Turning $7 buyers into big money spenders-Why I believe it is tough to do

78 replies
I remember when I first came to this forum and I would ask people about making money on the internet. People would tell me to sell a product for less than $10 because more people would buy at the lower price point. The goal was to get as many buyers as possible as to create a buyers list. Then you could promote higher priced products to them and have a high chance of success. These are people that have already bought from you right? Well what I have found is the opposite. I am sure everyone does not share my experience.

If someone buys a $7 report from you and then you try to sell them a product that costs $50-$100 in most cases this is not going to work. I know some people will say that if the product is high quality and delivers value they can sell reports for these high amounts. Even if this is the case it seems to be getting tougher and tougher to do. People want high value for a low price, primarily because information can be had so cheaply and easily these days.

Think of it this way. If you go to the dollar store you are going there because everything is one dollar. Sure the products might not be the best quality, but it is the price you are attracted to. Now imagine if the dollar store became the two dollar store or the three dollar store.

I guess my question to the warriors is do you ever fear that setting prices for reports/eBooks at a certain price is going to lock you into that price bracket and if this is the case what measures do you take to make sure this does not happen?
#big #buyers #money #spenderswhy #tough #turning
  • Profile picture of the author travlinguy
    People will pay top dollar for top dollar products. Period. As for what you think you can sell your stuff for, well, you get what you expect. It's all in your head, your self esteem, your confidence.

    Look at the offer in your sig. 100 articles for $300. Three bucks per article. Ugh. That's poverty thinking, dude. Apparently you think that's what your time and effort is worth. And as long as you believe that nonsense, it will be true. Here's a novel idea, just charge more. Good luck.
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    • Profile picture of the author BambiFox
      Originally Posted by travlinguy View Post

      People will pay top dollar for top dollar products. Period. As for what you think you can sell your stuff for, well, you get what you expect. It's all in your head, your self esteem, your confidence.

      ... Here's a novel idea, just charge more. Good luck.
      Absolutely!

      The worse thing that could happen is fewer sales. But likely you will get larger gross returns.

      Imagine you're a financial market authority who has a reputation of knowing when certain stocks are going to double. You've done it reliably 10 times in a row.

      Anybody who has verified your successful track record and has any financial interest in the stock market will be at least interested in anything you have to say on the subject.

      Now you have (legal) inside information on a stock that is certain to triple in a month. Would you sell this information for $7 or $10,000? Maybe somewhere in between?

      If you have proven past value, and help your buyer accurately see the high perceived value of your current offer, nearly anything is possible.

      Bambi
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    • Profile picture of the author JRJWrites
      Originally Posted by travlinguy View Post

      People will pay top dollar for top dollar products. Period. As for what you think you can sell your stuff for, well, you get what you expect. It's all in your head, your self esteem, your confidence.

      Look at the offer in your sig. 100 articles for $300. Three bucks per article. Ugh. That's poverty thinking, dude. Apparently you think that's what your time and effort is worth. And as long as you believe that nonsense, it will be true. Here's a novel idea, just charge more. Good luck.
      Now that IS a novel idea!
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    • Profile picture of the author keith88
      Originally Posted by travlinguy View Post

      People will pay top dollar for top dollar products. Period. As for what you think you can sell your stuff for, well, you get what you expect. It's all in your head, your self esteem, your confidence.

      Look at the offer in your sig. 100 articles for $300. Three bucks per article. Ugh. That's poverty thinking, dude. Apparently you think that's what your time and effort is worth. And as long as you believe that nonsense, it will be true. Here's a novel idea, just charge more. Good luck.
      I couldnt agree more!!!
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  • Profile picture of the author xohaibx
    It's simple: Don't become the dollar store

    I think the assumption that everybody who buys a $7 product is broke isn't fair. You have absolutely no idea how financially sound your buyers are or what they can spend given the opportunity and the right offer. You can't "judge" them solely on the fact that they bought a cheap product from you.

    I have personally bought stuff that was less than $10 but I've also been an avid buyer of products that deliver kickass value for a higher price. The point is, as long as the price is justified by the value you are delivering with your product, there's absolutely no reason why you can't convert customers who have bought a low-ticket item from you.

    Also, the "conversion" factor depends on MANY factors - price just being one of them. If your copy sucks and fails to generate DESIRE to take ACTION - then selling a cheap product also becomes difficult. Or let's say you're building a buyers list but are not building a relationship with them by delivering consistent value and building "trust", then it obviously becomes difficult to convert.

    Bottom line: Don't just deliver a quality product - work on delivering a high quality customer experience in every possible way. Build a relationship with your buyers and help them more than you sell. And yes, charge what you're worth - not what you think your customers can afford
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  • Profile picture of the author Rashell
    The problem with the $1Store scenario is that $1Store products are crap. That's why they're $1 and everyone who buys them knows they're crap. That's the $1Store's marketing positioning. Cheap crap cheap.

    That's not what you're trying to do. You're offering a "sampler" of your work at an approachable price. Unfortunately, the way you positioned your original offer may imply that your offer is cheap crap on the cheap. Or you may have positioned yourself as the "good deal" brand. So everyone expects good stuff on the cheap. In either case, you've attracted "cheap" people and it will be harder for you to convince them to purchase higher end products.

    Rashell
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    • Profile picture of the author Kay King
      You can turn $7 buyers into bigger spenders if those buyers are new ones. As a buyer becomes accustomed to spending many of them will move into spending "more" for similar products.

      They may move to $15-$20-$30 and even $50 but are unlikely to become high dollar sales.

      I don't think that is true of $1 buyer...they'll keep buying trials for $1 year after year.

      kay
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  • Profile picture of the author Jesus Perez
    No, I don't. It's just a "loss leader" to get buyers into your funnel. You can't put everyone in the "I only have $7 and that's all I'll ever spend" category. If you are persistent in this thinking, I recommend reconsidering the pursuit of internet marketing because that mindset will doom your business.

