One of the best ways to make money is with High Ticket Products. So, this month let’s talk about creating your own High-Ticket Products.
You may be thinking, “my market will never buy high ticket products.” And, you know what? In rare cases you might be right, but in most cases, you’re not.
Just about everybody is afraid of a high-ticket product. I was the exact same way. I was honestly afraid of marketing a high-ticket product. As I have progressed throughout my career the definition of “high-ticket” has changed quite a few times.
In fact, when I started selling and talking at seminars, my initial definition of “high-ticket” was about $297. Then, eventually it went up to $397, then $497, $797, $997, it just kept going up and up and up. When I got to $1,997 I thought, “This is where I’m going to stop.” And I did, at least for a while. But eventually my price points went up to $2,497, then $5,000.
When I reached the $5,000 product price point, something strange and interesting happened. I felt uncomfortable. I felt like I didn’t belong. I felt my products weren’t worth that. It was not an external feeling; it was more of an internal feeling. Now, the reason I say it was an “internal feeling,” is because there were people selling products with literally half the amount of content and information as mine. and they were selling $10,000 and $15,000 packages.
I felt I needed to keep my prices lower. Was that wrong of me? The answer is no; it’s just where I felt comfortable. You see, every person has a certain price point threshold. When they reach it, they can’t bring themselves to go beyond it.
Right now, you may feel that your products are worth a certain price. Even if you took all of them and bundled them together, you still would have a price point that you wouldn’t feel comfortable exceeding and that is perfectly natural. But, I’m going to tell you right now, you could probably be two, maybe even three times higher than where your price is at.
Creating Something That’s Worth A Higher Price
We’re going to get you there, but first let’s look at creating something that’s worth that higher price.
Over the years, I’ve learned and changed. Today, I price my products based on their actual value. When thinking about new product pricing, I think through these items:
- What is the product?
- How much content does it have?
- What is its value?
- What do people get out of it?
- How much should I charge for it?
There are always exceptions to the rule, but there are some very basic scenarios that we can go through to create a product. I want to walk through the concepts of creating your own high-end, high-ticket type product. I’ll cover the reasons why to create it in a very specific way. These are processes that have stood the test of time. This is what I do when I create my products.