However, I have always felt like I was WAY undercharging for this product. I keep adding content to it, and there's no opportunity for repeat business from the customers who buy this product.
Simply slapping a higher price tag on the product has proven to result in less sales and less monthly income. Also, experimenting with recurring pricing has also resulted in less sales as well.
I have found the most success with selling this product for the low one-time fee of $59. Customers like this, but again, I don't feel that it is a good long-term business model.
There is one thing that I have not tried to do yet, and that is to break this one product up into several smaller products, each of which I would charge between $59 and $99 for.
I have been working for the last 2 weeks on creating sales pages and nicely packaging up individual products. I now have 6 "products" in total. I have not yet initiated this change yet though.
I have never yet used paid traffic methods, but I currently make about $2K per month on just this one single product. Ideally, I want to start using paid advertising, but I want to ensure that my website is set up in the most profitable way possible before doing so.
If you were in my position, which path would you choose:
1.) Do not change anything. Keep the one single product that I have which sells for $59, which produces $2K per month on average. Scale the business up by using paid traffic methods.
2.) Proceed with breaking the one product up into 6 separate products, each of which have a pricetag that falls between $59 and $99. Test this for at least 3 months, risking the possibility that I may have 3 low-income months as a result.
PS - I apologize if I sound like a broken record on here. I keep asking for advice on what to do to expand my business, but I haven't yet found a solution that works as well as just keeping it simple...one single product that has a low pricetag on it. Although it seems to be "working", it still does not feel like a stable long-term solution though. That's why I have to keep trying.