I started by creating only low-ticket items because that’s what I saw others do. But as my business grew, I saw other possibilities and I also gained a reputation for my expertise and realized that I could create higher-priced products.
I know some of you feel uncomfortable about doing this and may not even know why you should, so I thought I’d write about it.
Some of the discomfort may be from past experiences with money. You might wonder, will anyone pay a high price for a product? Let me assure you that if the product is valuable and you’re attracting the right audience, the answer is yes!
High-end events or services is one option
One of the quickest and easiest ways to double your income is to come up with a high-ticket item that you can sell to your customers. One of the most popular models to do this is to offer one-on-one coaching or small in-person workshops. While that’s certainly an option and a great way to justify asking for several thousand dollars per ticket, this model has one big problem. It isn’t scalable because you’re limited in how many you can sell by how much time you’re willing to spend on these meetings in any given week or month.
Let’s look at some options that allow you to create a high-end product, without this limiting factor. In short, we’re going to look at some high-value products you can create that you set up once and then sell over and over again.
Why create a high-end product?
First though, why is creating a high-end product such a good idea? After all, the majority of your subscribers and customers won’t buy them. The reason is that you don’t need to sell a lot to be profitable. Let’s look at an example.
Let’s say your average product costs $27. To make $5,000 per month, you need to sell an average of 185 of them. That’s a lot of new customers you need to find each month to reach your income goal.
Sure you could come up with another $27 product, but you’d have to do double of what you’re doing now to generate an extra 185 sales. But what about a $497 product? A $997 product? It could become the last piece in your product funnel. Not every single one of your customers will buy it. Only the ones that need the extra help and are serious enough about reaching their big goals will pick it up. But that’s ok. You don’t need a lot of them to buy it each month to seriously increase your profits.
Here are some main reasons for offering high-ticket items:
- As described above, it’s easier to make a lot more money
- High-ticket customers tend to be more invested in getting results
- Fewer customers means less time on customer service
- It takes less of your time to promote one high-ticket product than multiple low-ticket products
How to create a high-ticket item
You can create these products in many different ways. Your main goal will be to offer a lot of value and to make a real difference in your customers’ lives or businesses. Here are some ideas for you:
- A comprehensive guide with workbooks and open office hours where customers can ask questions. In the guide you walk them step-by-step through each part of the process of reaching their goal.
- An interactive video course that allows them to pick and choose lessons specifically on the stumbling block they are facing next. Or maybe part of it is access to your own team of people who can help them create covers, set up websites etc.
- Yearly access to your membership site where they get help, motivation, advice, and interaction with like-minded people
A common feature of high-ticket items is that they are “hybrid” — product and service. So you offer them self-study content but also 1-on-1 or group access to you.
Get creative. Think about what you would have wanted when you were in their position. What would have helped you get to where you are now faster? Create that and then don’t be afraid to put a premium price on the product.
Ask some of your best customers what would make a big difference for them. Then put together an outline of a comprehensive high-ticket program that will make that difference for them.
I have an outlining guide that will help you outline the content of your high-ticket product or course!