Loral Langemeier - Live Out Loud CEO, entrepreneurial wealth-building coach, international speaker, and 5-time New York Times bestselling author!
In the world of online and offline sales, many mistakenly believe that high ticket items are the key to their ‘get rich quick’ plan, when in fact, just the opposite is holds true. When your business is struggling with daily cash flow, it’s time to go back to brass tacks—small, simple items with short sales cycles. It’s imperative that you choose a product with a sales process that is calculated in mere moments, with a clear and concise offering.
If your business is primarily engaged in online sales, these items can include apps, webinars, courses, e-books, etc. The actual product isn’t the point, but instead it’s ability to convert—and quickly. Once the customer buys, you’ve not only collected cash, but prevented them from buying anywhere else, even if something better comes along later. This will make a dynamic and immediately tangible difference on your balance sheet, but it’s all in the offer.
For example, if two companies are selling websites and comes with a flat rate high price tag and the other a $100 deposit to help you analyze the 5 best tricks to creating a website that sells, the lower priced item will almost always convert better and faster. This not only means cash in your wallet, but you’ve also taken that buyer out of the market.