how much should I charge

15 years ago

Wow, that is a lot. If this was a big guru, he would provide the 6 videos as the core product for $37 and he would put everything else as an up-sell for $57.

Personally, I would never really have a product that big, unless I am planning to hugely over deliver for about $27 - $47. This is because, if you start listing your product at $90 + you can't reach most of the IM market that goes for products <$50.

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harrel

15 years ago

Originally Posted by IMReview

Wow, that is a lot. If this was a big guru, he would provide the 6 videos as the core product for $37 and he would put everything else as an up-sell for $57.

Personally, I would never really have a product that big, unless I am planning to hugely over deliver for about $27 - $47. This is because, if you start listing your product at $90 + you can't reach most of the IM market that goes for products <$50.

Yep, that is a good pricing strategy. I was thinking about it but I've got some horrible experience with upsells. Few of my customers told me that it looks like a hidden pricing or hidden scheme. Maybe that is because it isn't an IM niche. So I discontinued upsells.

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DeborahDera

15 years ago

From a buyer's perspective, I can honestly say that upsells really piss me off. It immediately tells me that I spent money on a product that is not complete and that I will not be able to use it as effectively as it was advertised unless I buy this new "surprise" stuff.

I say set a higher price and keep it together. Some of the best products I've purchased were all inclusive.

Originally Posted by harrel

Yep, that is a good pricing strategy. I was thinking about it but I've got some horrible experience with upsells. Few of my customers told me that it looks like a hidden pricing or hidden scheme. Maybe that is because it isn't an IM niche. So I discontinued upsells.

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harrel

15 years ago

Originally Posted by DeborahDera

From a buyer's perspective, I can honestly say that upsells really piss me off. It immediately tells me that I spent money on a product that is not complete and that I will not be able to use it as effectively as it was advertised unless I buy this new "surprise" stuff.

I say set a higher price and keep it together. Some of the best products I've purchased were all inclusive.

Well I'm extremely thankful for your buyer's perspective advice.

I'm too thinking the same , actually I used to sell 3 ebooks for $47 that has an upsell of a $67 audio course which consists of 4 tracks of 20 minutes each. But many people were unhappy with it calling it a hidden "guru" trick to snatch their money and stuff like that. It wasn't like 1 or 2 people but at least 2 dozens of people sent an email to the support saying the same.

This is why I'm pretty scared of splitting the product and selling it as a complete step by step program to help people who are struggling to achieve results to at least get them started. :confused:

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John Romaine

15 years ago

Originally Posted by IMReview

This is because, if you start listing your product at $90 + you can't reach most of the IM market that goes for products <$50.

And to me, thats a good thing.

They're the type of whinging buyers who want refunds 5 minutes after purchase.

Think big - think $500, $2,000, $5,000 products. If you're an expert in your field, and you have knowledge that people are willing to pay for - forget about pushing crappy $17 ebooks.

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harrel

15 years ago

Originally Posted by ramone_johnny

And to me, thats a good thing.

They're the type of whinging buyers who want refunds 5 minutes after purchase.

Think big - think $500, $2,000, $5,000 products. If you're an expert in your field, and you have knowledge that people are willing to pay for - forget about pushing crappy $17 ebooks.

Thanks this is one wise advice. I do have a list, but I cannot send them an email and ask hey how much should I charge? I haven't seen someone doing it so cannot say if it will go good or not.

I agree, I hate $17 ebooks that have very low value. I'm thinking of charging $197 but I'm stuck between $197 and $297. Also I'm thinking whether I should a monthly membership by breaking this product or just one time offer single product. I also NEED to make sure that people go through the whole training and don't skip anything.

I'm 100% committed to help people achieve results, we will call them and set their account, also we will send them free 3 months reports and exercise.

Does anybody have any experience about which model converts better and has low refund rates?

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John Romaine

15 years ago

Originally Posted by harrel

Thanks this is one wise advice. I do have a list, but I cannot send them an email and ask hey how much should I charge? I haven't seen someone doing it so cannot say if it will go good or not.

