Last week I was in Laguna Beach, California, with my Mastermind, where I go every ninety days. It's a really great way to refresh and recharge and it was exactly what I needed, so I'm really excited to be back today!
Today, we're talking about creating a Product Suite that will increase your customer's lifetime value. What is a Product Suite? It's that customer journey. A few years ago, before I had a digital product, I went to a Brendan Burchard Event and there they taught us to charge what you're worth and not to undervalue yourself. I totally agree, but I also think we have to be realistic here and realize that people won't just jump into a two thousand, a four thousand, or a ten thousand dollar product after they find you for the first time. It's a lot easier to convert when you have a customer journey.
Today I want to share with you something that I have done, since then. I've come out with a customer journey with a couple of things that we're going to talk about today. Listen in to find out what it's all about.
Show highlights:
“So, first of all, you have to have free content.” From minute 2:11, Stacy explains the necessity for having something completely free in your Product Suite, that would be worth paying for.
“After the free offer, a really great place to start is an Introductory Offer.” From minute 2:47, Stacy explains that an Introductory Offer could be worth anywhere between $7 and $97. It's a great way to sample your products, or what you're like to work with, before they may jump into a huge $10 000 program, or whatever you have to offer.
“After Introductory, I would head towards more of an intermediate type of offering.” From minute 3:14, Stacy explains that an intermediate type of offering would be anywhere from $197 to $997. There's a huge range, here, but your own range needs to make sense.
“After that is the Premium Offer.” From minute 3:46, Stacy explains that the Premium Offer would be anywhere from $1997 to $5000, or even $10 000.
“And then the Exclusive Offer is this high priced, high ticket offer.” From minute 3:59, Stacy explains the value of this Exclusive Offer. The price point on this could be $10 000 to $100 000.
“You want to start with the end in mind.” From minute 4:43, Stacy explains that you shouldn't start with the freebie, or it may not lead to the Introductory and then you may have just a random product that doesn't really make sense.
“I have had, in my head, my Exclusive Offer, for a long time.” From minute 5:06, Stacy explains how to create an Exclusive Offer. She's always wanted to post her own Mastermind, and so she knows that all her offers will lead in that direction. It won't be something for the masses. It will be something much smaller and more intimate, so you only want the select group that will accept your price point. You need to be thinking about where you're heading and where you'll be taking those people- and what's the biggest ticket price that you could possibly have.
“After we have that Exclusive Offer, I want to know what is your Premium Offer?” From minute 6:42, Stacy uses herself as an example, to show what you can do as a Premium Offer.
“So the Premium Offer leads very nicely into the Year Long Offer.” From minute 7:18, Stacy explains that you need to make sure that your Premium Offer leads very nicely into the Year Long Offer and that yours makes sense to do that. You want to continue that customer journey and continue increasing the lifetime value of that customer.
“Then the next point is the Intermediate Offer.” From minute 7:58, Stacy explains that for her, the Intermediate Offer is more of a DIY online course. You don't have to have three different products or digital programs. It could be three different levels, where one is a DIY, one is a Group Coaching Program and one is a smaller, intimate Mastermind and it's still one product.
“Tripwire isn't a word you would use internally.” From minute 8:59, Stacy explains about the Introductory Offer and she cautions you about using the word 'tripwire' when talking to your customers. She also explains about using the stuff that you already have, to create this.
“Let's go from free all the way up to exclusive and let's decide does this really lead from one to another.” From minute 11:40, Stacy talks about making sure that your one product leads to the next one. Does your freebie make someone want to buy your introductory offer? And does that offer make them want to work with you more? Is everything in alignment and does it feel like it should if you're on a customer journey? Think about the one person who really wants to continue to work with you. Think about how you can serve them and keep them wanting to come back.
Links:
Go to bit.ly/Aceframework to get Stacy's Ace Framework, completely free.
Stacy is doing another Challenge in a couple of weeks, so stick with her to check it out!