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Power Marketing: Offer More Than One Product Option
By Michael | August 1, 2008
One of most common mistakes I see web site owners make is only offering one product option. The truth of the matter is, by offering different formats of your product, you can boost sales at least one third or more.
For example, for one of my products, I created a deluxe version with 30 pages of additional marketing materials. I priced this deluxe version at $20 more than the standard one. And for over 3 years, approximately 75% of those product buyers choose the more expensive option.
Now imagine if I didn’t have a deluxe version of this product. Then each time I sold one of that product, I miss out on an additional $20 worth of sales 75% of the time.
If you’re going to offer another product option I recommend that the upgrade price be no more than 50% of the original asking price.
In fact, the smaller the upgrade price might be, the easier it is for customers to agree to take it. That’s because they are already in a buying mode once they decide to buy your standard product.
This is different than the popular IM marketing tactic known as a One-Time Offer or OTO because you are offering more than one version of your product. You are trying to upsell them into a bigger version of the same product.
An OTO typically is a special price on another product, usually from the same seller.
What type of additional product options, could you offer? For starters, make sure you keep the additional product options related to your main product.
And if at all possible, try to make that additional option available in a completely different file format. For example, if you’re selling an e-book, then offer a set of audio recordings you did on the same subject.
Here are some additional ideas for product options if you’re selling a digital product:
1) Offer audio recordings of additional training or teleseminar that you have done on that subject.
2) A members only forum.
3) E-mail or phone coaching with you.
4) Additional features for the product. This is perfect, if you’re selling software.
5) Web-based video training. You can use Camtasia to create basic desktop videos for this purpose.
You could see an easy bump in your average sales for that product simply by adding another product version.
To your success,
Mike Humphreys
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