    By the way, I've seen dollar store shoppers with $64,000 Cadillacs parked outside. Some people have money...but absolutely love shopping at cheap places.
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  • Profile picture of the author january14n
    Base from my experience if you are looking for true worth of your money you must go for products that are priced base from it's true worth. Cheap products would provide you cheap in return, if you are targeting cheap people you might just end fishing for newbies and not for professionals who are willing to spend their money no matter what the price is.
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    • Profile picture of the author xohaibx
      Originally Posted by january14n View Post

      Base from my experience if you are looking for true worth of your money you must go for products that are priced base from it's true worth.
      I read your statement a couple of times but I still don't get it. Do you mean to say that you should only go for products that offer real value for money?
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      • Profile picture of the author Daniel Evans
        Indoctrination is the ultimate problem.

        We don't have to turn buyers into people who will spend more money.

        We need sellers to turn into people who will sell at a higher price.
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  • Originally Posted by pheonix44 View Post

    If someone buys a $7 report from you and then you try to sell them a product that costs $50-$100 in most cases this is not going to work.

    Think of it this way. If you go to the dollar store you are going there because everything is one dollar.
    Your initial premise is wrong.

    People go to a $1 store looking for cheap deals since they know the price in advance. However, they land on your site without knowing what the price will be: maybe they clicked on a banner ad, or maybe they found you through a Google search, or someone posted your link in a forum, etc. They don't know you, and you don't know them.

    The truth is that you don't know what their financial situation is when they first get acquaintance with your site, nor how high they're willing to go with their bid. Therefore, your low-price entry product is nothing but a hook to direct them into your sales funnel. It's only later, when you present your high-ticket offers, that you start testing their wallet (and your marketing skills!).

    The art of leading the way with entry offers (at breakeven or even at a loss) followed by a series of upsells, is one of the fundamental pillars of marketing, and a craft you must master if you want to make it big in this game.

    Now, all that being said and done, I personally do not like creating $7 products. The effort vs. reward is skewed in my opinion. I prefer to start my sales funnel a bit higher up the ladder.
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  • Profile picture of the author trader909
    Banned
    big money isn't chasing $7 "how to" reports.

    Keep out the gettos selling high quality/high priced products. Those people can't afford it and only want to steal.
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  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by pheonix44 View Post

    If someone buys a $7 report from you and then you try to sell them a product that costs $50-$100 in most cases this is not going to work.
    I've never tried to sell anything for as little as $7 so I don't speak from personal experience, but I can believe this may be so (obviously very variably, and depending on the niche, demographics, your continuity-process, your general communication-skills and all the rest of it).

    But I'm not sure it's the point, anyway.

    Isn't the point that far more will still buy a $50-$100 product from you if you've sold them a lower-priced product first than if you haven't? Even if they're still a minority. If your $7 product was good value, and they liked it, and are pleased that you recommended it, and so on? What makes them buy it, let's not forget, is mostly "how much they trust you when you recommend it to them".

    I sell a lot of $97 products from ClickBank (as an affiliate) and some at higher prices than that. I sell far more of them to people who have previously bought a $27/$37 product on the strength of my recommendation than I could possibly sell to "brand new prospects".
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  • Profile picture of the author Sarevok
    Charge $7 for your initial product.

    Then have immediate upsells in the order process, and on the thank you page.

    Maybe a $27, $97, $197, $497, $1997 upsell.

    Simple as that.
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  • Profile picture of the author mbacak
    Originally Posted by pheonix44 View Post

    I remember when I first came to this forum and I would ask people about making money on the internet. People would tell me to sell a product for less than $10 because more people would buy at the lower price point. The goal was to get as many buyers as possible as to create a buyers list. Then you could promote higher priced products to them and have a high chance of success. These are people that have already bought from you right? Well what I have found is the opposite. I am sure everyone does not share my experience.
    I've found the total opposite to be true.

    I used to sell a cd for 5.77 or 11.77 and put over 1,200 people
    in to workshop from it. They all paid up to 5,500 to attend.

    It worked so well many of the big name gurus of today modeled
    it and added there spin because of the success I had from it. I only
    stopped because I got worn out doing the events every month so
    I sold the recordings of the workshop and retired the event.

    However, I had a sales team selling the buyers via phone and I
    believe two of my past employees are teaching it today. :-)
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  • Profile picture of the author Young Financier
    But....why not continue to consistently hit them for that same $7? If you can do that, you can at least establish some sort of cash flow. Think in terms of low price, high volume. You may not make a lot per sale but if a lot of people are buying at that low price point, you're still doing good.
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    • Profile picture of the author mbacak
      Originally Posted by Young Financier View Post

      But....why not continue to consistently hit them for that same $7? If you can do that, you can at least establish some sort of cash flow.
      Or... why not both :-)
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      • Profile picture of the author JohnMcCabe
        Originally Posted by mbacak View Post

        Or... why not both :-)
        Now we're getting somewhere...

        I've found that your buyer list will fall into three general categories.

        1. People who buy your intro product, find it's not a match for them, and never buy again.

        2. People who are comfortable at the entry price point, and will buy over and over at that price point.

        3. People who will progress deeper into your funnel, until they reach the point where they've achieved what they set out to achieve or you run out of larger products to sell them. Even then, some people will buy your high-end offer multiple times.

        Robin, these people are out there. It's not your job to decide which are which. It's your job to present them with opportunities to identify themselves. If at least some of your low end buyers aren't moving deeper into your funnel, look at your funnel first.
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  • Profile picture of the author BrianMcLeod
    The key component to CLOSING sales is trust.

