Today I read something really interesting and I wanted to share it with you. Bear in mind that I'm a newbie and I'm just learning so I can improve my business once it's created. You may know about this.
This can work ff you want to maximize the sales of an online product/course you already have on your web and even if you don't have a product but you create it with this tactic in mind.
1) Decide your price point, for example $39
2) Set up a sales funnel where you get people's emails and then send them autoresporders. In the first emails teaching them something useful and at some point start marketing your new launch.
3) Use scarcity in your launch. As the post says “The reason product launches work so well is that of the scarcity element.”
There are several ways you can add scarcity:
- You can do an open/close cart where the product/course is only open for a limited period of time.
- You can do things like offer a discount or limited time bonuses that expire after a certain period of time.
The author didn't want to go that route as his product was on the lower end.
4) Create a second product tier. That way he would have a scarcity element.
This is from his blog:
*"I decided to create a second, higher priced package for the same product priced at $99.
This is a strategy that I love using, and one I’m doing for almost every blog I run today. It’s one of the easiest ways to get started in creating and selling products while maximizing your revenue.
You can’t sell a book for $99. But if it’s packaged as a Complete Package with attractive bonuses added to it, then it becomes a lot more reasonable.
And that’s exactly what I created.
The ebook itself was sold for $39. The Complete Package was priced at $99 and contained the book plus 5 bonuses consisting of several shorter advanced learning guides.
Here are the options I considered:
A. Offering a $30 discount to the Complete Package – which would lower it to $69 dollars.
B. Offering the Complete Package as the same price as the Basic Package.
C. Not having a Complete Package at all, but putting all bonuses into the Basic Package, increasing the base price to $69, and offering a 40-50% discount during the launch.
D. Not having a Complete Package, but offering 5 bonuses if you purchase during the sales window.
After a little bit of experimenting, it was clear that #B was the highest converting, and the most profitable.
During the evergreen launch period, the Complete Package would be offered for the same price as the Basic Package. So basically, they had 48 hours to grab the Complete Package at $39 instead of $99.
Now it became a really big incentive to pick it up before the deal expired.
The results after the change
The result?
A 5x increase in my monthly revenue"*
What do you think on this? Do you think it's a good strategy?
This can work ff you want to maximize the sales of an online product/course you already have on your web and even if you don't have a product but you create it with this tactic in mind.
1) Decide your price point, for example $39
2) Set up a sales funnel where you get people's emails and then send them autoresporders. In the first emails teaching them something useful and at some point start marketing your new launch.
3) Use scarcity in your launch. As the post says “The reason product launches work so well is that of the scarcity element.”
There are several ways you can add scarcity:
- You can do an open/close cart where the product/course is only open for a limited period of time.
- You can do things like offer a discount or limited time bonuses that expire after a certain period of time.
The author didn't want to go that route as his product was on the lower end.
4) Create a second product tier. That way he would have a scarcity element.
This is from his blog:
*"I decided to create a second, higher priced package for the same product priced at $99.
This is a strategy that I love using, and one I’m doing for almost every blog I run today. It’s one of the easiest ways to get started in creating and selling products while maximizing your revenue.
You can’t sell a book for $99. But if it’s packaged as a Complete Package with attractive bonuses added to it, then it becomes a lot more reasonable.
And that’s exactly what I created.
The ebook itself was sold for $39. The Complete Package was priced at $99 and contained the book plus 5 bonuses consisting of several shorter advanced learning guides.
Here are the options I considered:
A. Offering a $30 discount to the Complete Package – which would lower it to $69 dollars.
B. Offering the Complete Package as the same price as the Basic Package.
C. Not having a Complete Package at all, but putting all bonuses into the Basic Package, increasing the base price to $69, and offering a 40-50% discount during the launch.
D. Not having a Complete Package, but offering 5 bonuses if you purchase during the sales window.
After a little bit of experimenting, it was clear that #B was the highest converting, and the most profitable.
During the evergreen launch period, the Complete Package would be offered for the same price as the Basic Package. So basically, they had 48 hours to grab the Complete Package at $39 instead of $99.
Now it became a really big incentive to pick it up before the deal expired.
The results after the change
The result?
A 5x increase in my monthly revenue"*
What do you think on this? Do you think it's a good strategy?