What if my product is the CHEAPEST in the market, would that work?

[Ritsu]

I already planned out everything from the product itself to why it would sell. Now what I'm worry about is the price that I'm going for. Let's say other product in the market are like 50-100 USD and then I step in with a BANG 3 USD (because it's digital product just like others) Would it work? I mean sure I'll put it my all into the product to make sure that the value is through the roof, but I'm worry that it might be so cheap that people might think it's a scam or not a high quality product. What do you guys think? Thank you in advance.

 

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[hexelbyte]

Cheap product attracts cheap customers that perform cheap actions (refunding, complaining) cheaply.

 

[Subsonic]

I already planned out everything from the product itself to why it would sell. Now what I'm worry about is the price that I'm going for. Let's say other product in the market are like 50-100 USD and then I step in with a BANG 3 USD (because it's digital product just like others) Would it work? I mean sure I'll put it my all into the product to make sure that the value is through the roof, but I'm worry that it might be so cheap that people might think it's a scam or not a high quality product. What do you guys think? Thank you in advance.

I mean you could do that but the thing is that people who want to pay won't mind spending 100€+ and the other people will demand to get it for free.
Also for most products, their value increases just by increasing the prices as that makes customers value it more and (for infoproducts) pay more attention and actually do what they are told to do.

This is why a 997€ Fittness programm will always be better than a 19€ one. Even if the cheaper one has better content.

 

[Kevin88660]

I already planned out everything from the product itself to why it would sell. Now what I'm worry about is the price that I'm going for. Let's say other product in the market are like 50-100 USD and then I step in with a BANG 3 USD (because it's digital product just like others) Would it work? I mean sure I'll put it my all into the product to make sure that the value is through the roof, but I'm worry that it might be so cheap that people might think it's a scam or not a high quality product. What do you guys think? Thank you in advance.

It really depends on if you mean what you say.

But I would say from a consumer point of view, I don’t care if you gonna scam me for three dollar.
I might even just click to buy now as I am curious what industry it is and if you can really make a game changing product despite me not knowing what it is.

I would give more scrutiny if the product is between 50-100 dollar range. It might overwhelm me with information until I push the buying decision later.

No one regrets for buying a three dollar product.

If you are selling on a reputable platform there is no worry. But if it is on your personal website with an offer to good to be true, it might be mistaken as a “credit card details phishing” risk by those who are more careful.

 

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[Ritsu]

I mean you could do that but the thing is that people who want to pay won't mind spending 100€+ and the other people will demand to get it for free.
Also for most products, their value increases just by increasing the prices as that makes customers value it more and (for infoproducts) pay more attention and actually do what they are told to do.

This is why a 997€ Fittness programm will always be better than a 19€ one. Even if the cheaper one has better content.

Yeah that's one thing, if it's too cheap people might not take it seriously

 

[Johnny boy]

This is basic.

Free content top of funnel

Free lead magnet slightly more valuable info to get their contact email

Market to them and sell cheap thing that is more valuable like $17 program.

Upsell premium levels and add ons for much more like "join our private group full of support for $9/mo"

Market mid-tier program thing for medium price like $87.

Then offer a top tier super premium super expensive thing that some people will buy. Can be a couple grand, or 20 grand, depends on what it is.

Mix subscription income with one time purchase income. E-book plus subscription to group plus special program plus a live event plus mentorship subscription.

Think about the perfect customer who has lots of money, really needs what you're offering, etc. What's the most valuable, specialized, helpful thing you can do for tens of thousands or thousands of dollars? Make that the very bottom of your funnel and offer stuff in between it. The money is out there you just have to take it, and the one dude who spends $4000 with you will make it worth it when you're spending ad money and only getting $3 out of most people.

 

[Ritsu]

It really depends on if you mean what you say.

But I would say from a consumer point of view, I don’t care if you gonna scam me for three dollar.
I might even just click to buy now as I am curious what industry it is and if you can really make a game changing product despite me not knowing what it is.

I would give more scrutiny if the product is between 50-100 dollar range. It might overwhelm me with information until I push the buying decision later.

No one regrets for buying a three dollar product.

If you are selling on a reputable platform there is no worry. But if it is on your personal website with an offer to good to be true, it might be mistaken as a “credit card details phishing” risk by those who are more careful.

My first impression with this idea was like "damn at this price I might break the market" but yeah that's one of the things that I need to consider about, though in my country internet banking is more popular which will also be one of the payment option

 

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[Ritsu]

This is basic.

Free content top of funnel

Free lead magnet slightly more valuable info to get their contact email

Market to them and sell cheap thing that is more valuable like $17 program.

Upsell premium levels and add ons for much more like "join our private group full of support for $9/mo"

Market mid-tier program thing for medium price like $87.

Then offer a top tier super premium super expensive thing that some people will buy. Can be a couple grand, or 20 grand, depends on what it is.

Mix subscription income with one time purchase income. E-book plus subscription to group plus special program plus a live event plus mentorship subscription.

WOW eventhough I planned to go the "genuine" way like cheap (so that everyone can buy), includes everything you need to know, no funnel whatsoever (so nobody can criticize me why it's so cheap in the first place). Just like MJ de Marco book, but now that you mentioned it that seems like a more sustainable business model.

 

[MitchC]

There’s no competitive advantage to being the second cheapest so what’s stopping someone undercutting you

Competing on price sucks

Also depending on what you are selling people prefer to pay more

People like more expensive car wax for example

If you are putting all that effort into waxing your car you want to use the best wax

Courses are the same

Also cheap customers suck. You could sell them something for $3 and they’ll still try and find a way to get a discount and then a refund later.

Rich customers will pay your price and never complain.

 

[Ritsu]

There’s no competitive advantage to being the second cheapest so what’s stopping someone undercutting you

Competing on price sucks

Also depending on what you are selling people prefer to pay more

People like more expensive car wax for example

If you are putting all that effort into waxing your car you want to use the best wax

Courses are the same

Also cheap customers suck. You could sell them something for $3 and they’ll still try and find a way to get a discount and then a refund later.

Rich customers will pay your price and never complain.

That makes sense, better make the perceived value match the value itself. And maybe I shouldn't care much about cheap customer if I'm not doing funnel.

 

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