Ask Steph: I already have multiple offers. Should I launch a high ticket offer?

Today, I'm answering a question from a listener who has multiple offers within her business already but is stuck on what to launch next. As her current offers are at a lower price point, she's questioning if the next product should be positioned at a higher price point. In this episode, I'm sharing my suggestions for her next steps.

- How evaluating your business to take stock of where you're at will help you to understand what gaps exist in your offer suite.
- Why getting really specific on the problem your offer is trying to solve, or transformation they're seeking, will help you to create the next offer that your audience needs.
- The importance of researching your audience before you launch your offer.
- Why launching your idea first will give you so much information on whether people will *actually* buy it—before you put everything into creating something that doesn't sell.


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Episode Transcript

Speaker 1 (00:00):
When you're starting out, you might think that it's easier
to sell a low ticket product, but we forget that
it would take one thousand people buying your ten dollar
workbook to make ten thousand dollars of sales, versus ten
people buying a one thousand dollar course a one thousand
dollar program. Welcome to imperfect Action. I'm Steph Taylor. For years,

(00:25):
I read all the books, downloaded all the freebies, and
did all the courses, but it wasn't until I started
taking imperfect action that my business had its first million
dollar year. Imperfect Action is about doing things before you're ready,
prioritizing consistent action over perfect action, and moving forward even
when you're not sure you're doing it right. On this show,

(00:48):
you can expect mindset advice, actionable marketing tips and strategies
to build a business that brings you more profit, more freedom,
and even more joy. List to get my daily businesses.
Every day, i'll send you a bite sized prompt designed
to help you grow your business in a more intentional way.
Sign up at steptaylor dot co, forward slash DBB, or

(01:11):
at the link and the shore notes. Hey, Welcome to
Imperfect Action. This is episode eight hundred and forty eight. Today,
I'm answering a listener question in another Ask Steph episode.
Today's question that I'm answering is from Mona of Healthy Homesteading.

(01:32):
That is her business name, Healthy Homesteading. The question is, Hi, Steph.
I am a homesteading coach looking for some guidance on
what I should launch next. I have a podcast, email list,
paid membership, and a digital workbook that is under ten dollars.
I would like to know how I should go forward
to decide what to launch next. I think my community

(01:54):
will help me answer this question, but I'm really needing
a higher ticket offer. I'm leaning towards offering a course
for homesteaders and dreamers who want to know how to
earn an income online and through their homestead. Lack of
funds is one of the big homesteader pain points. I
also feel that it's something some might pay more money for.
Any guidance would be very much appreciated. Okay, there's a lot,

(02:19):
a lot to unpack in this question, and I would
encourage you to start by taking stock, by really looking
at what's already working and what's not working, because it's
really hard to give a specific answer without myself knowing
what's working and what's not working, I would ask you,

(02:41):
are your membership and your workbook selling well? Are they?
Are they not selling very well? Are what are the
kinds of numbers you're getting through there? Are the members
in your membership engaged? Are they staying in the membership?
Are they turning over quite quickly? What are they asking
you for? Really looking at all of these things from

(03:03):
a bigger picture, like what's working, what's not working? Where
are the gaps there? And I'm just going off your
question that you've written in. I presume that the reason
you're asking, or the reason you think you need a
higher ticket offer, is that you're not selling enough of
the membership and the workbook to generate the income that
you are hoping to achieve. And that's fair because when

(03:26):
you're starting out, you might think that it's easier to
sell a low ticket product. But we forget that it
would take one thousand people buying your ten dollar workbook
to make ten thousand dollars of sales versus ten people
buying a one thousand dollar course or one thousand dollar
program to make that same amount of sales. And yes,

(03:49):
it might be easier to get a yes from somebody
for a ten dollar offer. They might they might be
more likely to buy a ten dollar offer than a
one thousand dollar one. But when you don't have a
massive audience, it's actually much easier to build a really
good connection with ten people, you know, get ten people
to trust you enough, to like you enough, and then

(04:11):
deliver over deliver to those ten people. Then to go
out there and try and find a thousand people to buy,
and you can't really deliver an epic experience because there's
a thousand people and it's digital workbooks. You're kind of
limited in how you can deliver that experience. And then
there's no real reason for them to come back to
you because they might not have been impressed or wowed,

(04:34):
or they haven't had their expectations exceeded, so they kind
of just look warm versus those ten people who you've
probably had a chance to work with pretty closely and
now they're going to be really good fans of yours.
But if we go back to Okay, so looking for
a thousand people to buy this ten dollar offer for
ten thousand dollars of sales, let's imagine we're working with

(04:56):
a five percent conversion rate, which is actually like on
the upper on the upper side of standard. At the moment,
you would need to get that ten dollar offer in
front of around twenty thousand people to sell one thousand
copies of it and make ten thousand dollars in sales.
If you wanted to make ten thousand dollars in sales
of that workbook each month, that would mean you have

(05:18):
to get it in front of twenty thousand people each
month to sell a thousand units each month. It's a
lot of work. That is a lot of work involved
in turning a low ticket offer into those consistent sales. Now,
I'm not sure how high ticket you mean when you
say high ticket, because for some people, five hundred dollars
is high ticket. For others fifty thousand dollars is where

(05:40):
they consider high tickets. So there's different interpretations of what
high ticket is. But when you are creating your next offer,
it's definitely worthwhile keeping in mind that a higher ticket
one is going to be easier to generate sales, and
it's going to be much easier to over deliver and

(06:00):
turn those clients or customers into raving fans. Then trying
to just go for that mass approach and sell something
at a really low price point. Now you say that
you are leaning towards offering a course. Online courses are amazing.
I have built my business mostly by selling online courses.

