$1,000,000 Goal in 2009

[Re-cycle]

Hi all,

I am about to launch my own Product/Service and my goal is to reach $1,000,000 in 2009. I know it can be done but my question is the following: Should I aim at selling fewer copies of my product at higher price Or sell more copies at lower price? Which way do you think it's easier to accomplish my goal?

[Jared Alberghini]

Originally Posted by Re-cycle

Should I aim at selling fewer copies of my product at higher price Or sell more copies at lower price? Which way do you think it's easier to accomplish my goal?

Why not split test both, higher price/lower price... and see which converts better?

- Jared

[Floyd Bogart]

It is all about the value the product that your product brings, and not an arbitrary income goal. Goals are good, but must be based on a well thought out plan that takes into account the market, the client and perceived value of your offer.

[Re-cycle]

Hey Jared,

I want to know warriors opinions before I actually launch it. Split testing during a launch can be dangerous, specially by changing prices!

[Jared Alberghini]

Originally Posted by Re-cycle

Hey Jared,

I want to know warriors opinions before I actually launch it. Split testing during a launch can be dangerous, specially by changing prices!

Split-testing doesn't mean changing prices... you can have two different sales pages that you promote seperately, and see which converts better...

- Jared

[Jared Alberghini]

Originally Posted by Floyd Bogart

It is all about the value the product that your product brings, and not an arbitrary income goal. Goals are good, but must be based on a well thought out plan that takes into account the market, the client and perceived value of your offer.

You are correct sir!

[Re-cycle]

Originally Posted by webdesignhq

Split-testing doesn't mean changing prices... you can have two different sales pages that you promote seperately, and see which converts better...

- Jared

Ok I understand. Conversion testing is not my problem. I just want to know beforehand How much should I sell my service for? I have seen similar services sell for $400 but I wouldn't mind getting $50 for it if I'm gonna make $1mil . I just want to know which approach is more realistic to make $1 million. High price, less copies Or lower price, more copies.

[Kelly Verge]

Originally Posted by Re-cycle

Ok I understand. Conversion testing is not my problem. I just want to know beforehand How much should I sell my service for? I have seen similar services sell for $400 but I wouldn't mind getting $50 for it if I'm gonna make $1mil . I just want to know which approach is more realistic to make $1 million. High price, less copies Or lower price, more copies.

Split testing is the only way to know.

1000 visitors at low price point = $X total profit

1000 visitors at high price point = $Y total profit

If X > Y, go with the low price point. Otherwise, go high.

[fjgunner]

Excellents two last advices, I am totally agree, two sales web and compare the results!!!

[ninja newbie]

Originally Posted by Re-cycle

Ok I understand. Conversion testing is not my problem. I just want to know beforehand How much should I sell my service for? I have seen similar services sell for $400 but I wouldn't mind getting $50 for it if I'm gonna make $1mil . I just want to know which approach is more realistic to make $1 million. High price, less copies Or lower price, more copies.

Ok, so since you have seen a price point of $400, why set your launch price
of $297 for your product plus some nice bonuses. And add a downsell component set at say $197 minus the bonuses.

[vorales]

Hi There,

Awesome your sprits are very high good to see that.

Well i would suggest you sell cheep and sell more as you got to make people feel comfortable as what they pay is worth it and they might have a feeling to recommend your product to others if its cheep.

All the best.

[himanuzo]

Re-cycle,

Your goal in 2009 is $1,000,000. What are your internet marketing strategies? And your budget?

[Lance K]

With all due respect, if you don't have a handle on this then you shouldn't be "about to launch".

[ragnartm]

I'd say do a cheap product that will get you all the "cheap" people and the ones willing to spend more, and then do a relatively expensive OTO with the main part of the product that will pick up the ones willing to spend more's money.

[Re-cycle]

Originally Posted by Lance K

With all due respect, if you don't have a handle on this then you shouldn't be "about to launch".

About to Launch, in 2 or 3 months....

I Have almost everything sorted out but as I told before, I'm comfortable if people have to pay just 50 bucks as long as I make the million. The thing is, by selling it at a high price, conversions will drop obviously, but interested people will not hesitate to buy as most people see high-priced products as "better" or "more legitimate". My target audience are not desperate buyers looking to get rich quick as this has nothing to do with that "get rich" niche.

[Tsnyder]

You mentioned service...

$1,000,000 / $50 = 20,000 customers.

Are you scaled up to handle service for 20,000 people?

That would be an important factor in determining price assuming
your goal of $1,000,000 is realistic regardless of price.

Another question... if your competition is selling the same service
for $400 why would you want to sell for $50? Lower price doesn't
necessarily translate to more buyers.

Unless you're selling commodities a common error made by most
marketers is thinking the market is infinite... it isn't. At any given moment
there are "X" number of buyers in the market for your service. Selling
too cheap doesn't mean you'll get more sales... it just means the sales
you got didn't produce as much revenue as they could have.

Tsnyder

[AndrewCavanagh]

The "best" way is to have a product funnel that leads from lower priced products all the way up to higher priced products.

You might have a free report, video or audio that generates leads for your...
$10-$20 report that generates leads for you
$47 ebook or audio that generates leads for your...
$97 to $197 audio program with workbook which generates leads for your...
$497 to $997 full program with consultation which generates leads for your...
$1,497 to $2,497 seminar or workshop which generates leads for your...
$2,997 to $5,997+ mentoring program.

And you may offer these products to different markets in many different ways.

If you get access to an email list where they've already bought a $497 product you might start by offering your $497 product to them.

In the same way if you get a chance to promote to a list where they've only ever bought products at $20 or below you might promote your $10 report to them.

The product funnel allows you to market more strategically and to get huge payoffs in one sale while at the same time creating huge lists of buyers at the lower price end of your funnel.

Kindest regards,
Andrew Cavanagh

[Jon Alexander]

whats the product??

[WebVanity]

Wow. One million? My goal is just to make 313,000 every year. Aim for the stars I always say.

[Bishop81]

Why don't you set up a script for your testing? Set it up to track sales as X Price, and sales at Y price, like said above. If Y sells more, then change X to the Y price and Y to a new price, Z dollars above X. Then you can just keep readjusting until it evens out.