I just recently launched my latest product and emailed my list and GAVE them my product for FREE. Not my entire list, just a select few that responded intelligently. Dont get too emotionally attached to your product, even though its fantastic, which Im sure it is. Feedback from your list is VERY valuable. I invested 3 months and a lot of $$$ and I gave away about 50 copies! Crazy hey? However, in return I asked them about my current price, and also asked for general feedback and testimonials. This is a VERY powerful way of getting into the minds of your customers/buyers. Just be transparent with your list, and most of all open and HONEST. In return, you get what you want, and so do they.

Originally Posted by harrel

I agree, I hate $17 ebooks that have very low value. I'm thinking of charging $197 but I'm stuck between $197 and $297.

Survey your list dude

Originally Posted by harrel

I'm 100% committed to help people achieve results, we will call them and set their account, also we will send them free 3 months reports and exercise.

Wow. This sounds like a very personalised service, almost coaching to a degree.

Take a look at this dude. I dont know this guy, and never bought any of his products, IM NOT AFFILIATED, but if you sign up here....

Internet Marketing | Internet Marketing Coaching | High Ticket Selling

....then go on to listen to the audio files, I think it might open your eyes somewhat.

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harrel

15 years ago

Originally Posted by ramone_johnny

I just recently launched my latest product and emailed my list and GAVE them my product for FREE. Not my entire list, just a select few that responded intelligently. Dont get too emotionally attached to your product, even though its fantastic, which Im sure it is. Feedback from your list is VERY valuable. I invested 3 months and a lot of $$$ and I gave away about 50 copies! Crazy hey? However, in return I asked them about my current price, and also asked for general feedback and testimonials. This is a VERY powerful way of getting into the minds of your customers/buyers. Just be transparent with your list, and most of all open and HONEST. In return, you get what you want, and so do they.

Survey your list dude

That is an excellent idea. I will definitely give at least the video training to some people on my list and ask whether they like it or not and how much they think its worth.

Actually I have a refund rates phobia, I don't want people to return the product or have any bad experience.

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John Romaine

15 years ago

Originally Posted by harrel

That is an excellent idea. I will definitely give at least the video training to some people on my list and ask whether they like it or not and how much they think its worth.

Its entirely your decision dude, but I would consider giving at least a handful of your customers everything. The full product. It will be almost impossible for them to help you with pricing and feedback, if you only give them 25% of the product.

Originally Posted by harrel

Actually I have a refund rates phobia, I don't want people to return the product or have any bad experience.

This is an excellent mindset to have because its reflects the level of care about both your customers experience and your proudct. However since you said that, this is even more reason to do what I have suggested above.

Im no guru dude, Im sure others here will be able to offer more valuable opinions. These are just my thoughts.

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harrel

15 years ago

Originally Posted by ramone_johnny

Its entirely your decision dude, but I would consider giving at least a handful of your customers everything. The full product. It will be almost impossible for them to help you with pricing and feedback, if you only give them 25% of the product.

This is an excellent mindset to have because its reflects the level of care about both your customers experience and your proudct. However since you said that, this is even more reason to do what I have suggested above.

Im no guru dude, Im sure others here will be able to offer more valuable opinions. These are just my thoughts.

I will definitely give away the whole product to few people including the people here who are interested in leaving an honest review.

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masterjani 15 years ago

Originally Posted by harrel

I will definitely give away the whole product to few people including the people here who are interested in leaving an honest review.

Make sure you do that one day before lauching otherwise people will wait for reviews....
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John Romaine

15 years ago

Do you have a list?

If so, ASK THEM, not us.

* EDIT - Wait a minute. Have you considered splitting this product up? Selling that much in one hit may have downsides, (higher price, too much to digest, overwhelming the customer) Perhaps split it up as individual products or upsells. Another option is to drip feed the content and charge a recurring monthly fee.

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VegasVince

15 years ago

The answer is the same for WHAT EVER IT IS YOU SELL.

Ask your target MARKET rather then your fellow marketers.

