind spending the time with them because they’ve paid you good money.
So to get back to my original point, don’t sell your knowledge short.
Packaging your know-how and experience into a $10 product may lead to more frustration for you than anything else, even if you do have a great upsell.
Since, in this example, you’ve got a membership site that’s doing well, you could:
- Offer to build them a similar but non-competing website, complete with 6 months of content
- Offer to coach them one-on-one on how to build their site themselves (far more valuable, since they will then own the skill)
- Work with membership site owners to get their subscribers up to a certain level
And so forth.
And for any one of these things, you can easily charge $500 – $2,000.
Get 10 customers, and at $500 each you’ve just made $5,000.
To make that same money selling a $10 book or program, you’d need to sell 500 copies, assuming you make all the sales yourself without affiliate help.
Now then, how about getting the best of both worlds?
Create the inexpensive product and sell it without any personal coaching. Make this clear – they get the information, but you’re not holding hands for 10 bucks.
If they want personal help, you can offer that as an upsell.
And if they’re truly serious, you can offer one of the above three options at full price as well.
Of course, the $10 and $500 is arbitrary. You will set your own prices as you see fit.
For example, setting up a full membership site with six months of content is obviously worth a great deal more than $500.
As long as you’re not setting up direct competitors to your own membership site, you can do this every single month if you like.
Using this method alone, you can easily double your income.
And membership sites are just an example. This works no matter what you’re doing online that is making you good money.