Why People Pay High Ticket Prices For Products & Services
Really, in order to ask
this amount of money for something then the most important criteria is that
you’re able to offer that kind of value in return. An ebook can offer
that kind of value because it can potentially offer information that changes
people’s lives.
So, for instance, rather
than selling just a course, you might offer a seminar that is followed by a
course and that provides access to an exclusive community. This now
seems to offer a very exciting opportunity and will likely help you make many
more sales.
But while that’s true, it’s also true that an ebook is something people are used to buying for $30 and that they know didn’t cost you anything to make. This makes it incredibly difficult for you to convince them that the product is worth what you’re asking and as such, you might find you don’t get that many sales – or that you have to work incredibly hard for them. You’re also much more likely to get complaints.
So, as well as delivering value, you also need to think about expectations. What are people used to paying that kind of money?
There are a few answers
actually:
·
Coaching programs
·
Home study courses
·
Membership
·
Personal training
·
Ready-Made Business Models + Materials
·
Courses
·
Trips
·
Seminars
People expect to pay a lot of money for things that are one-to-one, that are personal, that are rare or scarce, and that are live. Likewise, people are used to paying a lot of money for exclusive memberships and for courses.
Course are particularly effective because they will get compared with other courses. Studying at a university or college – even doing an online course…
–
can sometimes cost hundreds of thousands
of dollars. When you compare your $2,000 course – which comes with some form of
certification
– this suddenly starts looking like a much better deal.
When people get to meet you directly, this also makes them willing to pay more – especially if you have positioned yourself as a leading expert in your field. People will pay all kinds of things for memberships if the membership is exclusive enough (and in this case, the high price creates exclusivity) and people are willing to pay more for services.
One way to create a high-ticket item then is to take what might have previously been a product and turn it into a course or a service.
So, if you have an ebook on weight loss, you can do this by creating a course that is made up of multiple lessons and tests or you can do it by hosting a ‘training camp’ style weekend. You could alternatively offer personal training services by providing weekly calls.
People are also willing to pay more when they feel like they are getting value from lots of different sources. In other words, if you can combine multiple products or multiple services into a single package then you might find that this sells better and appears to offer even higher value.
If you have more ideas like this, don’t hesitate to share them in the comments.
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