(Cheaper does NOT mean More Sales!)
-Tiana Smith
It’s Part 3 of the “30 Things I wish I knew” (TIWIK)…when I started in the Business series… to help you shortcut your business success.
Today I’ll be sharing PART #3 which is..CHEAPER DOESN’T MEAN MORE SALES
Ok we get it!
Everyone loves a sale and an affordable price point.
But when it comes to selling coaching, services or courses online…
or even…brands and stores in person…
Luxury positioning is way more profitable!
I made a short video and blog post about this in depth.
I’ve been in private masterminds for years and every single person I know who has tested $100 sales vs $1k or $10k…and even $100k…all unanimously agree it’s just as easy to sell a high ticket program/service/product…than low ticket…
I can also say this…I have sold WAY more of my $20k programs than my $100 courses..NO joke!
People who value high quality and getting things done right (the first time!)…understand that it COSTS something to get something valuable.
Think about luxury brands…
Tiffany and Co., Gucci, Luis Vuitton…etc…
People line up, even in the midst of a pandemic or a global recession…
somehow figuring out how to buy their products.
High quality and high ticket items also attract a higher caliber of people who value their time and would rather put the money in the right place to someone who knows what they’re doing…rather than waste their time hunting for “who’s cheaper?”…
People who hunt for deals, compare places, and coaches- typically are the worst to work with (just ask anyone at the top)… because they are usually too busy analyzing the graphics on a course module rather than DOING THE WORK they should be doing! (Which is why they typically don’t have enough cash to invest)
There’s a reason the luxury brands don’t even offer “sales”
Personally…I’ve done it both ways.
For my first membership site I made over 100 videos and built a custom website for it and offered access at only $27/month. I only had like 3 sales. (OUCH!!!…Granted, my audience wasn’t as big- but it was still in the thousands!)
Then years later when I had a lot more experience…I put together a high-value, high-transformation course with live coaching…and packaged it for $1997… I sold 5 in one day at pay in full! That was a $20k day!
Now I sell $20k and $50k pay-in-full programs to my VIP clients…
And they’re much easier to work with and even more appreciative!
When you lower your prices…you lower the expectations of yourself and others.
So running a SALE to make something cheaper doesn’t equal more sales.
In fact, it can lower your worth in the marketplace.
***I will take a moment here to share I increased my pricing and packages as I had more experience. I don’t believe in coming out the gate with a 10k program. However…you can start with 1k and sell it to 5 people, get 5 testimonials and then charge 2k…and so on and so forth…
The point is…Know your worth…and only work with people who also value you as well.
If you can get people a better or faster transformation or experience than someone else you deserve to be paid well for it!
It comes down to this.. In the words of one of my favorite marketing gurus and the author of “Sell like Crazy”…(get that book!)
CLICK HERE TO GRAB HIS BOOK ON AMAZON NOW
“You can either undersell your competition and play that game…OR…you can add more value and something unique and charge more.”- Sabri Suby, Sell Like Crazy
Personally, I have found it a ton more profitable and fun to create unique, transformational experiences and charge way more money. The choice is yours.
I look forward to hearing from you and I’d love to help you package your services/courses/coaching in a way that is HIGH VALUE so you can charge HIGH TICKET…work less…work with people who you adore and they adore you!…
Until next time,
P.S. If you’re committed to scaling your business to 6-7 figures there are a few ways we help our clients get there in months instead of years.
1.) Make sure to get connected to our FREE VIP Solopreneur’s 7-Figure Society Group on Facebook.
2. We have a 7-Figure Club mastermind and a 1:1 done-for-you program if you want your branding, systems, and cash injections in place fast. CLICK HERE to apply for a FREE business audit now.
I help entrepreneurs, coaches and course creators scale their business online through my 3-part proven system: LUXE branding, done-for-you Funnels and Cash Injection Coaching.
