How To Deliver Value One High-Priced Product At A Time
Topics: information products, backend system, email marketing, internet marketing, traffic, converting traffic
Think of your backend system like a funnel: you can pour a lot in the top, but it filters down to a focused point. That focal point is you. You are your most expensive product and should charge a premium price for one-on-one time with you. Working with you in some type of coaching program or consulting capacity should be the end result of a customer working his way through your funnel. Many will enter at the top, but only a few will get to you.
To make sure your funnel is well-developed, start at the end and work your way back to the initial front-end offer. Ask yourself how you could provide the most value to your customers. Do you need to do one-on-one coaching? A private workshop? An exclusive seminar? At this point, you don’t have to know how to host seminars or workshops or coach; you just have to see how your customers can benefit the most from what you know. When you provide maximum value, you can charge premium prices.
Once you decide where the funnel ends, think of the step right before that. What experience would a person need to have right before they commit to purchasing your premium product? Would they need to attend a seminar? Listen in on a teleseminar? Now what’s the step right before that? And the step before that? Keep asking yourself that question until you get to the step where your customers optin to your email list. That’s the top of your funnel and your front-end product.
Five examples of backend products to include in your funnel are:
1. Coaching: you could offer a group coaching program or personal coaching sessions and charge anywhere from $1,000 to $10,000. The more established you become in your niche, the more you can charge. This is one of the most valuable yet cost-effective backend services you can offer.
2. Mastermind Groups: in a previous issue, we discussed the value of Mastermind groups. To take that concept and make it into a backend product, create your own group and charge people to join. Focus on the potential JV partnerships members can gain from the experience as a main selling point, then meet over the phone as a group on a regular basis as well as in live events at least twice a year.
3. Teleseminars: host a teleseminar series where you interview a guest expert once a week for six weeks. Make recordings and transcripts of the of the calls available to registered callers. To further increase the value and thus the price, provide a Power Point presentation via the web for callers to see as they listen.
4. Membership Programs: charge for a membership program. This could be a monthly fee or an annual fee which offers such things as an exclusive membership print newsletter, expert interviews and question and answer calls to your members.
5. Forced Continuity Programs: this is like the membership program listed above, but you charge for the membership until the person opts out. For example, when someone buys your ebook, you automatically enroll them into your membership program to test it out and inform them they have been awarded three free months. If they like it, they continue with their membership but you start billing their credit card after the trial period. If they don’t want to continue, they have to tell you to cancel their membership. Otherwise, you can keep charging them until they tell you to stop.
Glen Hopkins is a Best-Selling Author, Speaker and Consultant. He teaches struggling entrepreneurs how to turn their Online businesses into thriving money machines. Get his List Building Report and Web Traffic CD for FREE at www.glenhopkins.name
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