    Of course, you need attention. Yes, you have to engage emotion and transfer enthusiasm...

    ...but in order to get the majority of your readers to actually go all the way and pull out their credit card, they've got to trust you.

    And trust is EARNED.

    The easiest way to build trust with an audience is to overdeliver, bigtime... on a product that involves very little risk to them for initially saying, "Yes".

    So, in essence... what I'm saying is while it may be "tough to do", it's well worth it to spend a HUGE amount of effort gaining trust in the early stages through free and low-cost entryways to your marketing funnel.

    There's plenty of time to graduate that sale to the next and next after that.

    Brian
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    • Originally Posted by BrianMcLeod View Post

      The easiest way to build trust with an audience is to overdeliver, bigtime...
      I dont agree with this.

      In my opinion, there's no need to overdeliver. People don't need (nor expect) overdelivering when they purchase a product. They buy it in order to solve a specific problem/need, not for any extra sugar coating.

      If your product solves the customer's need, there's no need for extra stuff. Simply deliver what was promised in an orderly fashion, and they WILL buy again from you, as you've already earned their trust.
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      • Profile picture of the author BrianMcLeod
        Originally Posted by Anonymous Affiliate View Post

        If your product solves the customer's need, there's no need for extra stuff.
        Extra stuff is not required to overdeliver.

        Ease of implementation through quality documentation comes to mind.

        Customer experience, like branding is a totality of experience, not just a quantitative "it does this, it did that".

        All that said, I do agree with you that the primary job is to SOLVE THE PROBLEM they're having.
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  • Profile picture of the author palmtrees
    If you wanted to convince yourself that you can't do it, good job. Other people are doing it and I'm sure will be for some time to come.
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  • Profile picture of the author ijohnson
    Selling reports for $7 or for a very low price point can lock you in with a certain group of buyers. If you move away from the Warrior Forum where the vast majority expect all WSOs to be priced low, you may be able to garner more for your product(s).

    Here on the WF, we have come to expect low price points on almost EVERYTHING! Many product creators get all types of flack over the prices of their OTOs or upsells, no matter how great they are. But when you stand back and analyze things, the amount of time, effort and information captured is worth at least 10 times what they're asking.

    The folks who will pay more for it are out there. They pay a lot more for the same product on ClickBank or their own website. Finding those folks and getting them on your buyer's list is the challenge.
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    • Profile picture of the author Steve B
      Robin,

      "Turning $7 buyers into big money spenders-Why I believe it is tough to do"

      Your thread title suggests to me that you're focusing on the wrong strategy, that is, trying to "turn" a customer into something you want.

      That's a faulty premise - that you can turn anyone into something else. You can't and you shouldn't waste your time trying.

      As others have said, "$7 buyers" is the label you put on them because of an action they have taken. It's your label and it has little bearing on how that same person will react to offers in the future.

      To dismiss all your $7 customers is foolish. You don't comprehend the value of a prospect that has taken the step to trust you with his purchase.

      If you ran a restaurant would you turn away anyone that ordered the cheapest item on the menu? Of course not. You give them the best experience you can in an attempt to have them come back for more.

      The best to you,

      Steve
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      • Profile picture of the author BambiFox
        Originally Posted by Steve B View Post

        That's a faulty premise - that you can turn anyone into something else. You can't and you shouldn't waste your time trying.

        Steve
        If people have spent $7 with you, and had a great experience they are much more likely to purchase something of greater value from you for whatever price than someone who randomly comes upon you.

        How do you teach tigers to jump through a flaming hoop? You don't. Trainers observe tiger kittens at play, placing vertical hoops in their play area. Only some of the kittens are predisposed to jumping through the hoops. As they get older, they reward these older kittens who jump through partially lit hoops.

        You can see where this is going.

        Same idea with customers. But you need to start with "customers".

        Bambi
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  • Profile picture of the author Dennisknows
    This turned out to be a ver insightful post. The warriors really came out on this one.

    Something I've noticed is that products are getting back to $97, $297 and $997 again. A friend of mines has a mastermind product for $997.

    He makes $xxx,xxx from Facebook so he knows his worth and people know it too so they come out in droves to pay what he asks.

    It's all about knowing your worth
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  • Profile picture of the author clever7
    I guess my question to the warriors is do you ever fear that setting prices for reports/eBooks at a certain price is going to lock you into that price bracket and if this is the case what measures do you take to make sure this does not happen?

    I usually sell my most expensive product, or my cheapest product. The in between products are sold too, but not as much as the most expensive and the cheapest one. I don't know if these statistics can help you.


    Many times those who buy my cheapest product or another one in the middle buy my most expensive one, or all my products, but it doesn’t happen everyday.

    I don't think you can conclude that people who buy cheap products will never buy expensive ones. There are many types of buyers as many others have already mentioned in this thread.

    If you were not successful when you tried to sell more expensive products to the same list, you should look for different reasons for this failure, without believing that the price difference was the main responsible.
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  • Profile picture of the author pheonix44
    As others have said, "$7 buyers" is the label you put on them because of an action they have taken. It's your label and it has little bearing on how that same person will react to offers in the future.
    I do not place the label on them. I try to put into action what I have learned here. I guess what I asking is how do you get to the next step of selling a higher priced items? What type of value are people looking for if they pay a nice chunk of money for an info product?
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    • Profile picture of the author JohnMcCabe
      Originally Posted by pheonix44 View Post

      I do not place the label on them. I try to put into action what I have learned here. I guess what I asking is how do you get to the next step of selling a higher priced items? What type of value are people looking for if they pay a nice chunk of money for an info product?
      Look at it as a progression:

      $7 basic primer on, say, email marketing
      |
      V
      $27 book or short course on setting up an autoresponder series
      |
      V
      $97 course on copywriting
      |
      V
      $297 group coaching
      |
      V
      $997 advanced course on tracking, conversion and testing
      |
      V
      $4997 consulting contract or done-for-you package

      Each product lays the groundwork for the next level.
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  • Profile picture of the author Tsnyder
    Listen, Pheonix44, when it's all said and done the truth of the matter is this...

