There are a lot of marketers who think there is no way, no how they can create a premium product.
So let me share with you a little secret: it’s a LOT easier than you think.
In fact, sometimes creating a premium product is as simple as knowing what factors raise the perceived value of a product. And that’s exactly what I’d like to share with you now. Check out these factors that turn ordinary products into premium products…
Videos Boost Value
Generally, a text product has the lowest perceived value. An audio tends to be viewed as worth more than text, and a video product tends to have an even higher perceived value than the audio.
So here’s the point…
If you’re creating a premium product, one very simple way to boost its value is to simply create a video product. This might be a slide-share presentation video, or perhaps a demonstration video where you show how to complete some specific process. You might even create a talking-head video, where you share valuable information in an engaging way.
Coaching Comes With a Premium Price Tag
Another way to quickly boost the value of a product is to offer coaching alongside it.
For example, let’s say you’re selling a copywriting course about how to write high-converting sales letters. You can offer one free sales letter critique to each customer, which in turn greatly boosts the value of the entire offer.
Specific Solutions Beat Overview Products
People are looking for specific and detailed information to help them solve their problems, and they’re willing to pay a premium price for it. Even better is if you can offer them tools or services to make achieving their goals even easier. For example:
- Offer a “done for you” boot camp workout to personal trainers, which includes complete exercises and routines.
- Provide writers with swipes, templates and other tools to make light work of creating blog posts, newsletters and sales letters. (See contentaire.com as an example.)
- Give people who want to lose weight a meal-planning app, which makes it easy for them to keep track of their calories and vitamin intake.
Physical Products Are Worth More Than Digital
When people can hold a product in their hands, they tend to value it more. That’s why offering the exact same content in a physical form tends to boost the perceived value of the product.
TIP: If you really want to boost the perceived value of a bigger product such as a home study course, take into consideration the “thud factor” of the product. This is where a customer receives a big box in the mail (one that makes a “thud” when the postal carrier drops it on the step) that’s chock full of manuals, DVDs, workbooks and more.
Advanced Products Are Worth More Than Beginner-Level Products
Pretty straightforward, right? If your product reveals intermediate or advanced information, it will carry a higher perceived value. You can even see this in college textbooks, where the advanced senior-level books tend to cost more than the textbooks for the entry level “101” courses.
Positioning Affects Perceived Value
Finally, how you position the product in the market can affect the perceived value. This positioning could be based on:
- Your credentials as the product creator.
- The uniqueness of the product.
- The fact that the product is for a specific type of person (such as experts in the niche).
- The price of the product. (Yes, people judge value based on how much they paid!)
If you want to see real-life examples of this, check out luxury products like Rolex watches. The watches tell the time just the same as a less-expensive watch. It may even have the same amount of gold or diamonds on the watch as other less-expensive watches. And yet Rolex watches can cost thousands or tens of thousands of dollars, as they’re marketed as being prestigious time pieces for the wealthy and powerful buyer.
At this point, you should be seeing that it’s actually very possible for you to create a premium product worth $97, $197, $497 or more. And best of all, it’s probably a whole lot easier than you think.
Are you ready to get started? Then you’ll want to check out the Premium Product System. Why sell $7 products when you can create and sell $97 products using the same amount of time and effort?