As with all products, we need to think about price points. We want a relatively significant price point. Let’s look at price points in the $197, $497 and $997 range. You may have products that fall lower and/or higher than that range, and that’s perfectly fine. But I think you should have one or two products that fall in that $197 to $997 range because you can make more money with less effort with products in that scope.
Within that price range the three prices I would use are $197, $497, $997 because they are typical price points. People are accustomed to them. (I probably could have thrown $297 in there also.) Those ranges are high enough that you’ll make more money…and if you use these three “typical” price points, you will make the money with less effort.
In order to sell more, you need to advertise more, and these higher price points give you more advertising dollars to work with.
Another reason I suggest these price points is because they work great for webinars. They seem to be the sweet spot for selling on webinars.
Keep in mind, with webinars we sell one-to-many, so we not only make money we also build a list. Webinars actually give us two lists:
- A list of buyers
- A list of people interested enough to register for the webinars.
Webinars are great for both sales and building leads!
Let me ask you an important question, “How many new email addresses did you add to your list yesterday?”
For most people the worst-case scenario answer is, “none” and the best scenario answer would be, “not enough.” With those two answers, we have a problem, right?
With either of those answers, you’re not doing enough to generate leads. You may not be doing anything to generate leads, which is really bad. You have to generate email addresses so that you can promote your products(s) over and over without incurring more advertising expense. Webinars are the best way to get those addresses.
Sure, you need to buy advertising to promote the webinar, but if you capture the address, you now have it and can follow up with them.
The more qualified email addresses you have, the more money you can make, and webinars are the perfect venue for this. Plus, you will make some sales directly off of the webinar.
Webinars are incredible because they enable you to make the most money in the shortest period of time.
There’s only one catch—you need a product that will fit my stated price range. If you don’t have one get one! You can even do a webinar if you don’t have the product in order to force you to make the product.
Here’s another look into my mind. I tend to procrastinate. Many times, I just can’t motivate myself to create the product that’s floating in my mind. But, if I do a webinar and offer that product for sale, I am forced to get off my butt and create that product. I’ve done this many times over the years.
Referring back to the outline I created earlier in this article, we’ve talked about products, information products in particular.
The next item is software. I’m not going to talk much about that. I know I’ve made a fortune with software. It’s how I got my start, but about all I’m going to say about software is “DON’T DO IT.”
Software is a very high customer service type of product. In fact, I think software requires more customer service than any other offering.
One reason why people create software is for residual income. If done right, people have to pay them monthly or annually or, in some cases, just for upgrades.
The biggest mistake I’ve made in my software business is not creating residual income sooner. My early software products were one-time payments with free upgrades.
That brings me to another question I have for you. “Do you have residual income coming in?” If your answer is no…well, you know what you need to do.
Residual income is compounding income. If I have $1,000 a month coming in this month, and I continue to market, and sell another $1,000 of residual product…I now have $2,000 a month coming in. Yes, I realize there will be people who leave, but you get the point, right?
To create residual income, you need to find something you are really good at. I know you may not agree, but you ARE really good at something. There is something you could talk about all day and never tire of it. Your residual income product needs to be based on whatever that is.
For me, I can talk about internet marketing or WordPress all day long without ever getting tired of it. I love to find uses for WordPress that it wasn’t intended to do. Success is another subject I could talk about forever.
We all have limits on what we could talk about all day long. For some people, it may be one or at max two things. For me, I would say it might be five topics max.
There are two things that stop people from doing this:
- You don’t see how you could create a business around it.
- You have this ridiculous idea that you want to do something new—something you know nothing about.
The main reason you need something that you could talk about all day is because you need content. You have to know and love the topic so you can continually create content.
What’s the magic price point for a residual membership type product? $97 a month.
At $97 a month, you only need 86 people in order to earn
$100,000 a year. That’s not a lot of people. Sure, people will come and go but it should be fairly easy to average 86 people per month.
$97 x 86 (people) = $8,342 (per month) x 12 (months) = $100,104 (annually)
Workshops is my third category in my product mental compartment.
A workshop is a seminar with a specific, desired outcome. Usually, they are shorter than a seminar. They could be anywhere from one hour to a day or even a week long. For me, I like three days.
When you sell a workshop, you are basically telling people…
Buy this workshop and we’re going to walk you step-by-step through.
And by the end of this workshop, you will be able to .”
This isn’t possible to do with every subject, but if you think it through and can make it work, it’s worth the effort. One caveat is that you need to love to teach in order to do this. A big plus is that, in most markets, you will not have much competition.
Here’s an example of how I might promote a workshop. I would create a video that says something on the order of…
“My name is Armand Morin. Thank you so much for joining us here. I am doing a workshop on March 16th, and it’s going to be about how to set up your Facebook page to get maximum exposure and how to create your Facebook marketing strategy for any product or service that you do.
“It’s going to be a live, one day event.
“You do not need any previous Facebook experience when we start, but by the end of the day you will have 1) A Facebook page 2) a marketing strategy and 3) you will leave this workshop on the right path to success.”
That’s a really rough draft of what I might say on the video… I’m just trying to give you the gist of what I would use to promote this.
With a workshop, unlike residual income type product, you don’t have to be able to talk for days on end on your topic. Your biggest market is beginners, so there’s no need to teach something complicated. Keep it simple.
Workshops work great virtually. With the COVID virus shutting face to face meetings, you can live stream your workshop or use a platform like Zoom. One great aspect of a virtual workshop is that you are able to easily record it and sell the recording to the attendees. Or, maybe add it as a bonus to your membership site.
Silver, Gold, Platinum and Titanium members can watch the full training this article was taken from by logging into the Marketing University Member’s area and clicking on “Weekly Training” (left hand menu) and choosing the training called “Marketing Multiple Products.”