    It's tough for YOU because YOU believe it is.

    Period.
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  • Profile picture of the author ronrule
    I've found the other way to be way more effective - sell the big item first, then offer smaller low priced items as upsells. I can usually double order values this way.

    It's a tough jump to go from $7 to $50 or $100. But if you target the right buyers and they're OK with spending $100, what's another $7?
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    • Originally Posted by ronrule View Post

      I've found the other way to be way more effective - sell the big item first, then offer smaller low priced items as upsells. I can usually double order values this way.

      It's a tough jump to go from $7 to $50 or $100. But if you target the right buyers and they're OK with spending $100, what's another $7?
      In my opinion, upselling, OTO'ing or cross-selling a $100 front-end customer with a $7 backend if a waste of a qualified (and paying) lead.

      I personally use 2 formulas for my OTOs, both having worked well for me: I present either a x3 upsell (example: from $97 to $297) or a /2 add-on (example: from $97 to $47).
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      • Profile picture of the author ronrule
        Originally Posted by Anonymous Affiliate View Post

        In my opinion, upselling, OTO'ing or cross-selling a $100 front-end customer with a $7 backend if a waste of a qualified (and paying) lead.

        I personally use 2 formulas for my OTOs, both having worked well for me: I present either a x3 upsell (example: from $97 to $297) or a /2 add-on (example: from $97 to $47).
        I suppose it depends on the product, you might be right for info products. For physical goods, I've tested this about a dozen different ways - higher front end and multiple lower priced upsells lead to higher order values every time.
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  • Profile picture of the author Coby
    Have you ever went to the "dollar store" and bought something for $5 or $10 or $20? I know that I have. Even the dollar stores have "upsells" in place...

    Now, I've also released WSOs that started at $1 and a majority of my "front end" products are priced under $10. So the bulk of my "buyers lists" are "low ticket" items...

    However, I have sold both $497 and $997 packages to these "low ticket" buyers on more than one occasion.

    For me, the low ticket items are just a way to get people introduced to the quality of products that I produce. Many of them can't wait to get more information or another piece of software from me. This leads to a very loyal and hungry group of buyers.

    If people like what you offer they will buy from you at just about any price! But you have to get them to like you first.

    Good luck.

    Cheers,
    Coby
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  • Profile picture of the author thedanbrown
    Considering that you are saying ebooks then I would say Yes. People's expectations of ebooks are getting higher and higher while they have come to expect that value at a lower and lower price. Ebooks have the lowest perceived value of any type of medium of information delivery online, although some ebooks can cost a few hundred bucks but these ones are normally full courses, seminar transcripts, or some other high level course that someone has put a lot of work into.

    If you want to sell low priced products I would suggest offering 100% commissions, building a buyers list like you said, and then developing an offer of your own for a higher priced video or audio product, and then offer that to your customers of your lower priced product
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  • Profile picture of the author AndrewCavanagh
    I have some serious seven figure income marketers who buy
    every product I put out (I notice these things).

    And the price of the product doesn't seem to matter too much
    to them.

    There is some truth to what you're saying...if you have a list of
    people who've paid $7 for a product it's not as good as having a
    list of people who've paid $1,000 for a product.

    But it's still a valuable list and you certainly can sell higher priced
    products and services to the lower priced buyers.

    You usually need a bridge though...a way to get them to trust
    you enough to buy the higher priced products.

    There are many ways of doing that including really delivering on
    your lower priced products and by following up with high quality
    useful content.

    Selling higher priced products and services is more of a process.

    Kindest regards,
    Andrew Cavanagh
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    • Profile picture of the author fin
      Nobody's mentioned membership sites, SaaS, consumable goods, etc.

      I wonder what people think about turning $7 buyers into $10-$50 per month buyers.

      I've not tried it, but it doesn't seem too much of a jump.
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      • Profile picture of the author Coby
        Originally Posted by fin View Post

        Nobody's mentioned membership sites, SaaS, consumable goods, etc.

        I wonder what people think about turning $7 buyers into $10-$50 per month buyers.

        I've not tried it, but it doesn't seem too much of a jump.
        I have tried it - it works great.

        In my case it's a $27/month membership site. I always offer this on the backend and will get new members every time I launch a product and as the new buyers travel through my sales funnel.

        Cheers,
        Coby
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  • Profile picture of the author pheonix44
    Look at it as a progression:

    $7 basic primer on, say, email marketing
    |
    V
    $27 book or short course on setting up an autoresponder series
    |
    V
    $97 course on copywriting
    |
    V
    $297 group coaching
    |
    V
    $997 advanced course on tracking, conversion and testing
    |
    V
    $4997 consulting contract or done-for-you package

    Each product lays the groundwork for the next level.
    I believe I see how this progression works. The higher the price gets the more powerful the information has to be at showing people step by step how to achieve a certain result. But more important it has to actually produce, otherwise the buyer would not be driven enough to buy the next product that would cost more. Am I warm?
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    • Profile picture of the author JohnMcCabe
      Originally Posted by pheonix44 View Post

      I believe I see how this progression works. The higher the price gets the more powerful the information has to be at showing people step by step how to achieve a certain result. But more important it has to actually produce, otherwise the buyer would not be driven enough to buy the next product that would cost more. Am I warm?
      Warm? You should be sweating...
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  • Profile picture of the author pheonix44
    The products that would cost hundreds, these do not have to be elaborate do they? What I mean is if I tried to sell a product for $297.00 what would make that product worth it would be what it could produce and not how fancy I could make it look. So essentially if I sold a single 5 page PDF report for the price mentioned the value would be in it ability to deliver a strong result. It would not have to be hundreds of pages with a fancy cover and a bunch of hype would it?
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by pheonix44 View Post

      what would make that product worth it would be what it could produce and not how fancy I could make it look.
      This is completely true.

