2019 Marketing Tips To Sell Expensive Services

HOW TO CHARGE PREMIUM PRICES IN YOUR OWN BUSINESS
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2019 Marketing Tips To Sell Expensive Services

All businesses are based on generating revenue. Regardless of the different missions, goals, values, and vision, the end utmost objective is to generate revenue. In this article, we will provide you with insights on how to charge premium prices for your products or services and create high ticket offers on autopilot. Nonetheless, we will go through some background information about how the main coaches & authors charge the consumers for their services. We will also show you why you should consider have different packages for different levels. Another topic mentioned in this article is the role of digital marketing and sales funnels. 

how to charge premium prices and high ticket offers
How to charge premium prices-flowchart

 

Above you can see an in-depth chart on what a client acquisition journey looks like. If you plan to charge to charge premium prices in your own business and ultimately sell high ticket offers, you can also get this guide here.

Here are the three questions you need to answer yourself in order to start charging premium prices:

1. Who is the ideal client that can benefit the most from your product or services?

Not every client is price-sensitive. If you are a coach, author or speaker, before you can charge high ticket offers and zone in on your target market to build your premium price package. First, you need to have a solid handle on what exactly an ideal customer is. When you think about it this way, the entire concept is quite simple:

  • Step One: Know Your Product or Service

First thing’s first, you need to have a solid understanding of your business. That doesn’t just mean knowing the ins and outs of your financials or being able to recite your website copy in your sleep. Instead, you need to have deep knowledge of your business from your customer’s point of view. And the most important thing is to focus on just one key product or service. Try to make that a very good offer that can separate yourself from the rest of the market.

  • Step Two: Determine Your Income Goals

Once you’ve looked at your business through your ideal client’s eyes and identified who is currently buying from you, it’s time to determine what your income goals are. The easiest way to hit your monthly income goals is thru high ticket offers, of course. For instance, if you need to make $100,000.00/ month, the math is simple ( Side note: the same concept applies if you want to make $10,000.00/ month or 1 million a month. You should not setup income goals, based on what your competitors are doing; we all have different type of lifestyle and you should setup your income goals based on that:

  1. 50 people to buy a $2,000.00 package
  2. 25 people to buy a $4,000.00 package
  3. 10 people to buy a $10,000.00 package
  4. 5 people to buy a $25,000 package

As mentioned above, your current clients or customers may not be your ideal ones. Maybe you’ve noticed that your customer retention rate is really low—people are buying once, but not returning. Your ideal customer is someone who gets their exact needs met by what you’re offering.

  • Step Three: Look At Your Best Performing Previous High Ticket Offer Campaigns

You’ll need to do your research, put in the legwork. When you are ready to outline everything that makes your customer tick based on previous high ticket offers buying behavior, this is when you’ll build your dream customer profile. This process shares all of that need-to-know information about who exactly you’re trying to target.

Price sensitivity also differs by segment, category, and sometimes country, depending where are you located. How important your category is to people will determine how generally price-sensitive they are. But even consumers within the same category segments will value brands differently. Few will be totally price-driven, and it is your job to figure out how to make your brand valuable enough to reduce the attraction of cheaper alternatives.

To do so, you need to identify which type of shopper makes you the most money and focus on them. Remember—it is really difficult to be all things to all people and sometimes you may lose market share because of that.

Sometimes, your clients will need all of the services you offer, but will even need additional services too. Hence, many companies create premium packages, enterprise high ticket prices packages, and some would have free packages because they can make a use out of the data. It’s actually a good way to get the user to understand and like what you are offering. And eventually convert into a client and subscribe to a larger package.

2. What Is The importance of Premium Packages:

Premium packages are the first option your dream clients look at, hence you want to pay more attention to it. It will most likely be the first option they select at first. If you want to get a step by step blueprint on how you can attract your dream clients on autopilot and actually be able to sell high ticket offers, you can download it here.

  • They differentiate you from your competitors

When your clients are bound to use your packages and add-ons, they are expected to remain with you. By doing this, they would probably refrain from looking for other competitors. Premium packages will allow you to stand out among other players in the market.

