Creating A Product To Compete With... MYSELF?

10 replies
Hey Warriors,

I havn't been here in a while, hope everyone is doing well!

Anyway, here's a question I have been pondering for the last few weeks:

should I create a product, that will compete with my current product?

At the moment I sell a 'high end' product with lots of features.

I'm thinking about removing some of the features and selling it as a (cheaper) new product.

This might increase my chances of making a sale based on my customers budget, but is it stupid to go into competition with yourself?

Any help or advice would be greatly appreciated
#compete #creating #product
  • Profile picture of the author IMToday
    Definitely go for it. This is a pretty standard thing if you look around. Many products and services are available in different forms and at different levels i.e. silver, bronze and gold package, etc. The only thing you have to figure out is the best way to go about it. Do you use the cheaper version as your primary offer and upsell the more expensive option, do you offer both or all versions at the same time and let the customer decide, etc. People will have different theories on this, but truthfully the only way to know for sure is to just TEST.
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    • Profile picture of the author Richard Van
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    • Profile picture of the author Damielle
      Originally Posted by IMToday View Post

      Definitely go for it. This is a pretty standard thing if you look around. Many products and services are available in different forms and at different levels i.e. silver, bronze and gold package, etc. The only thing you have to figure out is the best way to go about it. Do you use the cheaper version as your primary offer and upsell the more expensive option, do you offer both or all versions at the same time and let the customer decide, etc. People will have different theories on this, but truthfully the only way to know for sure is to just TEST.
      I agree totally, offer the lower priced version on the front end of your business to get more buyers into your sales funnel. Then offer the higher priced version as an up sell.
      You will make more sales with the lower priced version and probably more on the higher priced one as well as people who appreciate the former will see the latter as a natural progression.

      You may even want to throw in some kind of 7 day trial depending on the type of product it is.

      Hope this helps...
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  • Profile picture of the author Warrior X
    If you don't, some one else will. Might as well have something to sell to that end of the market as well.
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  • Originally Posted by highrank View Post

    Hey Warriors,

    I havn't been here in a while, hope everyone is doing well!

    Anyway, here's a question I have been pondering for the last few weeks:

    should I create a product, that will compete with my current product?

    At the moment I sell a 'high end' product with lots of features.

    I'm thinking about removing some of the features and selling it as a (cheaper) new product.

    This might increase my chances of making a sale based on my customers budget, but is it stupid to go into competition with yourself?

    Any help or advice would be greatly appreciated
    Make it so that the more expensive product is a trade up relative to the cheaper one just like the Lexus is a trade up of the Camry.
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  • Profile picture of the author MikeTucker
    The standard procedure is to compete with yourself under a completely different name with a completely different style, to target those lower-end sales.

    (One of my favorite things is when I get told by one of my clients that they really hate that other guy... who is also me.)


    But, don't "remove" features from your higher end product, that will lower the perceived value of those people who really do pay what its worth.

    Just "borrow" the features.
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    • Profile picture of the author highrank
      Originally Posted by MikeTucker View Post

      The standard procedure is to compete with yourself under a completely different name with a completely different style, to target those lower-end sales.

      (One of my favorite things is when I get told by one of my clients that they really hate that other guy... who is also me.)


      But, don't "remove" features from your higher end product, that will lower the perceived value of those people who really do pay what its worth.

      Just "borrow" the features.
      Really appreciate this post! I think you are spot on. Also made me laugh to hear you have customers un-knowingly bitch about you :p

      I was considering creating a whole new brand for the product, now I think I have the courage.

      I also like the idea of starting with nothing and "borrowing" features, as opposed to starting with everything and removing features. I will be aiming to increase the value of both products, rather than damaging one or the other.

      Thanks everyone for your input, you've pushed me in the right direction (hopefully) .
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  • Profile picture of the author dm101
    I agree with all the above comments, pretty much. I would just add that insofar as a cheaper product (or cheaper version of the same product) will broaden your base, its value is immense. The more people you have on your customer list (no matter what the buy-in price is), the more people you can promote your back-end products, your upcoming products when they launch, and so forth.

    I totally agree with IMToday: Go for it, and TEST!
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  • Profile picture of the author angela99
    Originally Posted by highrank View Post

    Hey Warriors,

    I havn't been here in a while, hope everyone is doing well!

    Anyway, here's a question I have been pondering for the last few weeks:

    should I create a product, that will compete with my current product?

    At the moment I sell a 'high end' product with lots of features.

    I'm thinking about removing some of the features and selling it as a (cheaper) new product.

    This might increase my chances of making a sale based on my customers budget, but is it stupid to go into competition with yourself?

    Any help or advice would be greatly appreciated
    Firstly, think in terms of AUDIENCES, rather than products. Secondly, think about formats.

    Regarding audiences.

    Let's say you have a high end weight loss product. "Weight loss" is a HUGE marketplace. That marketplace is made up of various audiences -- niches, if you like.

    You have:

    * People who want to lose weight because their doctor told them they'll die if they don't -- weight loss is essential to them, but it's a huge challenge;

    * People who want to lose weight so that they look good -- for their wedding, for an upcoming vacation, etc;

    * Age groups: kids, teens, moms, moms who want to lose baby-weight, the middle aged, seniors;

    * People who read every weight loss guide they can, looking for a "trick" to weight loss;

    * People who are aspirational: they want to lose weight to feel better about themselves. They feel that their weight is standing between them and something else they want;

    * And so on and so forth...

    So, think about the AUDIENCES for your product.

    You can create unlimited products from your high-end product with lots of features.

    Regarding formats.

    What formats is your current product in? PDF, video, audio, Kindle...

    Think about how you might convey the same information in a different format. People learn in different ways.

    I sell info products, and I'm currently switching formats for many of my products. I'll still be selling the original version, and I relaunch the same products in different formats.

    In brief, think in terms of audiences, and of formats. You won't be cannibalizing anything, you'll be reaching new customers.
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