Should You Offer High-Ticket Or Low-Ticket Procducts?
You may have heard the terms high-ticket and low-ticket products as you started to build your business, but what are the differences between them?
First, low-ticket items would be the cheapest offerings, while high-ticket items would be the most expensive.
Some businesses may offer both product types, while others focus on an exact product type. A low-ticket product is less costly than a high-ticket product. However, it doesn’t necessarily mean that the low-ticket product is of lower value than the high-ticket product. Regardless of what type of product you offer, it is essential to provide value.
Now that you understand the difference between these two product offerings, how do you decide which is best for your business?
When deciding which type of product offering makes sense for you and your business, it will all boil down to the margins on the product and the time required to create a product.
A low-ticket with a high margin can be more effective than a high-ticket product with low margins. You may think that high-priced items are the best for your business because you can make more money per conversion, but this may not always be true. Having a low-cost item with high margins and a high perceived value can actually provide more for your business.
One more factor you should consider if you decide to offer both high-ticket and low-ticket items is the perceived value.
While you want both products to provide value, the low-ticket offering should lead them to the high-ticket item, which provides a lot more value.
If the value provided by the products isn’t significantly different, potential customers will be less likely to buy your more expensive product.
The price of a product isn’t the only aspect you should be focusing on. Another element in deciding which type of product to offer is the problem you can solve for a client, and what the purpose of that product is.
Often a low-ticket item will be used to get one foot in the door. One common strategy is using a low-ticket item as a tripwire to convert a potential customer into a paying customer. Because the tripwire product is set at a low cost, people are more likely to try it out, allowing you to show off the value your brand provides.
After clients see the value in your products, they are more likely to purchase your high-ticket product.
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