(06:21):
But people don't automatically pay more for an offer because
it's a course rather than a workbook. For example. They
will pay more for something because they perceive its value
to be more. And yeah, they might perceive your online
course to be more valuable, but only if the problem
that your online course solves for them is a problem

(06:43):
that they value paying money to solve. And generally, the
bigger the problem or the bigger the transformation, the bigger
the problem you're solving, or the bigger transformation that your
course is delivering, the more somebody will pay for it.
Most of the time, or if the problem that they
are dealing with is really painful, they might more to
make the problem go away. For example, let's say so

(07:05):
most business owners in their early days, they will refuse
to pay for a lawyer to trademark their brand name.
But then as soon as somebody copies them or starts
a business with the same name, suddenly it's now a
painful problem for them, and they will prioritize spending money
on fixing it. So when a problem is painful, somebody

(07:29):
is much more likely to spend money on it to
solve it. When it's a transformation that they really value achieving,
they're more likely to spend more money to achieve that.
So getting really specific on what problem your course solves
or what transformation it delivers, that will be crucial to

(07:50):
demonstrating how much value is in it for that person
who's wanting to potentially buy it, and you know, getting
them to actually pay money for what you are selling them. Now,
you said it yourself in your question. You said, I
think my community will help me answer this question, and
that is gold. That is gold because when you can
find out what they are struggling with, what problems they

(08:12):
need help with, then you can create an offer that
helps them to achieve this. Now, you also mentioned that
you're thinking of making this course about earning income online
and through their homestead. This could work, But when I
read that straight away, I think that sounds like two

(08:34):
separate outcomes. Potentially that could be two separate offers. They
both solve the same problem lack of funds, but combining
them into one course could be quite overwhelming. And you
might also want to do some research about whether your
ideal client wants to earn an income online or whether
they want to earn an income through their homestead, or

(08:55):
whether they want to do both, because you might find
that they want to do one and not the other,
or you might find that they want to do both,
in which case great, your course is now how to
earn an income as a homesteader, But if they want
to do one, then it might be how to earn
income through your homestead or how to earn an income
online as a homesteader. And when you said, yeah, I

(09:17):
feel this is something some might pay more money for, yeah,
probably if it is a sufficiently painful pain point for them,
you know, not having that money. If that is a
pain point for them that they want to solve, and
you can communicate effectively how you're going to solve their problem,
why it's going to solve their problem, why it's going
to work for them, and why they need it now,

(09:38):
then yeah, they will likely buy it, but you won't
know until you launch it. And you can do all
of the audience research in the world, and I always
recommend you do. You can talk to all of the
ideal clients. You can do all of the surveys, and
these things are so valuable and I highly recommend doing them,
but you will also still never know if anyone will

(09:59):
buy it until you actually sell it, until you actually
launch it. Now, if I were in your shoes, I
would probably start sharing content about making money as a homesteader,
and I would start nurturing your audience for the next
sixty to ninety days or so. And if you already
have a podcast, they probably are already fairly engaged, so
that's great, And then I would open doors to your course.

(10:23):
If people buy it, great, create it, teach it week
by week, co create it with the people who've signed up.
And if they don't buy it, that's okay. Send out
a survey, find out why they didn't buy, because it's
a lot easier to do that, and then find out
why they didn't buy than it is to spend all
this time creating something only to find out that, oh,

(10:45):
they just wanted to learn how to earn income online.
They didn't care about earning an income through their homestead.
For example, if they tell you I can't afford it,
that's usually because it's easier than telling you I didn't
see enough value in how you communicate this or what
this product is to justify that price point. So then
you know that something needs tweaking and it's usually not

(11:06):
going to be the price. So to sum all of
this up, I would really recommend testing, testing an offer,
putting it out there, seeing if that's something that they
will pay money for and if it is creating it
with them. I know that feels really scary, but I'm
guessing you already have some kind of framework that you

(11:27):
would walk them through to help them create that income.
And if you don't have that framework, that's fine. You
can start mapping out that framework, but you don't need
to create this entire course, record all of the lessons,
put all of that work in until you know that
people are actually willing to spend money on it, because
it's a lot of time and energy to invest in
creating something when we haven't fully validated the idea. All right,

(11:52):
that is it for today's episode. Thank you so much
for listening to this show. Make sure you hit the
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(12:14):
I get to help more people. It really does impact
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difference to me. Thank you so much for listening. Catch
you next time.