How to Sell High-Priced Products
Online and Offline
BY YANIK SILVER
During my presentation at my
recent Underground Online Marketing Seminar 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 "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 20,000 copies of my
'doohickey' at $50. Or it could be 2,000 copies at
$500. Or
better still 200 copies at $5,000.
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, and 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 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 happened? 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 planner) 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 $1,000 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, CD-ROMs, etc.
- High end facilitated group
masterminds
- eClasses
- "Done it for them" services
- Coaching
- 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 © 2005
Surefire Marketing, Inc.
Yanik Silver is recognized as
the leading expert on creating automatic, moneymaking
websites... and he still doesn't know how to put up a website. He is the author, co-author or
creator of several best-selling online marketing books and
tools, including this updated course for selling high-end
products online,
Instant Internet Profits.
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