So, how are you going to be able to charge more for your services? How can you raise your pricing and yet have people waiting in line to buy from you? Changing your offer from a basic product/service to a done-for-you offer is a straightforward method to accomplish it. But, what exactly does this imply? Take a look at the sample below.
Instead of charging $5 per piece, say you charge $497 to $997+ for five articles, a blog, posting the articles, optimizing them for their keywords, and a custom graphic or two. The first example only provides you a $2 profit if you outsource a $5 piece for $3, and if you write it yourself, you’d be exchanging $5 for 30 minutes at most ($10 an hour on the job on the higher end if you’re super fast)).
If you wanted to give the second, more excellent example, you could outsource the articles for $15, spend $10 on Fiverr.com for unique images, and spend $25 to $50 on a bespoke blog with SEO (blogger.com blogs, for instance, can be made in a matter of minutes). That’s a profit of $400 to $950 on a raw cost of $50 to $100. Alternatively, if you did most of the work yourself, you’d be looking at 3 to 5 hours of effort, easily placing you in the $100 to $200 per hour area vs $10 per hour merely selling a $5 article.
Consider what you can add to or bundle with your product to make it more premium with. Alternatively, consider how you may make your offer more “done-for-you,” and accordingly price your offer. The kicker is that consumers prefer to purchase a premium offer over a basic offer since it is more attractive and “done-for-you” than an item that they would have to do themselves. Plus, because fewer individuals provide premium services/offers, you’ll be competing against fewer people.
This isn’t limited to services; it can be used to practically any type of product. Instead of merely selling a weight-loss book, you might also sell a product or program that sends customers daily workouts by e-mail, a mobile app, software, or other means. Instead of simply reading about how to lose weight, You may make it easier and more “done for you” by providing them a system where all they have to do is follow the daily advice. Alternatively, instead of selling a 50-cent apple at a gas station, a pre-sliced apple with caramel dipping sauce might be sold for $4+. (even though the raw cost is only a tinge more than the standard apple).
We built software that lets individuals accomplish a lot of those chores for them instead of offering a course on how to rank on search engines and attract traffic, which would be difficult to sell even in the $25 to $50 level. Instead of facing the problem of selling a course for $25 to $50, we may charge considerably more, ranging from $997 to $2,997 each year easily. We’re able to do so since it’s more “done for you” and takes the end user considerably less time.
A real estate investment teacher we know offered many courses on how to invest in real estate at one time, which is a comparable example outside of software. Most of these courses were originally on the low end of the pricing spectrum, but she was able to transform them into “webinar trainings” and online courses, charging upwards of $997, but she didn’t stop there. She was able to collaborate with one of us to build software that assisted her in teaching and sell it for approximately $4,000 apiece. She didn’t stop there, though. She then combined all of hher expertise into a service that required the customer to do as little work as possible.
This was achieved by putting up a deal in which you could purchase a $25,000 package that would allow you to hop on a bus with others, tour dozens and dozens of homes in a day that they had already done the math on and knew were great deals, and then make offers on the spot with bankers, agents, mortgage brokers, and other real estate professionals all in one place. Granted, this wasn’t for the typical mom and pop investor, but for some large investors, especially those from other countries wanting to profit from the U.S. market at the time, it was a chance to get in on the ground floor.
It doesn’t have to always start with your own product or service to make any offer more premium or done for you! You can look at current service providers or goods, see how you can improve them or make them more “done for you,” and then try to build a partnership with them or just utilize an outsourced provider to do the job for a service. Without having to create your own offer from beginning, a few easy modifications to their package/offer and sales speech may convert a $5 offer into a $500 or even $5,000 offer!
Start thinking about how you can use this to your company now. How can you make your service more premium or “done-for-you” by including extra features or combining your goods to provide greater value? This allows you to significantly raise your prices, with premium pricing reflecting a premium product.
Now that you’ve come up with a premium product concept, do you need some help generating leads to sell it to? Check out this amazing tool for help with how to acquire leads to market your product or service to: Domain Lead Pro.
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