10 Great Reasons to Offer Low Cost Products
Have you ever considered offering a low-cost product or service such as a book, ebook, training course, membership (e.g. Netflix), audio or training video? It can be a great way to grow your business. I share ten reasons why in this blog post.
While I’d always wanted to offer products at different price points so I could offer solutions to people of all budgets, it wasn’t until I started selling Miracle Bracelets to fund my humanitarian trips to Rwanda, that I experienced many benefits of doing this. I now offer several low-cost solutions including books and online courses for many reasons including:
It gives people a chance to experience your work/products – some people may want to test you out before deciding whether to buy one of your more higher priced products/services. Offering low-cost products is a way to showcase what you do, to tempt more people to browse in your shop – and to ultimately buy from you! To make money from low-cost products you obviously either need to be able to sell lots of them profitably or to be effective at converting buyers into your higher priced solutions.
You get your name and brand out to more people – being visible to lots of your ideal clients is one of the keys to business success. Assuming you offer quality low-cost solutions that are consistent with your brand and product/service range this is a way to extend your marketing and have people talking about what you’re doing. I experienced this when people wore my bracelets as some people would ask where they got them. Likewise, people who enjoy my books and tell others about them spreading the ripple of my work.
More people are likely to impulse buy a low cost versus high priced product – people don’t need as long to think about the purchase of a low-cost product compared to justifying a more expensive option and are therefore more likely to buy from you in the moment. If you offer a low-cost regular subscription service such as Netflix or Amazon Prime it could be a good way to build a reliable regular income stream.
The energy and flow of getting regular sales (receiving money) feels great and attracts more business – this was one of the surprising things I noticed after publishing my first book. While I offer services that cost thousands I sometimes get more excited about selling a £10/15 book. Especially when lots of individual sales come through. It feels good when lots of people want what you offer – through selling my books I honestly feel I’m helping more people. Whenever I take books to events I usually sell them. The more I go out and speak, the more books I sell, people I help and an exchange of energy happens. Energetically the value wasn’t so important as feeling an abundant flow. If you feel lack that’s what you experience. It’s much easier to attract more money when you’re creating opportunities for it to flow.
You have the opportunity to grow your database with every sale – this means more people to connect and build relationships with. If they like what you do, this is likely to result in further sales. One way to do this is to offer an incentive for them to get in touch with you. For example, through both my books, I invite people to sign up for free reader resources via my website. Those who want the resources give me their name and email address which means I have a way to connect with them and explore whether I can help them in any other way.
It’s easier for people to refer people to you – people like to help their friends and family out. Offering low-cost products/services there is demand for, makes it easier for contacts to refer business to you.
You can turn low-cost products/services items into lead generators – as well as upselling to other products/services, if you know what other challenges your audience face and are willing to pay to fix, you can direct buyers to other relevant solutions you offer.
It can open more doors – if you offer quality low-cost products that make you stand out from your competitors hey can open doors. I’ve been paid to speak at conferences and offer training courses because I’m the author of two best-selling books. Even early on, I’d paid for the cost of my first book with a training contract before I’d published it. Offering online courses brings me business mentoring clients as I offer more than just being a mentor or coach. In a similar way, selling my Miracle Bracelets has put me in front of people who have gone on to refer business from me or become a client.
You will be helping more people – if you are driven by the desire to ‘make a difference’ to others then I assume you’ll want to help as many people as possible with the resources you’ve got available. Offering low-cost products and services helps you do this.
Ultimately you can earn more MONEY – assuming there is demand for what you offer and you’re using effective marketing strategies low-cost products and services can boost your cash-flow, profit, and money you can pay yourself, give away or reinvest in your business. This is effectively
So what low-cost products services could you offer?
There are so many ways to approach this. The first step is to find out what your ideal clients would like and then come up with a low-cost solution they’d be willing to buy.
As always if you’d like any help with this, just contact me.
Alisoun Mackenzie is The Compassionate Business Mentor, Author, and Speaker who inspires business owners and social entrepreneurs to grow profitable businesses that make a difference in the world.
She is also the author of two Amazon Best Selling books Heartatude, The 9 Principles of Heart-Centered Success and Give to Profit: How to Grow Your Business by Supporting Charities Social Causes.
- Ebook: The 9 Secrets to Signing up Clients without Selling (click here)
- Ebook: 101 Ways To Attract Great Clients, With Heart, Integrity & Social Impact (click here)
- Ebook: 52 Ways to Raise Funds for Charities and Social Causes Through Your Business (click here)
- The Online Course Creator Checklist (click here)