Winning On The Internet With High Ticket Selling
I have lost count of the number of times online entrepreneurs have asked me why they’re only earning a little over break even despite being attentive to their business. My answer is a question as well: If you were told that you could sell a $1000 product for about as much marketing effort as a $100 item, which sale would you go for?
Your response should be a no-brainer. Of course, a four-digit income will always be infinitely better than a three-digit one! If you want to ask why you should be in the business of selling high-ticket services, the answer is incredibly simple: You can win the internet over if you do it right. Read on because your bank account will thank me afterwards.
Why should you sell High-Ticket Services?
High-ticket items are products or services that are sold at a considerable price point. These may include coaching and consulting services, jewelry, appliances, and goods that can be costly to acquire. While statistics show that the majority of business-engaged people are still selling low-ticket items, more and more realize the efficiency in attempting to be lucrative at merchandising high-ticket products.
Successful businesses go after quantifiable and feasible goals. You cannot expect your enterprise to survive on a 500-dollar a month profit if you’re planning on making it big. Low-cost products, no matter how enticing the price tags are for a lot of prospects in the market, will not be the ticket to your big break.
Imagine setting a target of $6,000 to be earned within a month. If the price of your instructional material is $6, you’ll need to sell a thousand units within thirty days just to meet that goal. Now, if your item was sold at $100, the number of units you need to sell gets significantly cut down to just sixty units a month.
Trying to create 1,000 conversions is a serious gap from a need to create 60 conversions in order to produce the same amount of profit. If you are able to achieve 60 sales in 2 weeks, this will give you another 2 weeks to sell more units, and subsequently whip up more revenues.
The Perception of Value
High-ticket items are only as good as your branding makes it out to be. I’ve been in the industry long enough to say that premium products lose a sizable amount of financial worth if not advertised properly.
I’ve seen business owners make the mistake of pricing their products too low thinking that they’ll get more sales because the customer doesn’t go through a complicated buying thought-process. However, they don’t take into consideration that the lower their price points are, the harder they’re going to have to work to hit their set targets.
Studies show that 89% of customers who successfully transact high-ticket items see value in their purchase, do not think about shifting loyalties and risking getting abysmal service from a competing brand.
Study your market and devote resources in understanding their purchasing behavior. Focus on your products and why the customers benefit from owning one. From there, you can work on cultivating a relationship that will make them see you as a trusted source of solutions for their needs.
Do this, and you can price your previously 10-dollar products twice or thrice as much. I have followed this method many times before launching high-ticket products and customers end up not seeing the premium as an unnecessary expense, but a by-product of exceptional service.
Understanding the Psychology Behind Consumer Buying Behavior of High-Ticket Products
One of the challenges I’ve had to overcome when selling high ticket products is something you will most likely encounter as well. First-time buyers will naturally display a second-guessing attitude over purchasing online because they’re unsure of the quality of your products and service. It’ll be easy for them to impulsively buy something that costs $5, but this is not the case for an item that is priced 10 times higher.
When you are in the industry of selling products with high price points, it becomes a priority to establish a legitimate relationship with your customers. When you have established trust with your clients, you create long-term interest and this paves way for upselling and more opportunities for you to market high ticket items. This is why it’s reasonable for you to have a strategic amount of low-ticket items on your shelves together with the high-ticket ones.
Buyers put a lot of thought into acquiring high-ticket items because they ultimately want value from their costly purchases. This is why you have to create a compelling list of reasons why they should choose you over other providers and how they’re going to benefit more from your first-rate business. When you display strong branding, worth-the-money products, exceptional customer service, and efficient after-sales activities, prospects become regular shoppers who can voluntarily perform word-of-mouth advertising for your business while you rake in all the profits.
Work Smarter and Earn Bigger
Here’s where I got my success from: when you are able to accurately pinpoint your niche, the truth of the matter is customers do not mind paying high in exchange for the product they’re looking for and badass consumer-centric service.
If you’re aspiring to be a profitable business earning 5-digits a month through selling high-ticket services, click here now and I can help you start marketing them successfully. I have created a training workshop that has been proven to get you and your business from zero to hero!