      But value and perceived value aren't always the same. Especially when they apply to an as-yet-unseen product, Robin. Remember that from the perspective of the potential customer who hasn't yet seen the product and therefore doesn't yet know that from his own experience, if you're asking $297 for it, it had better look pretty fancy, too, otherwise maybe not many will buy it, and then you'll end up telling us that it's hard to get $7 spenders to pay for higher-priced products?

      Originally Posted by pheonix44 View Post

      It would not have to be hundreds of pages with a fancy cover and a bunch of hype would it?
      Not to be "worth more", perhaps, no. But maybe to sell more. They're two different things, aren't they?
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  • Profile picture of the author rmolina88
    I've attracted people with cheaper $10 products and I've sold them up to $90+ products shortly afterwards. I've even had some people email me saying they missed the $90+ product email I sent and want to buy it.

    People WILL spend top dollar for value. I know I do.
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  • Profile picture of the author pheonix44
    I've attracted people with cheaper $10 products and I've sold them up to $90+ products shortly afterwards. I've even had some people email me saying they missed the $90+ product email I sent and want to buy it.

    People WILL spend top dollar for value. I know I do.
    I have bought products myself where the initial cost was only a few bucks and then I paid hundreds for a follow up product. This was with mail order though.
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  • Profile picture of the author brentb
    You are focused too much on price point.

    There is nothing wrong with selling $7 priced products. Both Walmart and Louis Vuitton are very successful companies. If you try to sell $1000 fashion products to the "people of walmart" you probably won't do so well but I am sure at least someone will still buy.

    Same vice versa. If you try to peddle some Walmart brand clothes to someone who is a Louis Vuitton shopper, they probably won't be interested. But sure I think a few will go for it still.

    The key thing I am saying is figure out who your audience is, you cannot change them, only maximize their potential. Key things like age, gender, household income are very important in terms of how much money they will spend on your offerings. You probably don't know these stats about your audience but I guarantee you have more of one kind of demographic than others (your offer to get them on the list is going to seem more attractive to one demographic over another naturally). But you do need to figure out if your users are People of walmart or Louis Vuitton.

    I disagree with the whole premise many are saying, sell high quality stuff for high value. Well if your users on average are only making $30,000 per year, they probably aren't going to be making $1000 eProduct purchases. Sure in GENERAL don't underprice something (usually a bad idea) but in terms of YOUR users, you need to offer them something attractive.
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  • Profile picture of the author paul nicholls
    turning a $10 buyer into a $1000 customer isn't that hard you just need a process to send people through

    I sell lots of different products at $7 - $17 and once they are a buyer I offer them my membership course and also I include links to my coaching and of they sign up which many do I then speak to them personally and convert many of them

    When I first started my coaching some people I spoke to were charging just $297 which was stupidly cheap

    I charge a lot more than that

    You have to charge what you think your time is worth and also it depends on how much value you think your knowledge is worth

    A lot of it comes down to trial and error and experience, my best advice is to just push forward and try different things until you find a system or a way that suits and works for you

    What works for me may not work for you and vice versa :-)

    Paul
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  • Profile picture of the author pheonix44
    The key thing I am saying is figure out who your audience is, you cannot change them,
    I believe this is very important and it should be focused on.
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  • Profile picture of the author aarthielumalai
    I don't believe that's true. Obviously, you 're not going to convert all your $7 product buyers into $97 product buyers; that's just not going to happen. But, even if only a small % of them buy your $97 product, you'll still make a lot of money.

    There'll always be high ticket buyers, even among $1 product buyers. You just have to know how to reach them, and how to convince them that your high ticket product is worth it.

    You've done half the work already. You brought them into your funnel. They already bought from you, sampled your knowledge, so they know what you can offer. The ones who know that they need to pay to get the good stuff will definitely go for your offer. You just have to wait till that happens. Patience and perseverance is very important in any business.
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    • Profile picture of the author JohnMcCabe
      Originally Posted by brentb View Post

      The key thing I am saying is figure out who your audience is, you cannot change them, only maximize their potential. Key things like age, gender, household income are very important in terms of how much money they will spend on your offerings. You probably don't know these stats about your audience but I guarantee you have more of one kind of demographic than others (your offer to get them on the list is going to seem more attractive to one demographic over another naturally). But you do need to figure out if your users are People of walmart or Louis Vuitton.
      You'd be amazed at the number of high-buck cars you find in the Walmart parking lot. Last time I went to Dairy Queen, my Buick was about midway in value between the beat up Bondo-mobile and the Rolls in the parking area. I've also gone through areas where it isn't uncommon to find a beat up, rusty trailer with a brand new pickup and a $30k bass boat parked in the driveway.

      Within reason, people will find the money for what's important to them, but that's not my point.

      Within any group of buyers, you may indeed have mainly "People of Walmart", but does that mean you should ignore the folks driving the Rolls or the Walmart shopper who is willing to trade off eating ramen for buying a high dollar product in another area of their life?

      Originally Posted by brentb View Post

      I disagree with the whole premise many are saying, sell high quality stuff for high value. Well if your users on average are only making $30,000 per year, they probably aren't going to be making $1000 eProduct purchases. Sure in GENERAL don't underprice something (usually a bad idea) but in terms of YOUR users, you need to offer them something attractive.
      Back to my point. It isn't about under pricing something. Whether you are targeting the $30k or the $300k income level, you still offer your products at fair value. You just offer them different products. You have lower priced stuff for the budget crowd and high end stuff for those who want it enough to pay for it.

