December 16, 2020

There’s a time and a place for both high & low ticket offers – the question is – ‘WHEN?’

So many people are told what they should be selling but without considering the industry, the type of client, what’s financially beneficial for the business etc – you are just told that you should have a membership or that you should have a high-ticket offer.  

In this episode, I’m putting all the cards on the table for you to make the best decision for your business right now. 

Useful Links:-

Book a Call with Jen  – bit.ly/claritycallpodcast

Send your emails to jen@jen-hall.com

Read Full Transcript

Please note this transcript is machine generated so it is not perfect and should be used for reference only, you will get the best from the podcast by listening to it in it's designed format

(00:00):
If you're wondering whether you should be having a low ticket offer or whether you should be having a high ticket offer in this episode, I'm exploring both avenues and helping you decide, which is the best way to go
(00:18):
Hello and welcome
(00:20):
To the expert on rivalled podcast. My name's Jen hall, your business positioning coach, a market leadership experts. And in this episode, we're talking all around, whether you go high or whether you go low. And this episode is inspired by a client of mine who was recently told that she should have a membership in order to warm up her audience. And she was stomping her feet and saying, I really, really, really don't want a membership for all of the valid reasons. The fact that there's a lot of infrastructure and there's a lot of energy that goes into that. And some various, various other reasons you know, a membership isn't for everybody, but it just seems at the moment that every man and their dog seems to have a membership, right? And so you feel that perhaps you should have one or again, you're being told that you should.
(01:08):
And I really want to explore in today's episode. When is the right time to actually have a high ticket offer or a low ticket offer, and which one may suit you and your business the best and indeed suit your client the best. Now, before I go into the conversation around this I do just want to give you a quick reminder that if you are looking to jump into elevate the program that takes you from where you are now to market leader level, it's a high touch, one-to-one primarily program with a mastermind element as the cherry on top that will really help you to devise all of your strategies, all of your foundations, all of your seven figure market-leading foundations that you need in your business to grow to seven figures and beyond, then you need to make sure that you book a call immediately, why immediately, or because in the new year, there's going to be a big shakeup and things are about to change change for the better.
(02:05):
Absolutely. But there are only, in fact, there are only, there is only one, there was one spot taken just today and there will be one spot available. Fingers crossed still for you. If you're listening to this and hoping that you can be considered for the program there is actually one spot left and it's current position. So if you do want it with all the bells and whistles that it has at the moment then you need to make sure that you book a call immediately with me. And the call link is in the show notes. Otherwise it is http://bit.ly/claritycallpodcast, nearly forgot the link then I say it every week, so I don't know why. So yes, if you are looking to join elevate or you just want to discuss it to find out if it's the right fit for you, the do make sure you book a call with me anyway, as a lot of, you know I have been known for quite some time as the high ticket queen.
(02:59):
I I love a high ticket offer. I really, really do. And there were some very good reasons as to why I do like that. Now that doesn't mean that I don't have lower end offers. It doesn't mean that I help clients who have low end offers because at the end of the day, there is always an appropriate time and an appropriate industry and business that suits the different levels of investments and models that comes with. So, you know, as much as I've banged on about high ticket, please don't necessarily think that I always preference it over low ticket. All I'm saying is love high ticket offers, and here are the reasons why I love them. The first one is, is that it can give you an amazing cash injection into your business. So financially it's going to reap rewards and turns in terms of your getting a large amount of cash into the business that you can either reinvest or spend on chocolates or whatever it is you want to spend it on, but having a high ticket offer is great for your finances.
(03:59):
And the other thing that it's great for is actually having great clients, a high ticket offering really does attract a certain type of clients. Now, the first thing that people say to me is like, how do I find high to Tito high ticket clients is actually by raising your prices. That's the best way that you're actually going to find them, because if you aren't publicly positioning yourself as somebody who's high ticket, you're going to be attracting a different type of clients. And that doesn't mean that low ticket buyers scum. You know what I'm saying here, but people who buy a high ticket come with a following, they come with a huge level of commitment to what they're about to do. They have, you know, usually they're, they're either in a lot of pain that they need to move away from, or in a lot of cases, they have a huge ambition that they want to achieve.
(04:49):
