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How to Easily Convert a Low Ticket Product into Mid Ticket Product

Convert low Ticket to Mid ticket

Here is how you can easily convert a low ticket information product to a Mid ticket information product !

Before I  begin let me first define what a Low ticket & Mid ticket product, this is
Low ticket =  anything below $27
Mid Ticket = Anything above $97 – $397

So why sell Mid Ticket products?

1)Your customers will achieve far better results because they paid more. ( More skin in the game)
2) Higher perceived value means you’ll be seen as an expert
3) You’ll achieve your income goals much faster.

The common objection I see in alot of people I talk to about  is that they don’t “feel” that their offer is worth say $297… ,
Guys as long as you can teach someone anything even if it’s not money related you can charge waaaay higher than that
In fact throughout my blog you’ll see a ton of post about why I always advocate charging higher and getting more involved with your customers.

The one thing that you need to do is pay more attention to your sales page, basically you need a longer and more impressive sales page when  you’re promoting a mid ticket product via a sales page.

Anyways Lets begin.

Step 1 – Convert your ebook  into a Video Course

If you have an ebook you’re currently selling for say $7, try to come up with a video content instead and break it up to maybe 20 part Videos Series explaining each vital step.You can do simple slide shows and just record your voice as you read them. SIMPLE..

Step 2 – Create A Simple Membership Site

A membership site has far better perceived value than a standard video course,
and guys.. creating a membership site is so easy! With WordPress you can even do it for free ( without any premium paid plugins) However if you’re more advanced I highly recommend that you invest in a premium WordPress membership Plugin. The one I personally use for my sites is “Digital Access Pass”

Step 3 – Build A  Simple online Community

This is one of the easiest thing you can do, you can simply Create a Facebook group and answer questions in the group from time to time. There is so much perceived value in this and I can guarantee that your refund rates will go down.

Step 4 – Create a Mini Coaching program

Although I highly recommend that if you’re going to do any form of coaching you need to charge much higher. However I do understand that some people feel comfortable charging below $500 for a smaller coaching package and this is it.
You can provide Email coaching or even Group coaching – Weekly seminars for a fix amount of days.

Step 5 –  Offer more, Add more USEFUL resources

Again this is very simple to do, just provide more value. You can do this by creating a more intensive course and adding more resources. For example If i have a email marketing product that sells for $10, I will add more premium/advance content and and add maybe some squeeze page templates ( PLR) in the members area so my customers can use them.

I hope you find this extremely valuable, because when you have mid ticket products to sell , you can slowly move on to creating your own High ticket offer!

 

Thinking of Creating Passive Income WIth Membership sites? Think Again

Membership-site

The idea of creating passive  recurring income for yourself with your very own membership site is extremely attractive right?
Imagine if you have a membership site that sells for  $2o/mth and let’s take for example if you can get just 20 Paying members per month ( being conservative here)You’re making $400/mth ( 20 x $20)
What if the next month you bring in another 20 paying members and you do that every month for the next 12 months
your income will look something like this below.

Month Paying members Monthly income ($)
1 20 400
2 40 800
3 60 1200
4 80 1600
5 100 2000
6 120 2400
7 140 2800
8 160 3200
9 180 3600
10 200 4000
11 220 4400
12 240 4800

 

So by the end of month 12 you will have $4800/mth recurring income right? To many of you reading this . It’s probably enough income to quit your day job..

BUT..

REALITY CHECK..
The problem is most membership sites especially if you’re in the Internet marketing niche will have a very low retention rate, you’d probably lose 50% of your members on month 2 itself!

Lets not forget you need to KEEP producing content for your existing paying members!
Just to outline the issues with a perpetual membership site
1) You need to keep replenishing members
2) You need to keep coming up with monthly content
3) You need to deal with retention rate issues..

Of course the scenario above is based on a “perpetual” membership site model where your customers will continue to pay every month until he/she cancels.

And of course I’m not here to leave you hanging and not give you a solution..
Let me talk about the other  types of membership models and the 2 that I  personally recommend you go with starting out.

3 types of membership site models

1) Perpetual membership sites – Membership sites that have never ending monthly payments, your customers pay every month until he/she cancels the plan. You will need to continue to produce fresh monthly content for your customers. There is an ongoing cost to produce content.

2) One Time fee Membership – This goes without saying is just a one time Fee and members can access the content using the membership site. Because its only a one time fee members don’t expect content every month. You only need to create the content just ONCE. Using this structure you can also have MULTIPLE level of access at different price points

3) Fixed Term Membership site –  This is a membership with a FIXED term of  monthly payments ( usually 6 – 24 mths)  Customer will be charged monthly until either A) he cancels his subscription or B) the end of  the payment term. You only need to create the Content ONCE too for each .

Don’t get me wrong but I’ve Seen many membership sites work before but if you’re just starting out creating a perpetual membership , you’re putting yourself into alot of potential trouble!