      That's a lot different than saying your market only makes $30k, so you should price your $97 product at $17.
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  • Profile picture of the author pheonix44
    Within any group of buyers, you may indeed have mainly "People of Walmart", but does that mean you should ignore the folks driving the Rolls or the Walmart shopper who is willing to trade off eating ramen for buying a high dollar product in another area of their life?
    I think this is going to come down to what people value. The key is knowing what it is. For instance, I like chicken patties. There is a store that sells 3 of them for $1.00. When I go to the main grocery store they have the good stuff "Tyson" all white meat chicken patties for almost $4.00(same quantity). The Tyson chicken patties taste better, are heartier and just better quality. How much I am willing to spend depends on what I value, sometimes at the moment. If I am hungry and broke I go for the cheap patties. If I have money I go for the higher quality stuff.
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  • Profile picture of the author WillR
    This is really simple. If people are not buying your more expensive stuff then it's just not good enough. People will happily spend x amount of money all day long if they feel they are getting 2x amount of value in return. If you are struggling to sell a product then it means the value proposition is just not good enough. You need to make it a no brainer where people will feel like they are missing out on a huge opportunity if they turn their back to your product. Until you do that you will always struggle to sell.
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  • Profile picture of the author pheonix44
    This is really simple. If people are not buying your more expensive stuff then it's just not good enough. People will happily spend x amount of money all day long if they feel they are getting 2x amount of value in return. If you are struggling to sell a product then it means the value proposition is just not good enough. You need to make it a no brainer where people will feel like they are missing out on a huge opportunity if they turn their back to your product. Until you do that you will always struggle to sell.
    I believe this is unfair to say. How would people know how good my product was or was not if they did not buy it in the first place to find out. If anything it goes back to what an earlier warrior said about a product not having enough perceived value if anything. Maybe I might not present it well enough or maybe the sales page does not sound hyped up enough. It is not that people are buying and then refunding, which would be one way to know that the product was not good.
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by pheonix44 View Post

      I believe this is unfair to say. How would people know how good my product was or was not if they did not buy it in the first place to find out. In anything it goes back to what an earlier warrior said about a product not having enough perceived value if anything. Maybe I might not present it well enough or maybe the sales page does not sound hyped up enough. It is not that people are buying and then refunding, which would be one way to know that the product was not good.
      You've taken Will terribly literally, there, Robin: by "it", he surely meant "the offer for the product", in the general sense, rather than strictly "just the product" itself?
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  • Profile picture of the author Devin X
    Banned
    This thread and the responses are completely absurd. You're concerned about locking yourself into a price point by selling lower priced products!? Most people begin their relationship with their audience by giving shit away for free. Are you not more concerned with this when you give products away for free to build your list? It's a lot harder to turn freebie seekers into any kind of paying customer than it is to turn buyers into repeat customers.
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  • Profile picture of the author pheonix44
    This thread and the responses are completely absurd. You're concerned about locking yourself into a price point by selling lower priced products!? Most people begin their relationship with their audience by giving shit away for free. Are you not more concerned with this when you give products away for free to build your list? It's a lot harder to turn freebie seekers into any kind of paying customer than it is to turn buyers into repeat customers.
    But how often is that free whatever it is really something of true value? How often is the end result something people are so impressed by they are willing to spend money(rather it be a small amount of a large amount) to get another product from that person? One of the best reports I ever read was free(20 ways to make $100 a day). It helped me a lot and it was how I found this forum. The issue was when this same guy tried to sell me a high priced product I just did not see enough value in getting it because the value I had gotten for free was enough for me. In order for me to spend anything at that point the price would have had to be so low as to make it an impulse purchase.
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by pheonix44 View Post

      when this same guy tried to sell me a high priced product I just did not see enough value in getting it because the value I had gotten for free was enough for me. In order for me to spend anything at that point the price would have had to be so low as to make it an impulse purchase.
      That's true of some people. It's perhaps true of some of the ones who become my subscribers and never buy anything at all from/through me. I certainly don't manage to sell to everyone on my lists! But fortunately, there are enough of the others, of whom it isn't true, for me to make a very good full-time living. (Which is doubtless also the case for a few thousand other Warriors, too?).
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    • Profile picture of the author Devin X
      Banned
      Originally Posted by pheonix44 View Post

      But how often is that free whatever it is really something of true value? How often is the end result something people are so impressed by they are willing to spend money(rather it be a small amount of a large amount) to get another product from that person? One of the best reports I ever read was free(20 ways to make $100 a day). It helped me a lot and it was how I found this forum. The issue was when this same guy tried to sell me a high priced product I just did not see enough value in getting it because the value I had gotten for free was enough for me. In order for me to spend anything at that point the price would have had to be so low as to make it an impulse purchase.
      This is why I'm not interested in giving away things for free. The only freebies I usually give away are to my buyers list. You have to show me that you have a vested financial interest before I give you freebies. I'm not an advocate of the old model where you give away freebies and then try selling things because that just devalues your brand in my experience. The amount of people I see here with lists of nothing but freebie seekers support my perspective here too.
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  • Profile picture of the author Pitchfork Marketing
    Banned
    I think the OP is approaching this the wrong way.

    Your ability to convert High ticket items has no relation to the price point by which that customer was first introduced to your business.

    As mentioned above, most people start the relationship building process with a free giveaway.

    So I'll say this.

    (1) Your ability to move your prospects through your sells funnel is solely based on your marketing skills and your ability to build trust and rapport (which is ironically accomplished with good marketing).

