The Secret Power of Low-Priced
"Impulse Buy" Products
There's massive value in creating low priced "Impulse Buy" products for your audience so they get the help they need in focused areas at a small affordable price point and can be introduced to becoming a customer within your business without needing to make a big commitment.
This is key in helping your customers reach their potential as well as growing your business.
Let's look at the psychology behind this and 3 Myths that may be standing in your way.
Myth #1: It’s Hard To Get New Paying Customers
One of the biggest problems a lot of creators and business owners online have is getting new customers for the first time. The reason this happens a lot is that they make it too difficult for someone to purchase a product or service from them.
It's 100x easier to sell products/services to someone who has already spent money with you once.
So the secret to getting massive growth is to make that first purchase for a new customer an EASY purchase!
We want to play on impulse…
When someone new encounters your business and they become interested in what you can do to solve their problems, how hard is it for them to spend money with you?
Do they know you have a product?
Is it hard to find the buy link?
Does the price make it hard for them to commit?
Can they get a result from your product quickly so they can start to trust you more?
Myth #2: Free Is Better Than Paid
Why not free you might ask?
The low price point ($5-$20) enables us to filter for a buyer as opposed to a freebie seeker. We know buyers buy more and more often, so you need to have a focal point of being able to make this transition happen as quickly and easily as possible.
There's also the psychology behind when someone pays for something, even if it's a small amount, they are more likely to actually read it and take action on it.
Freebies aren't valued the same internally and often get stuck in the “i’ll get to it soon” box, which quickly turns into never.
We want them to take action, get a result, feel good about the result, and then want to buy from us again! This is key!
Myth #3: Bigger Is Better
It's common to resist something that seems too easy. We often think bigger is better or we have to struggle to get a result. This isn't true.
"Simplicity is the ultimate sophistication" - Leonardo Da Vinci
Leo had it figured out way back then and with all the noise out there now online people are craving for straight to the point actionable steps!
Don’t overthink it too much. You're creating a focused result for one small price.
- The simplicity keeps it focused.
- The simplicity allows there to be a result.
- The simplicity IS the value.
The higher value (for your customer and you) comes later in your funnel with your higher priced products or services. But often to get there we first we need to keep it simple and get the trust and understanding needed for a transaction to take place.
I love these examples below from Fitness With TJ.
Low priced products (that are individually focused) so someone can get a small win and result without having to invest much money. Gaining trust can be hard online but with a low priced impulse buy people will take a chance on you to see if you can solve their problem.
TJ can then follow up through email with higher priced products or his coaching services to the people that have purchased his smaller products, or make a higher priced offer straight away in the funnel right after they purchase the impulse buy when their buying temperature is high.
And now he knows exactly what their problems are so he can speak to them directly about their problem and how to solve it through a targeted email sequence.
This is the simple low entry buyer funnel that can be the key to unlocking a snowball of profits in your business.
If you want to learn how to create your own "Impulse buy" product in 2hrs or less check out 2 Hour Product Creator where I give you a fill in the blank template and walk you through a simple process to get a product you can sell to your audience finished and ready to buy.
Simon - Grow Unique
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