As product creators, we create our online products with our knowledge and expertise to make money. But when starting out, we may keep the products at a lower price to get customers into our Members' Area.
But as a long term strategy, this can actually make you go broke.
Here are 2 simple strategies you can put to work for you to dramatically increase the money you make from the sale of each product…
If you're selling your products for $10 or even $20 each, you're not going to make much money on each sale.
You need to have a lot of sales to get enough volume to make money…
Obviously, if you could get 1000 people for your $20 product, that would be great… But if it takes 5 or 10 years to get to 1000 customers, or even 5 years to get to 100 customers, then you're not going to make much of an income from that particular product.
So here are 2 Profitability Strategies you can use with your products to dramatically increase your income from the sale of each product.
Profitability Strategy #1 – Include An Upsell After The First Sale
Adding an upsell product immediately after you've sold the initial product can dramatically increase your revenue and profitability with each customer.
If your initial product is $10, if you can offer a $47 or $97 product straight after that first sale, then you can get a massive jump in profits from that customer.
If the upsell is converting well, then you can afford to make a loss on the initial product because you're making money on the upsell.
With the upsell, you need to make sure that it complements the first product.
If your first product is in Weight Loss, and your upsell is how to make money online, then you're going to lose the person. Even within the Weight Loss niche, it too has to complement the first product.
If the product was about Raw Food and Yogic teachings, trying to sell them an intense Body Building program with supplements and powders isn't going to work either.
Doing things like this will actually run you the risk of higher refunds as people will get confused. And when they're confused they don't want to buy, and will refund.
Profitability Strategy #2 – Increase Your Price
Now this may seem like an obvious one, but it's one that most people are reluctant to do.
Increasing your price obviously gives you more money per sale, and more money in your wallet.
Increasing the price, and telling your prospects you're increasing your price, will influence those sitting on the fence to actually buy.
And you may find that you'll get more sales at the higher price too… 😉
It's a strange thing when this happens, and you'll be left wondering why you even bothered putting at the lower price in the first place.
But when you tell your prospects you're going to increase the price, make sure to do it.
If you don't, you'll lose their trust and they won't believe anything you say. This will make it harder to influence people and even harder to get them to buy when you want them to.
So there you go, these are two Profitability Strategies you can put to work for you right now with your information products.
Remember, it's ok to start out at a lower price point with your products, but you have to have something behind it to make you money.
If you're a business owner or entrepreneur who wants to reach more customers and greater profits with your knowledge or expertise, you can take advantage of a Free Consultation with me to help you get there.
During our call, we will find out what areas you can gain the most in and how to increase your customers and profits.
Just give some information about you and your business and we'll schedule you for your call to see how we can help you.
All the best with these Profitability Strategies. Put them to work for you to make more money from your online products.