The 10 buck info product model.
I pay attention to coincidences. This week, 2 relatively new people asked me about my ten buck reports and if they make any money.
Fair enough. On release, they always pay for themselves. BUT, they also give me the most important part of this sales "formula"...
SATISFACTION, which gives me LIFETIME VALUE into the hundreds of dollars.
And if YOU build a family of products, go up the ladder (25 years before the so-called funnel concept) of INFO products, you could get to the 2 to 5k range with your workshops and seminars.
Ten bux, sort of like Jim Straw's PEANUTS on the bar analogy, hard to stop with just one. I may have 90% repeat buyers from the initial 10 bux they spend with me.
Does this answer that question?
A couple info-product business models...
So, as I understand it, you're playing the "long game"...
You certainly have many fans, who are interested in getting anything that you write... (I'm in that category myself!)
So, you don't make money just from the sale of one product... Every new customer could also become a "fan" and also a prospect for your future products...
By the way, there seem to be two "models" here.
One model is you sell to the same customers over and over, with repeat purchases of different products (or through a subscription model, which is sort of similar)... I think this is the "lower risk" model...
The other model is selling the same product to new customers each time. I think this is harder to do, but people do get rich from it. Joe Karbo seemed to follow this model - as far as I know, he essentially had one book, "The Lazy Man's Way to Riches." He just kept finding new buyers... As long as he could spend less money finding each new buyer than he received from each sale, he could keep growing his money...!
Just "riffing" on the subject... :)
First, about Joe Karbo.
First, Joe did have other books, I'll send you his promotions for some of his other IP, however, he was eclectic, and had other interests, like theater, and boats (he did like keeping an eye on boats he could flip), as well as being involved in closeouts, overstocks and liquidations (he rec'd several Hotsheets on these)...so he did have multiple streams of income. I think because of his many interests, he got away from onesies to consumers.
As you know Dien, and mention, selling one thing to consumers can be lucrative and a grind at the same time.
Also, using myself as an example, small reports, hotsheets, info products has been a bread and butter thing for me, but I, (like you) have other interests.
So, Harvey Brody has a great model, selling to a few. But with customers like Home Depot and 100 other big retailers or repair companies, his orders are often into the tens of thousands of dollars. Cool beanies here.
One reason I and my girls are looking to "Hollywood/Corporate" content buyers is because the Unit of Sale is much bigger. Instead of a 10 or 25 or even a 97 dollar product sold to hundreds, ONE buyer is all you need to replace all that to consumer activity. Distribution is key too. If Amazon is selling your book, and promoting it, then there is that LEVERAGE too.
In golf, I targeted the affluent markets. My golf shop was in the "high rent" district, not wanting golfers who used found golf balls or cheap clubs, I went after people who could afford the high end of golf stuff.
Most of our IP has been targeted more toward the low end user. Because we like to help them.
But, today, my target market is upper end buyers of content, creative content and/or corporate training content.
There are several models to choose from, and we are free to pick and choose, ONCE we become aware of the options we have. Too many people limit their choices because they either don't know, or are intimidated.
Thanks to your newsletters Dien, people learn about different opportunities they can explore, and thanks to some of our AZZ kicking here, they don't get caught up in chasing the unicorn of the day.
Low priced products vs higher priced ones...
It's interesting you mention the affluent markets... I think things can be easier selling higher priced products, compared to lower priced ones.
Of course, with higher priced products, you don't need to make as many sales to make the same amount of income...
Also, people who are able to pay higher prices seem to ask for fewer refunds (as you and I found out many years ago)...!
But, as you say, it's also nice to help everyone... not just the rich... :)
Targeting the affluent.
As you have been made aware, my latest off line MAIL ORDER venture targets people with money, who buy unique gifts and thanks to the one page publishing report, HOTSHEETS which sell for 99 bux each or more is going to play a big part in our futures.
|All times are GMT -4. The time now is 12:01 PM.|
Powered by vBulletin Version 3.6.0
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.