Your market will vote with their DOLLARS...(or lack thereof)....and that requires taking concerted action in the market place....aka.....get in the game and test.

Their vote is the one that counts....and will eventually dictate a price point for you....and you'll also get your metrics down. Claude Hopkins 101...and nothing has changed.

RE: your question: All we can do is offer "opinions".

And those are a dime a dozen.... mine included.

good luck with it.....

Vegas Vince

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Scott Skinner

15 years ago

Here is idea. Cut the product in half. List it with WSO Pro on this forum with a graduated pricing structure. Get mega testimonials and then use them as a basis for part 2 sales letter-offer bout 30 days later. Of course part 2 will cost 2X or more.

Just be sure part one is "above and beyond." Overload them with quality content that is applicable Right Now. Then when part 2 comes out, the repeat sales will be almost effortless.

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kamalmix

15 years ago

think any price, but dont forget about audience, because it could be expensive fot them.

just charge for it close to 60-70$ and trial version of the product for the price close to 7$ and dont forget to make good reviews, and make good feedback thru some people

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matt5409

15 years ago

why do IM products always have a 7 in their cost?

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kamalmix 15 years ago

haha. i noticed it after your post
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Ben Gordon 15 years ago

Originally Posted by matt5409

why do IM products always have a 7 in their cost?

It is considered a lucky number, god's number too. It is also a generally happy number that makes you smile, not frown. It's proven by scientists.

Furthermore, when you put a price of $59 people have already gotten used to thinking it's $60, I'm sure every human being that's been in a grocery store thinks that too. When you put a price of $57, people are stuck thinking if it's $60, or in the $50 range. Most think of it as $50 (once again, proven by scientists).

Overall, people think of it as a much lower price, even though it's $2 off, which is nothing compared to the amount of extra sales you're going to be receiving, and people think of it as a good, happy number.

Hope that clears things up about the number 7 and why most experienced internet marketers use it at the end of their product.
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- inspiredguy 15 years ago
  
  Originally Posted by Ben Gordon
  
  It is considered a lucky number, god's number too. It is also a generally happy number that makes you smile, not frown. It's proven by scientists.
  
  LMAO - Ben, your post made me smile!
  
  Harrel, you mentioned the importance of members completing the steps or process you provide in your course. Those who pay a higher price may be more inclined to complete it since they *invested* more $ into it.
  
  Thanks
  
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Vulk

15 years ago

If I may ask..what the hell is up with the fascination with the number 7?
27,97,197,57???

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George Chernikov

15 years ago

Simple calculation:

A) How much does the system described in the product earn you each hour?
B) Estimate the average hours of customer support required for each copy sold
C) Multiply the product earnings per hour (see A) by average hours of customer support per copy; that's your cost per copy.
D) Determine how big a profit you want to make with each copy sold
E) Add your profit margin to the cost per copy

So, for example, if your system makes $50/hour, and you expect to provide up to 5 hours of customer support for each copy sold, you'd be crazy to sell it for anything less than $250, because then it would be more profitable for you not to sell at all and simply keep doing what you're doing. At $250, you would break even; at $275, you would make a profit of $25 per copy.

Bottom line, don't start doing something that will cause you to start earning less money that you could have been earning had you kept doing what you're doing now. This is also known as opportunity cost.

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tracy821

15 years ago

Here's my .02 worth. You can mail your list and ask for beta testers. Give them your whole product and ask them for feedback. Don't do it just on the price. Even as careful and proud you are of your product, something may need a little tweaking and your beta testers will let you know.

I also heard you say that you customers need to go through the whole training and not skip anything. This sounds like a good fit for a membership program with drip content. You can also add different membership levels and offer more with each level. That may get you to cover all the price points you are considering.

Hope that helps! I wish you much success with your product!

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Greyhounds

Banned 15 years ago

If I were you, I would sell the initial package for really low, and then offer an upsell for $250.

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midasman09

Banned 15 years ago

Excuse me....I felt COMPELLED to jump in here.

Your "Niche" is NOT people who frequent WF! They are looking for ways to make money with their PCs.