    (2) You have to know the type of business you're willing to run. I have consulted with multiple businesses all over America And I remember doing work with an insurance company in Ohio (my home state)...They would only do business with people who were "excited" by their cheaply priced insurance because they found that those types of customers were more susceptible to their marketing and as a result -- they made more purchases. However, they also made more refunds (lol, it was my job to lower that, yes great marketing can and in many cases will save a poor product)

    I also did some marketing work with a carpet cleaning company, also in Ohio -- They found (through trial and error) that they were more comfortable doing business with those customers who were willing to do business at higher price points. The customers made less purchases, but when they did they spent alot. They also had less refunds.

    My point is this -- This business isnt about fixating on price points. (With good marketing, You can take any $7 WSO and sell it for $97+ elsewhere).

    BUT...you should be thinking about the type of customers you want to do business with moving forward. (95%+ of WSO customers are attracted to the american dream and easy prosperity tricks/hacks/techniques) So if you plan on providing real business/finance/marketing systems that really make a business grow -- You'll have an extremely difficult time.

    However, If you take your $7 WSO (jam packed with google seo hacks, and make $$ on fiverr ideas) to people who are serious about running a business, They might laugh in your face -- because they aren't interested in tricks -- theyre interested in sound principles.

    So f**k price points. Know your market. Know your audience. Know what really gets their motor churning (what they desire or expect to gain, what pain they want to avoid, what pleasures do they want to avoid losing, and what pains have they experienced in the past)...The trick is to keep your mouth shut and your eyes open, you'll quickly discover what your audience truly values.

    (I will also add this, the type of customer you have is largely determined by how you've "captured" them in the first place...think about that for awhile)

    People will buy anything as long as you have created an environment that offers them a good enough reason too.... just look at these two FB games that do over $2 million dollars per day with In App Purchases.

    The $2.4 Million-Per-Day Company: Supercell - Forbes

    Hope it helps.

    PS....I've seen products so bad that the owner had a hard time giving them away for free...
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  • Profile picture of the author Matthew Trujillo
    People aren't set in stone what they buy, if there is a service they need they will get it.

    There is no such thing as "7 dollar buyers", a buyer is a buyer.

    Every person has the potential to whip out there card and make a purchase.

    It's how you market to them and how you provide solutions to there problems that counts !
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  • Profile picture of the author pheonix44
    People aren't set in stone what they buy, if there is a service they need they will get it.

    There is no such thing as "7 dollar buyers", a buyer is a buyer.

    Every person has the potential to whip out there card and make a purchase.

    It's how you market to them and how you provide solutions to there problems that counts !
    How you provide solutions to their problems is key. The question is how do you do it without selling hype? The comment someone made on perceived value comes to mind again.
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  • Profile picture of the author pheonix44
    This is why I'm not interested in giving away things for free. The only freebies I usually give away are to my buyers list. You have to show me that you have a vested financial interest before I give you freebies. I'm not an advocate of the old model where you give away freebies and then try selling things because that just devalues your brand in my experience. The amount of people I see here with lists of nothing but freebie seekers support my perspective here too.
    You know one model I tried to use was to give away a portion of a product I might have, but then try to get them to buy the rest. This was tricky to do, but I believed it was a model that worked. I have not tried it for a while though.
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  • Profile picture of the author briankoz
    You're saying that in most cases it's hard to turn a $7 buyer into a $50 or $100 buyer, and I say that's simply not true.

    I've turned lots of $7 buyers into $50 to $100 buyers right away through immediate OTO's in the cases where I'd had a $7 product.

    I've also had plenty of $7 buyers buy products ranging in price from $1k to $3k.

    The problem is that you have to have the perceived value there for them to buy that. If you're trying to sell two reports on "how to get traffic" (just to use an example), you're right -- it'd be very hard to get them to pay more. But if you sell the $7 report on traffic and then sell the $100 software tool or the $300 service to get traffic, it's MUCH easier because the perceived value is there.

    - Brian
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    WebFire.com -- Over 25 Tools to Get Free Traffic, Rankings, Leads, and Exposure!
    MobileAutoresponder.com -- Build a Mobile List and Send Unlimited Text Messages!
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  • Profile picture of the author keith88
    Originally Posted by pheonix44 View Post

    I remember when I first came to this forum and I would ask people about making money on the internet. People would tell me to sell a product for less than $10 because more people would buy at the lower price point. The goal was to get as many buyers as possible as to create a buyers list. Then you could promote higher priced products to them and have a high chance of success. These are people that have already bought from you right? Well what I have found is the opposite. I am sure everyone does not share my experience.

    If someone buys a $7 report from you and then you try to sell them a product that costs $50-$100 in most cases this is not going to work. I know some people will say that if the product is high quality and delivers value they can sell reports for these high amounts. Even if this is the case it seems to be getting tougher and tougher to do. People want high value for a low price, primarily because information can be had so cheaply and easily these days.

    Think of it this way. If you go to the dollar store you are going there because everything is one dollar. Sure the products might not be the best quality, but it is the price you are attracted to. Now imagine if the dollar store became the two dollar store or the three dollar store.

    I guess my question to the warriors is do you ever fear that setting prices for reports/eBooks at a certain price is going to lock you into that price bracket and if this is the case what measures do you take to make sure this does not happen?
    Yea it may be a little tough because youve already "POSITIONED" yourself as the $7 guy. Your product and price point will attract a certain group of people.

    Charging more prices is about MASSIVE value, perceived value and positioning. If you wish to be the low price guy fine. If you wish to move into premium prices then you must position yourself as so.

    Tell you the truth, people will make excuses about products being too high.
    But if you and your product are THAT good. People will MAKE a way to afford your stuff. You cant stop people from buying what they want. You must make TRULY believe in you and your product!

    Then they will spend more money with you. Its ALL about positioning my man!
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  • Profile picture of the author TheCodex
    Nothing screams confidence like a copywriter who doesn't think they can convert traffic.

