One big misconception when thinking about creating higher end information products is that one needs to create MORE content to justify the higher investment. This is actually not at all the case.
In just about any market that I can think of, what people really want is more of an experiential program when investing more. Think about it; people will invest thousands of dollars to attend a live event. They will add to that several hundred dollars in travel expenses and typically receive less actual information than the home study system they could have purchased instead.
What people want is a great experience and they want to feel involved in the process. Selling stand alone home study systems is a fantastic way to generate near passive income, but to sell your products at a higher price point there are three components that should be present.
1. Content. This is intuitive; but again, don’t feel the need to pour out content in order to justify the price tag. This will only frustrate and overwhelm both you and the client. Share enough content to take your client from where they are to where they want to be. No more and no less.
2. Community. People want to feel that they are part of something. It is actually very easy to accommodate them by creating a simple online community. You can set up a group on Facebook, LinkeIn, Yahoo, Google, etc that does not require your presence. You certainly want to be involved, but you don’t need to spend hours moderating your group. Set the guidelines and let the group run itself. You might be amazed what can build out of this.
3. Coaching. While this will require some of your time, you can increase your price considerably by adding some coaching to your product. This does not have to be private coaching or in person coaching. You can set up a teleconference line and work with small groups a couple times a month for three months (this is just an example) and this would add considerable value to the product/program.
So when you’re ready to begin creating high-end products, resist the urge to create more content. Look at what you already have and consider adding a community and some coaching to create more of an experiential product that will help take your clients to new heights.
I simply love Tom’s 3Cs framework for creating high-end info products.
I just want to add that there are different levels of coaching, through which you can command even higher prices:
– Level 1: tell your audience what to do
– Level 2: tell them what to do and show them how, step by step
– Level 3: tell them what to do, show them how – step by step – and be there for them when they need you
– Level 4: Just do the whole thing for them, while they do nothing (of course, in this case, you end up being more of a consultant / service provider, rather than a coach)