This transcript was generated from the episode audio and may contain minor errors.
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Raising prices can be scary. If you have a side hustle or small business and you've been selling at one price and you want to increase the price because that's a good thing to do from time to time, be always worried about people canceling or just getting upset or whatever. What about launching a high ticket offer? Something that is significantly more expensive than your current services? This can be a really interesting way to effectively raise your prices even as you provide the same things for the same price that you've always been doing.
So that's what a listener is going through right now trying to make that decision. She runs a branding and web design business, wants to introduce a premium offer, but she's worried that it might scare off her existing audience. So how do you actually introduce this offer which can help you in lots of ways increase your revenue as noted without scaring off the existing audience as long as that's your goal. Sometimes you actually want to transition. But in this situation, in this question, let's talk about whether high ticket offers make sense.
And it basically just means a product or service that costs a good bit more than what you've been currently selling. How do you position it and what to consider before making the leap? Is a high ticket offer the right move for your business? That's today's topic. Stay tuned for the question and my answer.
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Hey, Chris, this is Amanda calling. I run a branding and web design business that primarily serves small businesses and solar entrepreneurs. My services are mid priced, typically in the 2000 to $5,000 range, but I've been considering introducing a high ticket offer like a premium VIP experience or an all inclusive branding package for $15,000 or more. My concern is that it might scare off my existing audience who are used to my current pricing. Is it worth testing a high ticket offer?
And if so, how do I position it in a way that doesn't alienate my current customers? [Music]
All right, so it takes a lot of work to create a good high ticket offer, but I don't actually think that you need to worry a whole lot about disenfranchising your customers or alienating them. You just wanna make it clear, this is an offer for a subset of your customers. Not everybody is gonna need to purchase this. Like you don't need to put pressure on everybody who's already happy.
It is for a subset of your customers who want more. So I don't think that's a problem. I think most of the work that lies ahead is in creating the actual high ticket offer because it needs to be really good. It needs to be premium. So a lot of service providers use this tiered approach of three levels.
They have an entry level offer, and then they have a mid tier offer, and then they have a high ticket offer. So there could be various price points for each of these offers, but let's just say the entry level offer is less than $100. Then the mid tier offer is 500 to $1,000. And then you've got a 2,000 to $5,000 high ticket offer package, and it could be different. As I said, the point is you have different offers for people with different needs.
And so the way to make the high ticket offer really work is to focus on transformation. Transformation is especially important the higher the price point. In the design world, for example, high paying clients don't want just a website. They want a strategy. They want a brand presence that gives them real ROI.
So instead of just listing more services, position your premium package around the bigger results that it delivers. You also wanna make it exclusive, which helps with not alienating people. Because if it's exclusive, you only have three of them, three clients per quarter, for example, that feels more valuable than something anyone can book anytime. So in short, the high ticket offer can elevate your business. It just needs to be framed as a luxury premium solution for the right type of client, which then also doesn't trouble the other clients if you do it right.
Keep your mid-tier offers available while positioning the premium package as an elite high value option. Hopefully you'll attract the right buyers without losing the customers you already have, which is in fact the goal. All right, that's it for today. Thank you listeners for being out there, sidehustleschool.com and notes page resources for every episode and much more is coming up. Complete archives also available on the site, but new episodes drop every day, seven days a week, 3,000 plus and counting.
My name is Chris Guillebeau. You're listening to Side Hustle School. [Music]
From the Onward Project.
