Offering Multiple Products Good or Bad Idea?

by eloshy

Posted: 14 years ago 9 replies

INTERNET MARKETING

Hello,

I was wondering on your thoughts of offering multiple product options. I have a stock trading site and I currently offer 3 different monthly subscription products. The price points are $250 -$100- $25. The $97 and $25 are products spun off my $250 product.

I have more people in the the $25 than $250, which has me feeling like I am not asking for the big sale and opting for the small ticket sale. Also missing sales because I am giving to many options to the buyer, creating more objections.

My thought was just to offer the $247 and focus on building the membership base on that and really pushing the fact that the $250 has all the advantages of the other products plus a lot more.

Offering the one product would also lessen the work load.

Just wanted to get some feedback.

Thanks

#bad #good #idea #multiple #offering #products

dvduval 14 years ago

The advantage to the lower price is building a critical mass faster. If higher prices don't affect volume the obviously charge the higher price. We have sold our product at $30 and $80 price points since 2006, and what is nice is we have a great user base, and many ways to monetize now.
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williamrs 14 years ago

I think that the only way you have to figure it out is by testing. However, it can be a good idea to offer the cheapest memebrship first, and then offer an upgrade for people who buy it. Like a Silver and Gold package. It would be good because you wouldn't lose sales by offering too many options to your the user right away, but would still make some extra money with the more expensive membership.

William
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Jenna Paulson 14 years ago

Go for the $247 product. Might be less sales, but also less hassle too. Most people leave membership sites after 3 months anyway.
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- eloshy 14 years ago
  
  That is what I am thinking just one product.
  
  One sales page not sure how I would offer 3 products with 3 different sales pages.
  
  Thanks
  
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- dvduval 14 years ago
  
  Originally Posted by Jenna Paulson
  
  Go for the $247 product. Might be less sales, but also less hassle too. Most people leave membership sites after 3 months anyway.
  
  You still have to account for sales. If you aren't getting any, either the presentation or the price is not right.
  
  Thanks
  
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  eloshy 14 years ago
  
  Exactly,
  
  That is why I feel like I should just focus on one and then see where issues could be.
  
  Thanks
  
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ShaneRQR 14 years ago

Generally, anytime your prospect is faced with a decision, that lowers conversions (a big generalization, I know).

That's why you see many products being sold in a very linear fashion:
Squeeze-page with lead magnet -> low-ticket offer -> upsell to high-ticket offer.

This usually gets higher conversions that if you ask the prospect: "Which do you want? Offer A, offer B or offer C?"
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tyroneshum 14 years ago

I'd agree with offering the affordable one first then moving onto the next one (if it's particularly relevant) which will serve as an "upgrade" from the first successful launch. I tried having that strategy or trial and error for my first own membership site as well having it offered $47 monthly (period of 6 months) first then after plenty successes, I've relaunched it amounting to $197 per month over 4 months and still, while they complete the subscription, all that was once offered will be theirs forever.
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- eloshy 14 years ago
  
  Thanks for the input.
  
  The lower priced products are just a spin off of what I offer in the $250 service.
  
  So, I broke it down and repackaged it to offer different price points. However I am creating more work for myself by having different products. I have found it hard to promote 3 services. I often get asked "what is the difference" between the 3.
  
  I just hired a copywriter to create a better sales page for my $250 product. I am not sure having 2 other sales pages would be confusing to the buyer.
  
  Thanks
  
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