    You're only as good as the mindset you're in OP!
    Signature
    Internet Codex - Redefining Internet Marketing
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  • Profile picture of the author Andrew Mak
    Go read Allen Says "money & power" in the war room, the interview will inspired you.

    Actually i like the $7 price point, if you can deliver outstanding product and only sell at $7, you product will convert like crazy and your wso might get product of the day and further boost your sales. i have seen a seller sell a very high value product at just $7 (OTO developer license $47) and he have sold over 6000+.

    if you have got 6000 people from a $7 sales, do you still feeling up sad because you can't sell higher price? launch another $7 product that have a $100 value and most likely all 6000 client will come buy again.

    6000 x $7= $42,000
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  • Profile picture of the author JohnnyG11k
    Here's my answer:

    People don't pay for value (as they cannot translate your value in terms so they can undertsand, unless you do it yourself, which should be the scope of your sales copy)

    Stop thinking buyers pay for products because they're getting XXX number of pages worth of value or XXX number of tools worth priceless...

    People would rather pay for results. If you know how to write copy that speaks about results, you can charge $97 and more even for a 2-page report.

    Try it and you'll see.

    Fear is for whiners.

    Remember:
    "Winners never quit, quitter never win!"
    Signature
    You won't believe it!
    This NICHE made me $300,000...
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  • Profile picture of the author pheonix44
    People would rather pay for results. If you know how to write copy that speaks about results, you can charge $97 and more even for a 2-page report.
    Writing copy seems to be what I struggle with. I guess I got to start looking at some material on how to do this better. There is plenty of information, even some templates.
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    • Profile picture of the author JohnnyG11k
      Originally Posted by pheonix44 View Post

      Writing copy seems to be what I struggle with. I guess I got to start looking at some material on how to do this better. There is plenty of information, even some templates.
      Yes. It's all about practice, not just reading. It's 3x times more important to just write, daily. Some top copywriters suggest to copy by hand full blown sales letters from all kinds of industries, to get a knack of the writing style, audience, etc.

      You can do such, and at the same time, read what your audience reads. It's very important to know their language, no matter how hot you're as a wordsmith.

      Get to know your audience from the inside-out; connecting to it (and writing copy) would seem naturally, like a breeze.
      Signature
      You won't believe it!
      This NICHE made me $300,000...
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  • Profile picture of the author carlamae
    I agree about finding out who your true audience is, that's for sure!
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  • Profile picture of the author pheonix44
    I agree about finding out who your true audience is, that's for sure!
    There are books that I have read that speak on this, but they do it in a way where you try to focus your entire sales page on that. In most cases these books tell me to focus on creating what is called hypnotic copy. This is tough to do and if it was a skill I had I would definitely be selling it as well as benefiting from it myself. Such copywriters are able to charge four figures just to consult with a product owner.
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  • Profile picture of the author Veo
    Originally Posted by pheonix44 View Post

    I remember when I first came to this forum and I would ask people about making money on the internet. People would tell me to sell a product for less than $10 because more people would buy at the lower price point. The goal was to get as many buyers as possible as to create a buyers list. Then you could promote higher priced products to them and have a high chance of success. These are people that have already bought from you right? Well what I have found is the opposite. I am sure everyone does not share my experience.

    If someone buys a $7 report from you and then you try to sell them a product that costs $50-$100 in most cases this is not going to work. I know some people will say that if the product is high quality and delivers value they can sell reports for these high amounts. Even if this is the case it seems to be getting tougher and tougher to do. People want high value for a low price, primarily because information can be had so cheaply and easily these days.

    Think of it this way. If you go to the dollar store you are going there because everything is one dollar. Sure the products might not be the best quality, but it is the price you are attracted to. Now imagine if the dollar store became the two dollar store or the three dollar store.

    I guess my question to the warriors is do you ever fear that setting prices for reports/eBooks at a certain price is going to lock you into that price bracket and if this is the case what measures do you take to make sure this does not happen?
    Firstly, the price largely depends on the market (or even the segment of the market) you're in.

    Secondly, providing that you are in the right market, low price products are used to qualify prospects.

    Thirdly, you should check out your sales funnel (up-sell/down-sell) path to see if you got it right for your target market.

    And the last but not the least, if you are unsatisfied with your pricing, work on your positioning as an authority or a brand to charge higher prices, or at the end find more lucrative market.

    Cheers,

    Veo
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  • Profile picture of the author pheonix44
    Firstly, the price largely depends on the market (or even the segment of the market) you're in.
    That was the original point I was trying to make. Since then I have been told a lot of stuff and it makes sense. I just wanted to know does anyone ever worry about being stuck is all.
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  • Profile picture of the author fowleruptv
    They pay a lot more for the same product on ClickBank or their own website. Finding those folks and getting them on your buyer's list is the challenge.
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  • Profile picture of the author KevinChapman
    It all depends whether your $50-$100 product is worth that much money, I've brought $7 and $100 products off the same person and had people to the same to me.
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  • Profile picture of the author Justin Humphries
    "A buyer is a buyer is a buyer." Dan Kennedy. Look, if you get them to pull out thie credit card once it's much easier to sell to them over and over again. The key is delivering VALUE. Make sure that $7 product is worth $47 or $97 and then they will have no problem buying from you again. Undersell and Overdeliver.
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  • Profile picture of the author seobro
    Where I live several jewelry stores have closed up. However, the dollar store is doing super. In fact, they just had a major expansion. Bought a much larger space. Their parking lot is full and it spills over. What about their prices. They are cheaper than Goodwill store, plus dollar store stuff is new.

    Value must exceed price. If your former customers do not want to buy from you any more... Well, that speaks volumes to me.
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