  • Premium price packages make your services appealing

People get more attracted to services that charge premium prices packages rather than being charged them by the hour. Research had shown that people do not mind paying extra money on quality services. Also, research has shown that people value products with higher prices more than those with a moderate price range. Hence, making your service more costly actually translates into making it even more appealing to your prospects.

  • The case for start-up entrepreneurs

Starting up a business is very challenging and involves a lot of experimenting and research. It is even more tricky when you are trying to benchmark your premium prices with the market, but your competitors are already established and you are yet to give your business a boost and create a reputation of your own.

You will have to rely your premium prices on a foundation of data. You will first need to start tailoring your packages, service, products, or whatever you are selling to your clients. Then you will need to create a very detailed description of it. Eventually, you will use that description to create the premium prices of your services or products.

  • List your main offer product/service

That would be the main service that your company provides to customers. Make sure you add everything that this service/product has and needs; a detailed and thorough description of what the premium price service is. While you are drafting the value of this service, make sure you do not neglect any of the benefits that are related to this service or product. Many clients tend to overlook many results and benefits, you will need to remind them of every way your high ticket offer/ product and service is going to affect their business or life. After all, the impact and the results are the main commodities you are trying to sell here.

  • Add all the sub-services that clients might/will need

You are now done with the main business. You are required now to find other services that will complement the main service in order to form a package that will add even more value to the client. For instance, if your package is about content creation, you may add designing services to the content creation package to make it more comprehensive.

Now since you know the impact of your package on your clients’ businesses, you can always know how much money and time you’re saving them by providing them with your services and products. Accordingly, you’ll benchmark with the amount of money you are saving them after considering how much money your company will need to make as a revenue. Does your product requires a lot of money? How much time will your team invest in completing the service/product? How many people are going to work on it? You will need to compile all of these, calculate the cost, then create a margin that will keep your business going and expanding.

If the service you are providing is already there, and other companies already have similar packages to what you are offering, then your competition is going to be your benchmark. Take into consideration that if you are just starting your journey as a coach, author or speaker, in order to establish a name and knowing how to charge premium prices in your own business, you may want to take a look at this blueprint. This will work out perfectly for you if you are a health, relationship or business coach, offering high ticket offers.

    3. How To Implement Digital Marketing And Sales Funnels In Selling High Ticket Offers?

How can you use digital marketing and sales funnels to get more clients and promote your premium prices? It is essential for many coaches and authors to resort to digital marketing and funnels in order to reach and capture their prospects. Why? Because prospects now know more, and they conduct a lot of research before buying or purchasing a product. Hence, coaches are expected to meet their prospects and educate them through marketing funnels. If you are a coach, author or speaker, this is the foundation on how to charge premium prices In your own business.

Before building a digital marketing and sales funnel, you need to do the following:

  • Identify your direct and indirect competitors

Because regardless of how amazing your services and products are, you are still faced with competitors. Direct competitors are the ones that target your audience and sell the exact same product and service you are promoting. Indirect competitors are those who are targeting your audience, but with different products and services. This is also another an important factor that will help you launch the strategy around how to charge premium prices in your own business goal.

  • Study their activities

You competitors are most probably utilizing online marketing to the max. Hence, they are creating and promoting their landing pages and creating a whole strategy to target their audience. You can resort to tool that will analyze their activities only by inserting their page’s URL.

  • Funnel hack their campaigns 

Do exactly what they are doing. If they have a landing page for every package, go ahead and create one for each of your products. You are expected to have a presence wherever they are because that’s how you will reach your prospects. There are different types of funnels that you can use. 

The most powerful types of funnels are webinars. Webinars are a 24/7 presentation of your services and products.  This will give you a lot of material to showcase to your prospects, and make it easier on how to charge premium prices.

  • Hick ticket offers and webinars

Building high ticket offers funnels can be free of charge if you use a number of different funnel building tools that do it for free. You can get 2 week free trial of a software that we use in our business called Clickfunnels. You may also resort to some professionals who will complement your strategy through building a funnel that will get you closer to your objectives. 

Keep in mind that funnels aren’t made to keep your prices cheap, they are strictly about acquiring clients that will trust you and choose your products and services over other competitors. After all, marketing and sales funnels aren’t there to replace any part of your planning, they strictly aim to promote your services and products and make you stand out.

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