This one is for Thought Leaders who produce resources (my word for information products) for their followers:
Beware of the kind of product you produce so that your prospective purchasers can’t valuate the product just on the type and nature of the product.
Here’s an example:
What’s the price of a paperback book?
Likely, your answer is somewhere in the neighborhood of fifteen to twenty US dollars, right?
What made you come to that conclusion?
Well, that’s just what a book costs.
So when you sell a book, what will your buyers be prepared to spend?
That’s right. Twenty bucks, at the most.
See where I’m going with this?
I suggest that the price of your product shouldn’t be based on the type of product, but on the value it brings to the consumer. And that number should be much, much higher.
So, this calls the question: if you agree with me, and you should, then what do you do about it?
Well, the main thing to do is to produce a type of product that your market can’t compare with anything else.
One way to do that is by bundling. This means, you produce a multimedia product where there might be a book, a DVD, and maybe even a USB key drive all bundled together into one product. Or some combination of those things.
Another way is to produce a premium version of a product. Think of a leather-bound book with gold gilded pages. You can charge a lot more for that, and sell it as a signed limited edition that comes with certain bonuses you can’t get anywhere else.
You can then sell the book on value, and then charge a premium not only for the quality of the book, but for the quality of the information inside.
I hope today’s tactic has helped you expand your horizons about what is possible in your business. If you would like more help with maximizing the profits of your thought leadership business, go to You Can Be A Thought Leader and sign up for my free daily emails where I can help you achieve the impact and reward you desire.