Granted....you are looking for people interested in WHAT you are offering (personal improvement) and maybe some folks here can give you some Marketing Tips and Techniques (which is what I'm offering)

So...in the "Spirit" of helping you "SELL" your program I'd like to offer the following, based on my previous experience with a "Personal Trainer" (in Queens, NY).....whom I took from trying to improve on "getting more clients for his "Personal WorkOut Sessions"....to "millionaire status" who is now living on a hillside overlooking the ocean...in a beautiful home in Costa Rica.

Rather than provide the details of how "we" did this (I use "we" because it was ME...offering my Marketing "Suggestions" and HE...using them)...I will give you the "basics".

First off....you must SEPARATE "Suspects" from "Prospects" to "HOT Prospects".

Most of the folks here on Warriors are NOT "prospects" for your program.

OK...I'm going back to 1996 when this internet stuff was just starting to get going and MOST of it applies TODAY (2011)

Why? Because "basic Marketing" and "Psychology of Persuasion" and "Sales Techinques" are ....what WORKS!

So....here's my suggestions'

1) Separate "Suspects from Prospects" by offering something for FREE! To get YOUR prospects to "Raise Their Hands and be Noticed)

How do you do that? Go into an area where "people" (some of YOUR people) are lurking (either Magazines, Directories or Craig' List etc) Offer a Freebie; "FREE Video Reveals How To Get In Shape in 5 days!"...or "FREE Report (If you don't want to do a video) Reveals How To Feel Better and enjoy Life...starting in 24 hours!)

Now...HERE is MY "Secret" KEY to selling "Jillions" of copies of your program
(You will NOT hear this from ANYONE ELSE HERE on Warriors! I am GIVING YOU....THE "KEYS TO THE KINGDOM"!...in plain sight of all other Warriors!....why?....because it's Memorial Day 2011 and I'm feelin' VEERY Patriotic! Just came back from our VA Cemetary and I'm feelin' very emotional and PROUD of what "WE" (Capitalistic and FREE) Americans are all about.

So....here's the skinny;

Offer a FREEBIE ...DVD or CD...to get "Prospects for YOUR program" to "raise their hands" and Request....your FREEBIE!

Now...your Freebie DVD (for Video) or CD (for Typed Info) along with having the "Free" info (these are usually "Sales Messages" getting people to ORDER your Main Program)....also contains.....HERE IT COMES....the SECRET TO WHAT CAN GIVE YOU A 25% RETURN ON ALL INQUIRIES to your "Free" offering!

How'd YOU like to get 1 order for every 4...FREEBIES you sent out?

Well....here's how I do it and how you can ...too!

"IN THE "SALES DVD or CD" YOU SEND TO THE "Freebie Seekers"....(hold on...HERE it comes!)....you ALSO INCLUDE the "Actual Program" you are selling!

Did you GET that?

Pay CLOSE ATTENTION!

IN the DVD or Written Report (on CD) you are offering as a FREEBIE .... is the ACTUAL stuff you are "Selling"... and...you make your "Prospects"...aware of this by telling them;

"If you'd like to enjoy all the benefits of what my DVD (or CD) is offering....you can Have It...within minutes!

"Yup! No Waiting for it to be delivered, digitally or otherwise! YOU ALREADY HAVE IT!

IT'S IN THE DVD (CD) YOU HAVE IN YOUR HANDS...
RIGHT NOW! No Wondering IF you will receive it or When....YOU ALREADY HAVE IT! You Already HAVE IT!

However...it's "Locked" with a special Code And.... to open it and enjoy all the benefits...within the next few minutes....all you have to do is Order and you will receive the Special "UNLock Code".

So....there you are. A "System" I've used for many years of selling "stuff"...remotely (non-person-to-person)

Thanks for reading and I hope someone here thinks enough of this to toss me a few "Thank You's".

Thanks,
Don Alm....long-time marketing & sales guy

Thanks
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harrel

15 years ago

Originally Posted by midasman09

Excuse me....I felt COMPELLED to jump in here.

