How to Sell High Priced Products
Online and Offline
By Yanik Silver
www.SurefireMarketing.com
========================
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
* 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!
(c) 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 onine:
http://www.InstantInternetProfits.com
========================================================
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2008 has drawn to a close, and many Web professionals are wondering what next
year will bring. It may seem arbitrary to make predictions, but Web business is
not a static industry and forecasting often shines the light on our practical
hopes for the future. Website Magazine's predictions for 2009 reveal that in
spite of our current economy, the Web as a whole will continue to see strong
growth and investment over the next year - a prediction that many industry
analysts don't necessarily agree with. As companies large and small see the
value in genuine participation, it will pave the way for even more adoption over
the coming year.
Without further ado, here are Website Magazine's 2008 Web Predictions:
Please note: You are encouraged to comment below and share your thoughts on
what 2009 will bring to your business and the Web as a whole. Just log in to
comment.
A Major Social Media Shift
There will be a noticeable, albeit
slight uptick in social media usage (using weblogs and leveraging
online networking sites for instance) due to increased and continued
layoffs across all business sectors. Few small enterprises, however,
will effectively master social media, despite claims that it's
possible. Genuine creativity and original thought will have its moment
in the social spotlight for sure, but those instances will be few and
far between and overshadowed by massive social media campaigns
initiated by those with the biggest budgets and resources. A serious
backlash at communities like Digg and other social media sites might
occur as messages from the less connected are drowned out. This may
create an opportunity for social micro-networks to establish more
active communities move to where their voices can more clearly be
heard. Should things get worse for the economy as a whole, many social
sites will attempt - ultimately in vain - to charge their communities
for participation. This will lead to major social media shifts such as
more robust niche communities or participants abandoning social
networking altogether.
E-commerce and Internet Retailers Get Smart
Once reserved for only the most elite Internet retailers, small and mid-tier
merchants will embrace innovation in the form of recommendation technologies and
alternative payments which both increase their margins and the profit of their
enterprises. Those shopping cart providers that do not provide even the most
basic merchandising and marketing tools will see an exodus from their platforms
to more sophisticated offerings. Smaller start-up merchants will increasingly
turn to open source e-commerce solutions who will be forced to provide support,
creating an opportunity for the open source community as a whole to monetize
development. Technologies will also become more openly available, which will
enable Internet retailers to efficiently manage feedback across multiple
networks with ease to help ensure the integrity of their brands and secure
mindshare with their customers over the long term. While the record-breaking
growth and profits of past years will not be met in 2009, gains in technology
efficiency and will force the e-commerce industry and Internet retailers to
get smart and creative.
Internet Advertising Will Rebound - Big Time
While Internet advertising growth has slowed on the whole, an increase in
spending is expected for 2009, thanks to advances in geo-targeting, greater
local advertising opportunities and a general "me too" attitude among small
local merchants who refuse to go down without a fight. This presents an
opportunity for search marketing agencies (on both the SEO and SEM sides) to
create new revenue streams and further drive growth in the future.
SEO (As You Know It) Will Change: Personalization and customization of search results will send the majority of SEOs into a tizzy, as Google makes major adjustments and tweaks to its search results to place more emphasis on how consumers use the search results. In the continual effort to play catch-up with Google, both Microsoft and Yahoo! will make notable in-roads with behavioral advertising. The behavioral insights gained will slowly begin to influence search results and steal market share from Google.
Affiliate Marketers Will Reap What They Sow
As Internet merchants find ways to reduce costs, a shakeout of massive
proportions will negatively impact the opportunities of many affiliate
marketers. Affiliates who develop their own active communities - not
just a sales-driven message - will be the only ones left standing in
the end. Others will be forced to innovate through the use of
application development and the creation of vibrant content communities
based on paid subscriptions and features. Affiliates will experience
lower payouts overall in 2009. It's already started. Best Buy reduced
their affiliate payout by 75% for two of its best-selling product lines
(laptops and Nintendo Wii.) Expect others to follow suit. Marketers
will also receive closer scrutiny from social communities where the
opportunity to push messages has been open for far too long and open to
abuse. Social networks will crack down through new assessment policies
and remove participants which are not abiding by community-established
guidelines.
Video Will Become Truly Viable for Marketers
Online video
is continuing its explosive growth, thanks to everyone with a recording
device and an idea. It's no different for marketers, except that
promotional opportunities are set to boom. Video delivery is getting
more sophisticated, evidenced by YouTube's ability to broadcast HD
videos. Existing technologies allow for minor video customization, but
new abilities will go even further. Companies like ZunaVision
are taking product placement and custom in-video advertising to a new
level - blurring the lines between ads and content, without impacting
the viewer experience. And for now, it's free - leveling the playing
field for advertisers of all sizes. It's up to marketers to get
creative and have their videos sought-after, rather than eating up
valuable hours forcing videos through social networking and bookmarking
sites. User embeds are easier than ever - no social profile is complete
without a good video. BlendTec is perhaps the best example out there.Website Magazine Article