Pricing your product line. I don't know what products and services you sell. But I want to share with you that the most successful companies on the planet today have what's called a product line. A product line is a group of products that are closely related to each other. Let's take Apple, for example. They don't just sell or they don't just rely on iPod, right?

They have many products, and each of these products generates income for the company. Yes, they are really big when it comes to innovation in creation of new versions of existing products. But if you look at the history of the company, you will see how they extended their product lines over time. And believe me, I'm thinking really hard right now to mention a successful company that has only one product. Maybe there is one but you get the point. So in this lecture, I would like to challenge you to think in this direction to think how you can extend your product line.

What new products and services can you add to your business? Let me give you an example. In one of my businesses, I teach people how to teach online and generate residual income. Here are the products I sell, low dollar offer. It's called the promo crusher with the price tag $17. In this program, I teach people how to write promotional announcements, it's Udemy that will generate more sales.

The program consists of 10 Full HD videos and four PDF files. I also interviewed two successful instructors, and we discuss the best practices and honestly, if you're a beginner or intermediate Udemy instructor, you'd really benefit from that program. Then I sell my main program step by step three, of course 1000 students. As you already know, the price tag is 490 Seven. As I said, this is my main offer. It consists of over seven hours HD video content.

This is where most of my income comes from. Then I sell a continuity program called the ultimate business bundle. It's $13 per month, but it gives students access to all of the courses on the topics on all the topics I teach, ranging from marketing and copywriting to productivity and personal development. However, my main offer in premium programs are not included in this bundle. Plus The Price Is $13 per month, but it will go up with access my best selling courses worth $2,717 in skyrocket your business to the next level and beyond. Right now I'm considering a high end one on one coaching that would cost 997 I haven't decided what I would include in this package, but This might be my next product.

All right, so what do I have so far? Number one low dollar offer $17 main offer for 97 continuity program $13 and some high end one on one coaching 997. This is the product line for my business on teaching people how to teach online. Now what is the psychology behind these products and prices, the low dollar offer his one primary very important function to convert your prospect to your client. This is a change in the relationship they have with you by buying your low end product. These people say I trust you and you have to respect that.

It's many times easier now to sell them another product. They also showed that they are committed to what end results you program delivers. So again, the primary function of your low dollar product is selling Convert customers. It's not to be your primary income stream income source. Even though the name low dollar offer says it all, I'm going to emphasize it again, this product should be inexpensive. I could say an impulse buy, it may be $7, or $13 or $17.

Anything below $20, then it is my main offer. This is where I make most of the money. Naturally, a percentage of the people who bought your low dollar offer would buy your main offer. And if that percentage is low at the particular time, it doesn't mean that other customers who haven't bought your main offer don't want to buy it in the future. Maybe the timing wasn't right for them. So don't make hard conclusions.

Then it's the continuity program. Think of it is a subscription. People pay monthly fees until they cancel it. Here is the thing. It's hard To sell continuity programs then other types of products, but it is really rewarding if you do a good job of course. And what do I mean by a good job well sees the problem is the continuity type, you will have to provide a solid reason why your customers should stay onboard, you should include an ongoing element.

Here is an example. And I will read that directly from my sales page. The ultimate business bundle is live. That means I upload new content on a monthly basis. The value of the bundle is increasing every month so I guarantee you will get back at least 10 times the value of your investment. There will be months I will publish brand new courses and others I'll be adding new lectures to existing courses in both scenarios, you will be notified This is my ongoing element.

This is my reason to make my customer stay in pay monthly. So If you would like to incorporate continuity offers for your business, you need to be very clear on what the ongoing element will be. It must be extremely, extremely desirable. So think. Finally, there is the high end product. In my case, I haven't created it yet.

And maybe I should have by now, the primary reason is this. There will be always people customers that will like you and your content, of course, and we will say, what's the most expensive product you've got? Of course, they wouldn't say it in the exact same wording, but they would be interested to know the top notch product or service you offer. Yes, these customers don't appear very often, but they are out there. For example, I was running a promotion at Udemy. And basically their business model revolves around coupon codes and heavily discounted courses.

One day I got an email from a person who took my course Some marketing psychology 1.0. And who was quite satisfied? Maybe because he was a psychologist himself, and he said, I want to buy all of your courses, would you provide me with coupon codes? At first, I didn't think he was serious, but I created the coupon codes, and I had eight courses or maybe nine courses at that time. I provided him with the coupon codes in he bought all of them no exception. He really liked my work.

And he even offered me to become a marketing manager at one of his companies and work on other of his projects. A crucially important aspect when you extend your product line is what's called product alignment. That means all of your products are very closely related. For example, my low dollar offer might well be a chapter from my main offer. This is how closely related the products are. We'll have a chance to talk about In a future lecture, but I want to say, if you're a low dollar offer is about weight loss, your main offer is about investing in stocks, you have a problem.

That's a huge disconnect in your marketing efforts would be in vain. So alignment is key. I'm sharing this information with my businesses because I want you to think about your product line. Is there room for improvement? Can you add more products? Can you maximize your profits?

Then to recap, number one, all successful companies have been work on extending their product lies. Number two, the main function of your low dollar offer is to convert a prospect to a customer therefore it should be an inexpensive an impulse buy. Your main offer is the general source of income. Your continuity program is hard to sell, but very rewarding. It's about monthly cash flow. You must have an Ongoing element This is crucially important, an ongoing element.

And number five, your high end offer is about making even more money in working with clients who like you and trust you a lot. And number six, your marketing has to be aligned. Meaning your products have to be closely related when one person buys your low dollar offer is to be a natural course of events for him or her to buy your main offer. Very important things Thank you for watching and stay purposeful