Your "Niche" is NOT people who frequent WF! They are looking for ways to make money with their PCs.

Granted....you are looking for people interested in WHAT you are offering (personal improvement) and maybe some folks here can give you some Marketing Tips and Techniques (which is what I'm offering)

So...in the "Spirit" of helping you "SELL" your program I'd like to offer the following, based on my previous experience with a "Personal Trainer" (in Queens, NY).....whom I took from trying to improve on "getting more clients for his "Personal WorkOut Sessions"....to "millionaire status" who is now living on a hillside overlooking the ocean...in a beautiful home in Costa Rica.

Rather than provide the details of how "we" did this (I use "we" because it was ME...offering my Marketing "Suggestions" and HE...using them)...I will give you the "basics".

First off....you must SEPARATE "Suspects" from "Prospects" to "HOT Prospects".

Most of the folks here on Warriors are NOT "prospects" for your program.

OK...I'm going back to 1996 when this internet stuff was just starting to get going and MOST of it applies TODAY (2011)

Why? Because "basic Marketing" and "Psychology of Persuasion" and "Sales Techinques" are ....what WORKS!

So....here's my suggestions'

1) Separate "Suspects from Prospects" by offering something for FREE! To get YOUR prospects to "Raise Their Hands and be Noticed)

How do you do that? Go into an area where "people" (some of YOUR people) are lurking (either Magazines, Directories or Craig' List etc) Offer a Freebie; "FREE Video Reveals How To Get In Shape in 5 days!"...or "FREE Report (If you don't want to do a video) Reveals How To Feel Better and enjoy Life...starting in 24 hours!)

Now...HERE is MY "Secret" KEY to selling "Jillions" of copies of your program
(You will NOT hear this from ANYONE ELSE HERE on Warriors! I am GIVING YOU....THE "KEYS TO THE KINGDOM"!...in plain sight of all other Warriors!....why?....because it's Memorial Day 2011 and I'm feelin' VEERY Patriotic! Just came back from our VA Cemetary and I'm feelin' very emotional and PROUD of what "WE" (Capitalistic and FREE) Americans are all about.

So....here's the skinny;

Offer a FREEBIE ...DVD or CD...to get "Prospects for YOUR program" to "raise their hands" and Request....your FREEBIE!

Now...your Freebie DVD (for Video) or CD (for Typed Info) along with having the "Free" info (these are usually "Sales Messages" getting people to ORDER your Main Program)....also contains.....HERE IT COMES....the SECRET TO WHAT CAN GIVE YOU A 25% RETURN ON ALL INQUIRIES to your "Free" offering!

How'd YOU like to get 1 order for every 4...FREEBIES you sent out?

Well....here's how I do it and how you can ...too!

"IN THE "SALES DVD or CD" YOU SEND TO THE "Freebie Seekers"....(hold on...HERE it comes!)....you ALSO INCLUDE the "Actual Program" you are selling!

Did you GET that?

Pay CLOSE ATTENTION!

IN the DVD or Written Report (on CD) you are offering as a FREEBIE .... is the ACTUAL stuff you are "Selling"... and...you make your "Prospects"...aware of this by telling them;

"If you'd like to enjoy all the benefits of what my DVD (or CD) is offering....you can Have It...within minutes!

"Yup! No Waiting for it to be delivered, digitally or otherwise! YOU ALREADY HAVE IT!

IT'S IN THE DVD (CD) YOU HAVE IN YOUR HANDS...
RIGHT NOW! No Wondering IF you will receive it or When....YOU ALREADY HAVE IT! You Already HAVE IT!

However...it's "Locked" with a special Code And.... to open it and enjoy all the benefits...within the next few minutes....all you have to do is Order and you will receive the Special "UNLock Code".

So....there you are. A "System" I've used for many years of selling "stuff"...remotely (non-person-to-person)

Thanks for reading and I hope someone here thinks enough of this to toss me a few "Thank You's".

Thanks,
Don Alm....long-time marketing & sales guy

Pretty bizare advice.

