Ask Steph: I already have multiple offers. Should I launch a high ticket offer?

Today, I'm answering a question from a listener who has multiple offers within her business already but is stuck on what to launch next. As her current offers are at a lower price point, she's questioning if the next product should be positioned at a higher price point. In this episode, I'm sharing my suggestions for her next steps.

– How evaluating your business to take stock of where you're at will help you to understand what gaps exist in your offer suite.
– Why getting really specific on the problem your offer is trying to solve, or transformation they're seeking, will help you to create the next offer that your audience needs.
– The importance of researching your audience before you launch your offer.
– Why launching your idea first will give you so much information on whether people will *actually* buy it—before you put everything into creating something that doesn't sell.

Should You Launch a High-Ticket Offer? Here’s What to Consider

In today’s episode, we’re diving into a question from Moana, who runs a business called Healthy Homesteading. Moana is a homesteading coach, and she’s already got a podcast, an email list, a paid membership, and a digital workbook priced under £10. Now, she’s wondering if she should launch a high-ticket offer, specifically a course that helps homesteaders and dreamers earn an income online and through their homestead. She feels that a higher-ticket offer might be the next step but isn’t sure how to proceed.

There’s a lot to unpack here, so let’s break it down.

Take Stock: What’s Working and What’s Not?

Before jumping into creating a new offer, it’s crucial to assess what’s currently working in your business. Are your membership and workbook selling well? Are your members engaged and staying, or are they dropping out quickly? What kind of feedback are you getting from your community?

The reason you’re considering a high-ticket offer might be because your current offerings aren’t generating the income you desire. That’s understandable. Often, when starting out, we think selling low-ticket items is easier, but it actually requires a large audience to make significant sales. For instance, to make £10,000 from a £10 workbook, you’d need 1,000 buyers. In contrast, you only need 10 buyers for a £1,000 course to hit the same revenue mark.

Why High-Ticket Offers Might Be Easier to Sell

It’s actually easier to build a strong connection with a smaller group of people who are willing to invest more in your offer. By delivering an outstanding experience to these individuals, you can turn them into raving fans, which is much harder to achieve with a low-ticket item that doesn’t offer much interaction or value.

If we look at conversion rates, a 5% conversion rate is considered good. To sell 1,000 copies of a £10 workbook, you’d need to get that offer in front of 20,000 people. Doing this consistently to generate £10,000 in sales each month would require significant effort.

Defining a High-Ticket Offer

The term “high-ticket” can mean different things to different people. For some, £500 is high-ticket, while for others, it’s £50,000. The key is not just in pricing but in the perceived value of what you’re offering. People will pay more for something they perceive as solving a significant problem or offering a meaningful transformation.

Creating a Course: It’s About Perceived Value

You mentioned that you’re leaning towards creating a course. Courses can be excellent high-ticket offers, but remember, people don’t pay more just because it’s a course. They pay more because they believe the course will solve a big problem for them or help them achieve a transformation they value.

The bigger the problem or the more valuable the transformation, the more someone will be willing to pay. For example, business owners might hesitate to pay for legal trademarking early on but will rush to do so once they face a legal threat—because the pain has now become urgent and significant.

Narrowing Down Your Course Focus

You’re considering a course that teaches people how to earn an income online and through their homestead. These could potentially be two separate courses, each addressing a different aspect of the same broader problem—lack of funds. Before combining them, consider whether your audience is more interested in one approach over the other, or if they want to learn both.

Test Before You Invest

It’s great that you recognise your community can help you refine your offer. Engaging with your audience to understand their pain points is crucial. But the only real way to know if your course will sell is to launch it.

Here’s a strategy: start by sharing content about making money as a homesteader to gauge interest. After nurturing your audience for 60-90 days, open the doors to your course. If it sells, you can create it alongside your students, week by week. If it doesn’t, use surveys to understand why they didn’t buy. Often, when people say they can’t afford something, it’s more about the perceived value than the price itself.

Test and Learn

Launching a high-ticket offer can be a game-changer for your business, but it’s essential to validate the idea before investing too much time and energy. Start small, test the waters with your audience, and be prepared to adjust based on their feedback. This approach minimises risk and maximises your chances of success.

Good luck, Moana!

Pin this?