There are two ways to increase revenue in your business.
Way #1: Sell more of your widgets.
Way #2: Charge more for your widgets.
#1 is nice and comfortable. It requires us to do more of what we’ve already done: knock on more doors, launch more frequently, write more blog posts, push our audience harder, all of the stuff we’re comfortable with now.
#2 is not comfortable. It requires us to tinker around with our pricing, which is something we aren’t comfortable with or confident in.
But there is an interesting approach you can take that combines both paths.
Packages.
Pricing packages have been around for a long long time and are used in pretty much every industry you can imagine.
Here are a few:
Infomercials (watch):
Tesla
Apple
Amazon
The basic premise of packages is this…
You write a book and sell it for $10.
You sell 10 books a month and make $100.
A few months go by and you decide you want to make more money, but you are scared to raise the price of the book.
So you create a super-cool version of the book with super-cool interesting stuff and charge $50 for that version of the book.
As a result, 2 of the people who would normally pay $10 for the book pay $50 for the super-cool version and your revenue goes up.
In summary:
- You have a product.
- You create a bigger version of that product and charge more for it.
- A few people will buy it and revenue will go up.
Side note: I’ve written extensively about this in the past and about some crazy results we’ve had from using packages (which included a $100k+ increase in revenue). Click here to read.
That all makes sense.
But the big question is this…
What do you put in your upgraded package to make it worth people paying more money for it?
We could talk about this topic for a long time (and maybe we will in a future article), but today I want to share one of the quickest ways to create super-awesome versions of your product: getting people to donate their product to you in exchange for you doing the same thing for them.
One of the quickest and most effective ways to create a high-end package is by combining your product with other popular products that your customers really really want.
For example, what if the super-awesome version of your book included your book + 9 other books your customers really liked and wanted?
That would be cool and a ton of your people would buy it!
We did this in our launch last fall and it worked really well.
Our course, Get 10,000 Subscribers, teaches people how to build an email list. People who want an email list want that list so they can sell a product or service to that list. And one of the quickest ways to do that is to sell freelancing services.
So I went out and talked to the person my audience looked to the most on that topic, Brennan Dunn, and asked him to include his course as a bonus for people who bought my course. In exchange, I offered to donate our entry-level course to him during his next product launch.
Summary:
- Find out what your people want that you don’t have.
- Identify someone who offers that thing.
- Ask them to donate the product to your launch in exchange for you doing the same thing.
Snazzy, right?
Recently John Meese reach out to us and asked me to include one of our courses in a higher-end package for his course.
I really liked his email and the way he asked, so I’m including it here as a guide:
Do the same thing.
The next time you do a promotion or launch a product, create a higher-end package and include a related product from someone else in that package.
PS: In the comments below, include a link to your product and tell us what your dream high-end package would include.