54 | Should you add a low-ticket offer to your product suite?
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Should you add a low-ticket offer to your product suite?
Wondering whether you should add a low-ticket offer into your product suite? In this episode, we’ll explore the benefits of low-cost digital products, the role they play within your product suite and 4 ways they can grow your online business.
In this episode, we discuss:
What a low-ticket offer is
Whether low-ticket offers are unsustainable
The role a low-ticket offer plays within your offer suite
The benefits of introducing a low-ticket offer to your business
LINKS & RESOURCES MENTIONED:
What is a low-ticket offer?
A low-ticket offer is a digital product or course that is typically sold for under $100. They serve as an entry point for those who are interested in what you have to offer, but may not be ready to invest in your higher-priced offers or programmes just yet.
A low-ticket offer should solve one specific problem your ideal client is currently facing, and be designed to give them a quick win. This could be a mini course, a template, an ebook, a private podcast… there are so many different types of low-ticket digital products you can create.
Are low-ticket offers unsustainable?
One thing that tends to hold a lot of business owners back from creating a low-ticket offer is the belief that they have to make thousands of sales and run ads to reach a bigger audience… otherwise, they won’t see much of a return. Essentially, there’s a belief that low-ticket offers are unsustainable.
However, if you reframe the way you see a low-ticket offer as part of your business model, you will realise that having a low-cost digital product can benefit your business in, not only increased sales and passive profit, but in a number of other ways as well.
Typically, when you think of a low-ticket offer, you think of the main benefit as being that it’s going to generate passive income for your business. And while this is a big benefit of a low-ticket offer, it’s not the main benefit. There is so much more a low-ticket offer can do for your business
You need to keep in mind that when someone makes a purchase from you, there’s an exchange of value. They’re giving you their money in exchange for a solution to a problem they have. This completely shifts the relationship they have with you.
This person is no longer a stranger signing up for your free lead magnet, along with however many other freebies they’ve signed up to that week… Now, this person is a paying customer. And once they get a quick win from your product, they’re going to see you as an authority and put their trust into you. And since they’ve purchased from you once and gotten those quick results, they’re far more likely to purchase from you again.
So, the main benefit of a low-ticket offer is that it fast-tracks the customer journey and generates repeat customers.
The role a low-ticket offer plays within your product suite
Your low-ticket offer plays an extremely important role within your product suite. It bridges the gap between your free content and your paid content by presenting itself as an ‘easy yes’ offer that delivers an incredible amount of value and builds trust. This is what makes it so valuable.
You may have also heard a product suite referred to as an offer suite, a value ladder or an ascension model, but at the end of the day… your product suite is a collection of your offers and services.
Typically, it would be designed in a way that would ascend your customer to the next logical step in their journey. So, if they start out by downloading your lead magnet, it should make sense for them to then purchase your low-ticket offer, which you might present as a tripwire immediately after they opt in, or within the welcome sequence you send after they’ve downloaded your free lead magnet.
And then once they’ve got your low-ticket offer, it should make sense for them to move into your intro offer - I define an intro offer as an offer priced anywhere between $150 - $500 that is designed to help your ideal client overcome a specific struggle.
After that, the next logical step should be to join your signature offer, and this might be a signature course or your 1:1 program, or maybe a done for you service. This offer should solve your ideal clients biggest problem.
You may have more parts to this product suite, but this is just a simple explanation of what a typical product suite might look like. The idea is that your product suite will increase in price and value and when your customer first joins, it should make sense for them to ascend to the next step one at a time.
AN EXAMPLE OF A PRODUCT SUITE IN ACTION
Let’s take the product suite of a podcast manager - and I’ve named my hypothetical podcast manager, Alyssa.
Alyssa’s overall goal is going to be to sign clients for their podcast management service. But before that, their ideal client needs to actually have a podcast. That’s the very first step.
So, Alyssa creates a lead magnet with all the tech tools someone needs to start a podcast. When someone signs up for that, they’re taken to a tripwire page where they’re offered the chance to purchase a low-ticket offer: a vault of resources to help them create & launch their podcast.
Once they have this vault and they’ve got their podcast into the world, the next problem they face is not knowing how to grow, market and monetise their podcast. So, they enrol in Alyssa’s course that gives them these strategies.
Then, they’re consistently podcasting, but they face another problem. It’s a lot of work and they want to spend more time with their family. So, they decide to outsource their podcast management to a professional - and because they’ve invested so much in growing their podcast with this podcast manager, they become their first thought and so they enquire about their signature service and hire that podcast manager.
See how every step in this ladder makes sense? This is what an effective product suite looks like.
When you’re creating your low-ticket offer, the goal shouldn’t be ‘passive income’. Instead, your main goal should be to deliver a high amount of value at a low cost so that you’re able to convert your subscribers into customers and retain them as a repeat customer… rather than a one-off low-ticket sale.
Other benefits of low-ticket offers:
Now that you know the role that a low-ticket offer plays within your product suite, and that the main benefit is that it serves as an entry point into your higher-ticket offers, let’s talk about some other benefits of having a low-ticket offer funnel set up.