But thanks, I'm wondering if anyone else ever tried this.

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Jeremy Barker

15 years ago

Originally Posted by harrel

I have finished my product, it consists of 6 videos, 6 mind maps, 3 reports, 5 complete manuals and an audio course as a bonus.

Complete training is created by myself and I have asked anybody to review it. Personal improvement is my niche. I have also add a 3 month free newsletter that contains 1 action plan and 1 report.

It took hell lot of work for me to create this product. This isn't my first product but it is one of the product I'm relaunching, the previous one was just 3 ebooks so I charged only $47. This is a big product.

The content isn't bad, its 100% original.

how much should I charge?

I am not an expert in the pricing of new products but I agree that you should possibly separate these products a bit. It seems a bit large and to get the value that you deserve out of it you would have to charge a high price, which depending on your target market and demographic level, may be tough.

At the same time you do not want to charge too less because this puts in peoples minds that this "product" is of low quality.

Good Luck.

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Vulk

15 years ago

Why does everything end with the number 7.

Thanks.

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harrel

15 years ago

Originally Posted by Vulk

Why does everything end with the number 7.

Thanks.

People believe that this is the magic number.

I don't think so, but it sounds cool. I guess Mike Filsaime's butterfly marketing was the course was the first product with "7"

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matt5409

15 years ago

Originally Posted by harrel

People believe that this is the magic number.

I don't think so, but it sounds cool. I guess Mike Filsaime's butterfly marketing was the course was the first product with "7"

Really? I was hoping there would be some logic behind it other than superstition or "because everybody else is doing it".

That's bad!

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harrel 15 years ago

Originally Posted by matt5409

Really? I was hoping there would be some logic behind it other than superstition or "because everybody else is doing it".

That's bad!

Actually in Eben Pagan's Altitude, he told that this type of pricing converts better. When people made a $1997 product to $1995 or $1999 or $2000, the conversion rated were a little low. Maybe they have tested it. Rayn Deiss told in his "47" split testings that we should test everything. Subtracting 3 from the round figure converts better.

Even if I choose the price from $197 or $297 or $397, I will test it out by making price to $XX7, $XX5 and so on. I'll post some split testing results on the forum.
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vbox

15 years ago

it's interesting when you are struggling to set it to $197 when others selling their WSO under 50 bucks mostly

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harrel 15 years ago

Originally Posted by vbox

it's interesting when you are struggling to set it to $197 when others selling their WSO under 50 bucks mostly

That is because I'm willing to deliver the value much more than most of the $197 products in the same niche.
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John Romaine 15 years ago

Originally Posted by vbox

it's interesting when you are struggling to set it to $197 when others selling their WSO under 50 bucks mostly

What does this have to do with the price of eggs?
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solidblogger

15 years ago

I think your first step should be giving your product to a few people first to get an honest review

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dtal 15 years ago

Originally Posted by solidblogger

I think your first step should be giving your product to a few people first to get an honest review

You need make offer and see review from another people and how much times you guardian for your product to customer. but i think cost for fisrt upper 50$ .
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omk

15 years ago

Look at your competition. See if there is anything out there similar and see how much they are charging. If your product is fairly unique, then you'll have to test your price points to see which price converts best.

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John Romaine

15 years ago

Harrel, just recently I launched a product and took a look around at competitors' sites to get an idea of what they were charging/doing. To be completely honest with you, I was unsure about where to price my product. At the time I had it set at $97, and felt confident with that.

Out of curiosity, and in hope that I might get some valuable feedback, I did exactly what you are doing right now - I asked the forum.

With the answers I got, my heart sank. I thought Id messed up big time. One member in particular said, "Why would I pay $97 for that from you when there's several sites above you in Google that have the same product for free?"

Lets just say that I lost a fair bit of confidence after reading that

First thing I did was hold steady. I didnt make any changes, and I went about performing SEO. I pushed that site to number 1 for my primary keyword. Infact it hit both the number 1 and 2 spot as well as hitting first page for numerous secondary keywords.

