If you’re not at the stage with your online business where you’re selling anything yet, don’t worry because you can build this into what you’re planning to do.
It’s simple, I use it in my own business and since I’ve been doing it my average sale value has risen significantly.
It basically involves taking your product or service and creating ‘value options’ when it comes to purchasing.
Or if you currently only have one option, increase this to two or three as I did with my workshops.
I now have a Standard, Advanced and Premium option for each workshop.
Each option has a list of things that are included and the price rises accordingly.
This works because the customer can decide which level they want to come in at
And having two higher priced options above the original one significantly increases my average sale value (just a coupe of sales of the higher options can have a significant effect in your bottom line).
But it works the other way around too…
If you currently have a long list of options that your customer can choose from, REDUCE them down to 2 or 3 specific, rigid options that the customer can’t customise in any way.
This might seem counter intuitive but it removes confusion.
Also, if you position your prices cleverly you can also ‘steer’ your customer towards the higher priced option because it becomes a ‘no- brainer’ in terms of value.
My dentist does something similar to this when it comes to his treatment plans, and typically offers an A or B option. He’s told me many times that the vast majority of his patients choose the higher (most expensive) option. I certainly do.
Usually, the easiest way to do this is to simply add value to each option and price it higher.
So, you might sell your basic video course for $xx but then add extras in the form of your personal time and expertise, additional content, a subscription included and other various things. You could call them your Silver, Gold and Platinum levels.
In my opinion at the very least you should offer a ‘Premium’ or ‘Platinum’ version of everything you do.
I’ve been doing this in my business over the past few years and in terms of profits, ONE thing has happened:
I’ve made more money.
No caveats or conditions – I’ve simply made MORE MONEY. Which is why I strongly encourage you to do the same.
As I’ve said before, you will have some customers who don’t want to even consider your basic or standard option, and will buy immediately at your premium or prestige level.
My own options (after a recent price increase) on my standard products are now priced at $97, $197 and $497.
Obviously, you can call your levels whatever name you wish and price them at whatever price you wish.
But as I said above, I STRONGLY encourage you to try this.
The results can be remarkable.
