Advantages of a High Ticket product
Before discussing the advantages of selling high ticket products let’s start with defining a high ticket item. To put it simply, a high ticket item is any product or service which can be sold for more than $500. In this article we are going to discuss some of the benefits attached to selling big ticket products.
- Selling high ticket product would enable the entrepreneur to sell minimum products and make a lot of money. However when you are selling as a lower priced affiliate product then you might take a longer time to achieve this since you would be making lesser money per sale.
- Goes without saying that selling e books and other low ticket items is not going to make one rich unless you can sell a large quanitity. One would need a strategy to strengthen his relationships with the customers. As soon as they start trusting you as a customer many of them would turn out to be very valuable clients who will start buying big ticket items for you. Therefore one should make sure not to launch a low ticket product unless they have a big ticket product in line. This is known as the pipeline model in business.
- Selling high ticket items would allow your net profit to shoot up. True that one’s profit depends on the products he is selling. However high ticket speciality items like real estate or other would result in an extraordinarily high profit.
- High ticket products come with a higher perceived value. This is not just because of the high price tag attached. High ticket products are not only more comprehensive but also suggest a considerable investment on part of the buyer. Therefore in spite of low production cost, the perceived value of the product is generally high. Some of the most successful entrepreneurs of our time are of opinion that physical products have a greater perceived value than digital products. Moreover it has been found that product returns in case of a high ticket item is much less.
- Your customers are more likely to benefit from high ticket items. This is because it not only involves cash investment but also emotional investment on part of the customers. Therefore they have increased level of commitment to use the product and get advantages out of it.
- Your high ticket customers are sure to become one of your most valuable clients. There are many customers who keep buying low ticket products from you. However when they purchase a high ticket item from you it indicates that they are beginning to trust your products or services. Therefore they are more likely to make a purchase from you again. One should make sure to create a special sub list of high ticket purchasing customers and treat this big ticket sub-list with special care.
- The leap from trading in $50 or $100 products to selling an item at $1000, $1500 or even $1M is surely a big one which necessitates a change in the seller’s perspective. Once you have achieved that paradigm shift your confidence will be vastly improved.
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