I felt like most of you. I put my heart and soul into some products and thought it was worth way more then the $17 I was charging. I didn't want to come across the market as too expensive and drop conversions so I didn't charge the full price I wish I could have.
I like to pay attention to those that are more successful then me in my markets so that I can learn from what's already been done. What I started to notice was the difference between 6 figure internet marketers and 7 figure internet marketers. I am a 6 figure marketer and want to be a 7 figure one. It all comes down to the price tag they put on their items.
All the big names, John Reese, Jeff Walker, Frank Kern, etc, they sell products that are $1k+. Of course, if you sell only a handful of these products, you're going to make a large sum of money. Does their product really have $950 worth of more information then the $47 ebook that a well known warrior member is selling? Nope. I've read the best $47 ebooks and also gotten a chance to check out some of the big price items as well. Both offer equal the amount of help in your journey.
The difference is when you sell a product for 1-2k, people start talking about you. Your name is going to grow much quicker with a high ticket item (that works of course). Word spreads when there is a "new guru" in town. You can grow your guru status much quicker by pricing your items higher.
I know a lot of you probably don't think you have the knowledge to put together something you feel is worth $1k+. Honestly, I'm there with you. But, I do know that all of you that have put out a decent $47 is worth more then the measely $47.
Here's an example from this past month that has changed my whole game plan on pricing.
For the past couple months, I have been 100% focusing on developing automated sales funnels in niche markets. The sites are 30-100 pages of articles, videos, podcasts, etc. I get them ranking on search engines and put out a crap ton of contributed content so that I have the automatic traffic coming. I direct that traffic to an autoresponder which has about 6 months of preloaded emails that sell a product I created.
I have successfully built 5 of these in the past months. Once you get a system it's cake to do this stuff. Anyways, one of my first automated websites I created is a market I'm really not interested in being a part of anymore. I would like to move on to bigger and better things. Instead of just letting it die off and not taking care of it anymore, I decided I was going to flip it a month ago.
I was selling my product for $47 dollars in this niche. I did my numbers on how much I would charge to sell the site and product. On average over the past couple months, the site makes 2 sales a day. So I was going to get a nice chunk of change for this site. A couple years of living expenses.
But, I knew that this product package was worth way more then $47 dollars. It was 3 ebooks I wrote, a video course, and 15 podcast interviews with experts in the market. Since I planned on selling it anyways, I wanted to see if raising the price would make any big dents in my sales. So, for the past month I raised the price to where I thought it should be...$197. Big leap. I know. I know it was worth that much though. This product has helped lots of people in the short time I've had it up.
Low and behold, I have still averaged 2 sales a day since I raised that price. I've even had my biggest sales day in this past month. One day selling 6.
So the lesson I learned from this month is sell your product for what you believe it is truely worth. It's not going to matter as long as you offer the guidance that your audience is looking for. They just want help and in a lot of markets, there isn't a price tag on that guidance.
I sold this website this morning for more money then I've made my entire life so far. That's only because I quadrupled the price of my product.
So, you want to be a guru in your market...start acting like one. Sell high ticket items.