I then waited. I waited about a month and guess what? Not one single sale. Not even a lousy optin. But I didnt panic.

I then HALVED my price, and the very next day I made 2 sales.

That site now makes around $300 a month. Not a lot, but a reasonable return on my time/investment.

What did I learn?

1) Asking on the forum presented a mixture, of mostly OPINION. Not sure if any of it was useful, and some of it was hard to swallow. In hindsight, I should have asked my list - which is what i do now.

2) I KNEW because I wasnt getting any optins to view the example of my product that something was drastically wrong. The example was FREE and they werent even doing that. That told me straight away the price HAD to be an issue.

3) I didnt mess around dropping my price by $5 here and there. I HALVED it. I knew that if it was the price, then surely by halving the price - I would see movement. And I did.

Im not sure if there is one definitive answer when it comes to pricing. The best thing you can do is survey your list and ask for feedback. Then of course, test test and test.

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harrel

15 years ago

Originally Posted by ramone_johnny

Harrel, just recently I launched a product and took a look around at competitors' sites to get an idea of what they were charging/doing. To be completely honest with you, I was unsure about where to price my product. At the time I had it set at $97, and felt confident with that.

Out of curiosity, and in hope that I might get some valuable feedback, I did exactly what you are doing right now - I asked the forum.

With the answers I got, my heart sank. I thought Id messed up big time. One member in particular said, "Why would I pay $97 for that from you when there's several sites above you in Google that have the same product for free?"

Lets just say that I lost a fair bit of confidence after reading that

First thing I did was hold steady. I didnt make any changes, and I went about performing SEO. I pushed that site to number 1 for my primary keyword. Infact it hit both the number 1 and 2 spot as well as hitting first page for numerous secondary keywords.

I then waited. I waited about a month and guess what? Not one single sale. Not even a lousy optin. But I didnt panic.

I then HALVED my price, and the very next day I made 2 sales.

That site now makes around $300 a month. Not a lot, but a reasonable return on my time/investment.

What did I learn?

1) Asking on the forum presented a mixture, of mostly OPINION. Not sure if any of it was useful, and some of it was hard to swallow. In hindsight, I should have asked my list - which is what i do now.

2) I KNEW because I wasnt getting any optins to view the example of my product that something was drastically wrong. The example was FREE and they werent even doing that. That told me straight away the price HAD to be an issue.

3) I didnt mess around dropping my price by $5 here and there. I HALVED it. I knew that if it was the price, then surely by halving the price - I would see movement. And I did.

Im not sure if there is one definitive answer when it comes to pricing. The best thing you can do is survey your list and ask for feedback. Then of course, test test and test.

That is wonderful advice. I have reached to a conclusion that I must give the training to at least 20 people for free. Test the results they got and ask them about the value. After I got their response, I'll try to get a digit and test it. I'll split test it again and see what converts better and bring a decent revenue.

I really wanna thank all of you guys for your help and I'll try hard to repay by helping other warriors in the forum. You guys are awesome and this is one very positive IM forum I've ever seen.

Thanks

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mello87

15 years ago

Like johnny said. Survey the list. Get personal with them, and ask them what THEY would value something like that at! Its the best way to convert to the maximum i would think. Also like johnny said again, do not devalue your own product. If you are an expert, or you know alot about the topic/market you are in, then you set the value too. Find a correct balance, and split test perhaps? Value good quality content high, and people will perceive it to be high value too. I think you get greater success this way than trying to go for flat out sales volumes.

hope this has helped a bit.

Cheers

Chris

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John Romaine

15 years ago

Harrel,
Give http://www.surveymonkey.com/ a look. Its a fantastic service that you can use for free to survey your list.

Heres a recent survey that I did recently asking about my newest product. (I gave away quite a few copies)

1. Out of 10, what would you rate (your product)? [1 being terrible and 10 being fantastic]

2. Do you think this product is priced right at $XXX, or should it be priced higher or lower?

3. Is there anything I could change, add or improve, to make the (your product) better? Please be as detailed as possible.