They have a huge goal, and I always love working with those sorts of clients, whether that they're being in pain, whether that being that they want that amazing goal, because the rewards of working with a client like that are huge, seeing them go through that kind of transformation is incredible because with high ticket comes usually a higher level of supports and a bigger overall transformation. And so you get to really have that kind of hands on experience and really do that deep dive with somebody in order to help them. Now, I'd also just want to banish the myth here that not all high ticket offers have to be like, you know, all the, all of the support under the sun. That's not the case. It also doesn't have to be years long or whatever, you know, like anything like that at all. But I'm just saying, you know, that's what tends to happen is that the high higher ticket clients work tend to work on, on a usual basis, a little bit closer to you than your lower end buyers.
(05:47):
And so that is a really nice place to be. And you tend to have wonderful relationships with these people. Now the next that I love a high ticket offer for is actually when you have a smaller audience. Now, if you are looking to sell a lower ticket model, a lower ticket item, you're going to be reliant on a larger amount of people to get the same amount of money from one high ticket client. And so that means there's nothing wrong with that. What it does mean is that you are going to need a larger audience. So if you are somebody who is starting out or not even just starting out, haven't really made audience building your focus. You don't particularly have a huge list. You don't have a huge social media following. You don't have huge group everything's quite petite. Then you will also want to think about selling high ticket first for the financial side of the business.
(06:45):
As I mentioned, you know, at the beginning, it's very important that you think carefully about your personal position here is it, does it make business sense strategically to go low and straight off the bat? A lot of people go low end, not for anything positive, but because they don't think that they're worth anything high ticket, because they don't feel like people are going to buy high ticket because they feel like you know, people don't take them seriously enough to pay that kind of money. And these are all limiting beliefs. And I I've, there is an episode. Goodness knows what number it is. It's sort of the beginning of the podcast where I talk about how to sell high ticket offers, which, you know, I want to refer you back to other rather than repeating myself here today. Cause there's so much more to talk about, but if you are struggling with confidence around selling high ticket, but you know, you want to then do make sure that you go back and listen to that episode because it would really help with your confidence.
(07:42):
But you know, at the end of the day, if you, if you don't have a large audience, you're going to find it quite painful and quite time-consuming trying to get the right amount of people to buy your thing in order to make it financially viable. So think very carefully about that when you're looking at your audience size and what you actually want to start doing, and it could be that you're listening to this and going well, actually I, you know, I've been in business awhile and I still don't have a great audience and I'm struggling to say I'm selling low ticket. Maybe now's the time that you start to read the think things and start to create that high ticket offer so that you can get that big cash injection to reinvest back into things like Facebook ads to go and generate a larger audience.
(08:25):
And you know, and, and to think about your marketing budget and growing that you can't do that if you're constantl y chasing your tail and running around like a headless chicken, trying to hopefully find people to sell to it makes you far less desperate. And obviously the other thing I love about a high ticket offer is the positioning, you know, having a high ticket offer really does position you as the best because people expect that they get what they pay for. So if you, if you can supply a high ticket people automatically know that you're the expert and that you really can command that kind of authority. And also your lower ticket buyers will love you for it as well. Because if you're positioned as a high ticket business coach expert, whatever they're going to be looking at you and going, okay.
(09:14):
Wow, well actually if I'm able to access this person at a lower rate because I can't afford or don't, I literally don't have the money to spend on that high ticket offer. They still feel like they're getting a piece of the best of the best. And that's, you know, that's what you are at the end of the day, and that's what you want to be positioned as. So in terms of, you know, credibility it really, really does boost that as well. So I've already banished one of the myths around, you know, what high ticket doesn't necessarily mean it has to be longer. And it certainly doesn't necessarily mean that it has to be one-to-one. You can still have a very valuable high ticket offer. Now, the other myth that I want to banish is that you can't have monthly recurring revenue with one off high ticket offers.
(10:02):