1. YOU GET A QUICK & EASY CASH INJECTION
Every single sale you get from your digital product is a sale you wouldn’t have gotten before. Whether it’s an extra hundred dollars a week, or an extra thousand dollars a week, it all adds up!
You’re opening up a whole new revenue stream that, once you’ve put in the work to create the offer and funnel, will allow you to earn money passively!
2. GROW AN EMAIL LIST OF QUALIFIED LEADS & IDEAL CLIENTS
Rather than building an email list solely consisting of freebie seekers who are just going to consume all your free content and then unsubscribe, you’re building a more targeted list of customers who know, like and trust you and are likely to purchase from you again.
When someone purchases your low-ticket offer, they’re going to join your email list. This means that you are going to grow your list with qualified leads and ideal clients who have already raised their hands once and said yes to you.
And, yes, free lead magnets are a great way to grow your list and you will continue to do so even with a low-ticket offer, but the problem with relying on free lead magnets is that you’re losing out on so many potential sales if you don’t then have a funnel or nurture sequence set up to convert them into the next step.
If the only next step you have for them is their high-ticket offer, you’re likely to lose a lot of those leads who DID sign up for your freebie because they might not be ready for that kind of investment yet… especially with someone they’ve only just met! However, if you create a high-value, low-cost product that’s going to get your purchasers a quick win, they’re much more likely to purchase from you again in the future because they’ve already gotten results from you.
3. YOU GET TO SERVE PEOPLE YOU NEVER WOULD HAVE WORKED WITH BEFORE
Having a low-ticket offer allows you to convert someone who might not have previously worked with you. It’s a low-risk investment that allows your students to get a taste of how you teach.
You get to serve a whole new segment of your audience, increase your visibility & authority AND you’re getting paid for it!
4. INCREASE SALES FOR YOUR HIGH-TICKET OFFERS & SERVICES
Having a low-ticket offer makes it easy to ascend perfect-fit students into your high-ticket offers, courses, coaching containers or services. Once someone purchases something from you, even something small, they’re 60% more likely to buy from you again - which means that the people who purchase your low-ticket offer are much more likely to convert into your high-ticket offers.
They already know you through that initial investment. They got great results from that first product and so they know that if they work with you in a higher capacity, those results are going to be amplified.
You’re building that know, like and trust factor 10x faster than you would if you were to only grow your list with freebies because when someone actually purchases something, they’re putting skin in the game and they’re going to be a lot more committed.
I’ve had people sign up to my tripwire offer (Revenue Generating Activities) and then go on to hire me as their mentor…. and that’s a huge difference in investment! RGA is $77, or $37 on the tripwire page, and within a few weeks, they’re making a 4-figure investment!
I’ve also had people who want to learn how to set up content strategy purchase Content That Sells - and in this course, I teach my students how to set up their strategy around one core content piece and repurpose that piece of content across multiple channels. Because I’ve taught them how to do this, they know that I offer repurposing services and so I’ve had students come to me when they’re ready to outsource their content repurposing because they see me as the expert in that area.
So know that if you create a crappy offer that doesn’t give any real value then you are doing yourself a MAJOR disservice because if you want people to ascend through that product suite and eventually become a high-ticket client one day then you need to wow them from the get-go.
Ready to create your first low-ticket offer?
If you’re ready to create a scalable, passive income stream for your business then I would love for you to join me inside my new mini-course, Low-Ticket Revolution. This is your step-by-step guide to creating & launching your first digital product with a high-converting sales funnel in 30 days, or less!
Within this mini-course, we’re going to cover 3 important phases:
Creating your high-value, low-cost offer
Building your sales funnel
Selling your low-ticket offer on autopilot
PHASE 01: CREATE
Phase one is creating your ‘easy yes’ digital product that delivers an incredible amount of value at a low price and effortlessly leads your buyers into your other courses, programmes or services.
This digital product should provide a quick fix to a painful problem and prime your buyers for the next stage in your product suite so that once they’ve solved that initial problem, it makes sense for them to move to your next offer
The steps inside of this mini-course will help you identify what your low-ticket offer should be and create it in as little as one week!
PHASE 02: BUILD
In phase two, you will build a simple sales funnel so that you can grow your email list and start making money on autopilot.
A lot of people think of funnels as techy and complicated, but I’ll show you an extremely easy and simple method to set yours up as an automated qualified lead generation machine that will work for you behind the scenes to generate passive income, even when you’re not working yourself.
PHASE 03: AUTOMATE & MARKET
And in phase 3, I’ll teach you how to market and sell your low-ticket offer on autopilot so that you can generate passive income and build your email list with qualified leads who you can effortlessly funnel into your core (higher priced) offers.
We’ll also cover various launch strategies that you can use to get a quick cash injection for your business and increase your visibility.
CONNECT WITH TISH:
Instagram: @marketingwithtish
Website: leticiajcollins.com
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Hey, I’m Tish!
I'm a marketing mentor for ambitious entrepreneurs who want to create more time, freedom & profit in their online business, in a way that feels good to them!
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