4. Would you be likely to recommend this to your friends/colleagues?

5. Im considering offering an (potential additional product) to accompany (your product). This would (describe benefits here). Would this be of interest to you?

6. If you answered yes above, how much would you be willing to pay for (additional product)? If you answered no, just leave this blank.

7. Would you be interested in purchasing more products from me? If so, what would you like to see?

8. Please provide a testimonial below. Please provide your first name, and your location at the end. If you would like to send a photo of yourself that would be fantastic too (optional of course, please email them over.) If you would like to provide a video testimonial please email me directly and let me know where/how to find the video.

9. Please add any additional comments or questions you may have.

10. Then get their name and email

Easy peasy lemon squeezy

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barache

15 years ago

I thought by now, putting '7' in the price had been shown to be false? Seems so obvious it wouldn't make any difference. I would like to see the proven research that shows prices ending 97 do better.

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StevenJones

15 years ago

Why don't you break it up in volumes?

1.0
2.0
3.0
etc

Make it a subscription? a kind of membership kinda thing. This could give you atleast 3 months of recurring income.

Thanks

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John Romaine

15 years ago

Harrel, heres a thought.

Instead of pushing your product/service via one site, why not set up two completely seperate sites.

One pushing your product/service at the low end $197, $297 .....

And the other at the high end $1, 997, $2,997, $4,997

Then after 6 months evaluate and see where you want to invest your time and efforts

Just a thought dude

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Thomas Michal 15 years ago

Here is the best way to target higher ticket items:

Radio advertising on a talk station.

(It's cheap "especially late night" people trust the stations they listen to, and most people who would be looking for self help and willing to pay $197 will be adults)

Direct the listener to a lead capture page or set up an 800# and have them leave their email in a message. to recieve a special "free offer" for those specific listeners

follow up a couple informative/inspirational emails to build reputation and consumer confidence

top off with the main offer

Studies have shown people need about around five or more exposures to something before buying when it comes to higher ticket items. For example, that's why at grocery stores nothing in the checkout lane cost more than $5 those are "impulse items" easier to justify spending the money.

consumers have a fear of getting ripped off and experiencing buyers remorse. So the more they trust you the easier the credit card will come out and by starting out with them hearing about you on a radio station they already trust it will give you an in.
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paternosterg

15 years ago

Tim Ferris has great info about testing price.

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harrel 15 years ago

Originally Posted by paternosterg

Tim Ferris has great info about testing price.

I have read his 4 hour work week, he discussed about testing different prices in different markets. In my market, I spent a whole month researching and found that people are willing to pay a good money if they are promised better results and if they like you. I'm trying to figure out how to make them like me, better results can be delivered if I focus completely on giving my perspective and value properly.

I attended Brendon Burchard and Frank Kern's millionaire marketing formula seminar and they mentioned that giving away high value stuff for free helps. in making people like you and pay more. Starting a YouTube channel and giving away tips and advice, promoting it to get more views which also builds social proof will also make people like you.

Instead of giving away 3 reports for free, I need to give something more valuable or start my YouTube channel. If people will trust my advice, they will pay more for some of my best stuff.

Also Dan Kennedy mentioned that we should always focus on creating more value continuously, so that we can charge more. Charging more won't affect our revenue, although it may leave an impact on amount of sales we have per month.

So that's what I'm thinking right now. If you can convince people that you got results and you can deliver more value than what they expect, you can charge more.
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simonbuzz

Banned 15 years ago

I think $57 would be the best choice...

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supersonic

15 years ago

Why not you offer few copies here at WF and let people give you a better idea?
You can mark your work with your website name to avoid unauthorized reselling?

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harrel 15 years ago

Originally Posted by supersonic

Why not you offer few copies here at WF and let people give you a better idea?
You can mark your work with your website name to avoid unauthorized reselling?

I tried to approach 5 to 10 people but I can't PM them, I don't have privileges. I have been here for 2 years but unfortunately I don't have sufficient posts. Anyway, I found few people on Facebook and sent an email to my list. Lets see what happens, I'm waiting for response.
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how much should I charge

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