How To Make High Profits From Low Priced Products
I Am Sorry, Your Coach Is Wrong
I have heard a lot of people promote the idea of high ticket products while bad mouthing products or service that attract small payments.
I don’t know where they got that idea from, and I don’t even want to know if you are preaching the same gospel now. But I am here to tell you that .
You Are Wrong, Very Wrong!!!
While it is very true that high ticket products are very profitable, as they give you high margin to do a lot of maneuvers, it is not exclusively true!
How To Implement Small Price, High Profit
One thing I have discovered along the line is that for you to dine with the classes, you might need to sell to the masses.
There are lots of big money hidden under small payments, when implemented strategically.
There are several ways to pull this off, but I will quickly mention two and dwell more on one.
- Your low cost ticket (or small priced) product can serve as a funnel for your higher priced products.
- Your low cost product can be engineered for recurring payment. This is what I call the Toll Gate effect.
Have you ever passed through a toll gate? This is a place you have to pass through when you are going out or coming in. You cannot escape that route.
And when going through, you have to pay a “token”, something somewhat insignificant. Something that you might not even feel that much. Something small.
The Truth About Low Price High Profit
I remember the old toll gates spread all over the country then. Sitting in my dad’s car, I will watch him give out those coins in exchange for a pass that he can use for the day, no matter how many times he plies the road.
The secret is not in the unit price, the magic is in the volume. To dine with the classes, sell to the masses.
Look at Paystack, Fiverr, etc, how much do they take per transaction? And how many transactions do they make per day?
They have turned themselves into till gates. I don’t ever think of the service charge deducted by Paystack from my online sales. The value I derive from using their service is enormous.
So, Here’s What You Can Do
So, can you find a way to implement something similar?
It can be a SAAS.
It can also be a membership website.
A graphics designer can create a combo of business card, business envelope and letterhead, a flyer, ecover, etc on monthly basis. Puts the psd or cdr files in a membership site, and charge a monthly low access fee for all who wants to get these professionally designed work.
I bet it with you that several people, including myself will gladly subscribe to this, month in month out.
Also, it will open you up for bigger and very high ticket opportunities.
Important Issues To Avoid In Low Cost Products
It is critically important that your low cost products are engineered in such a way that it is delivered without your physical involvement. Never be physically involved in selling them. Automate the process.
Don’t close the sale on phone, let your website or sales page do that.
Develop an FAQ to attend to the concerns of your targets.
Low ticket products can actually be extremely profitable. You can turn them into funnels for your high ticket products, or implement recurring payment into them. Automate the sales process and have your FAQ page
Beyond these, go and sell the oil. Settle your needs. And enjoy the blessings of Nature.
Is there an angle I have left untouched? Or do you have an idea or question relating to this? Kindly let me know in the comments section.
I am Pope Bukola Odedeyi