And that just isn't the case. You know, you can sell and contract people into a longer term program, which you can then charge for on a monthly basis. Now that brings in a larger amount, because a lot of people's belief systems over we know which is quite founded. A lot of people can find it hard for cashflow to come up with money all at once. So you can serve your customers and your cashflow by spreading a larger amount over a period of time, meaning that you, you can get that larger income coming in every single month. You don't have to sell a membership in order to get that monthly recurring revenue. And what you'll also do is because you are taking that payment plan over a 12 month period, you also getting them to sign a contract that, that keeps them in for that 12 month period, so that you know, that they, you know, you can forecast, you can financially plan for your business to know, okay, well, this is, this is a large amount that's coming in every month I can plan for because these guys are contracted in versus a membership where the, you know, the usual process is not to have a long-term contract and that they could cancel at any time.
(11:10):
So actually it can be far more secure to sell a higher ticket offer over a longer period of time splitting those costs. So you can manage your cashflow and actually help your clients at the same time, have bigger transformations and spread the costs for themselves and help them with their cashflow as well. Now, in terms of the low ticket offers, here's some of the benefits of a lower ticket offer. Lower ticket offers tend to be not as not as high touch. So it means that the support level is 10 tends to be lower, more boundaried whereby they can access things like self study workshops, masterclasses, or just, you know, online content that you've got gated for paid for own paying only clients. And perhaps it is in some kind of membership model where they can access you on group group calls or a community where you can access you on group calls, or perhaps it's literally just a group call, not even the community, or you can, I've seen a lot of people sell the experience of a network and community as well.
(12:14):
So there are various ways in which you can package something up in order to suit a lower budget and also suit you in your business for ensuring that you can take more on. And, you know, because of the fact that it's less, one-to-one, it's, it's more capacity. It means that your business can grow. And that doesn't mean again, that you can't create a high ticket offering that you can grow. You absolutely can. You can continue to sell high ticket and still bring in more and more people and scale that up. That's totally totally possible, but the lower end offerings can sometimes see people better because they have a different budget. They're at a, perhaps a different point in their journey. They don't want to be spending a lot of money on slumps on something, because perhaps at this point in time, it's too much of a risk because they're not know they haven't gotten into it enough.
(13:08):
And so that's why for instance, my client had been advised to get a membership, to warm people up, because what sometimes happens is people go into a membership because that's where they are in their journey, because they don't want to spend too much, but they do want to just kind of open their eyes to what's available. Then they experience your value and they may upsell. Now the issue I have, but there's not be completely honest is that yes, that can absolutely happen. However, the issues come where you will get some people that do that, but you will also get a lot of people that end up just stagnating at that level. You actually never upsell into anything more expensive, and they only ever just dip their toes in. You get a lot of people at the beginning who only just want to dip their toe in and they don't want to go all of the way.
(13:52):
So I'm actually the conversion level on that. Isn't that high. It's not like every person that comes into that membership is going to sell. That's not the case. So you have to bear that in mind, that that isn't necessarily a great strategy. And also the more things that you have in the beginning of your funnel, if you're planning on selling something high ticket, if you have an entry point that's lower, it's going to delay that process because they want to consume the thing that they bought first and foremost. So they're not going to necessarily on the altercation. It does, but they're not going to necessarily immediately upsell into that, into that high ticket offer. So sometimes it can actually delay you getting the big money, even if they did want to upsell. So you have to think about your business model and what you want to achieve in the long run.
(14:34):
If you have a large audience, like I knew people out there who have huge networks no more, not monetizing them at all, or they're not monetizing them well, but they absolutely could. If they did the work, if you're one of those people, you've got to think carefully. If you've got access to this huge network of people who are from a similar problem, and you find your niche, you are absolutely going to be able to monetize that. And at the lower end very, very quickly. And you're going to be able to generate a large sum of money very, very quickly at the low end, with very little energy on your part. And now that's, that's a fantastic story, isn't it? And that's great if that's the case, but if you're not that person and you have a smaller audience, I really, really do advise going the high ticket route is, is better.
(15:19):
Now, the other thing as well is that low ticket, doesn't always just mean membership, low ticket could mean that you're selling something lower end as a self-study smaller online programs, courses, things like that. You can absolutely sell both. You don't have to pick one or the other. You can absolutely embrace both of them, but you do have to think about your entry points, who is your ideal client. And at what point in the journey are you getting them at? Because if you're getting someone at who's, who's had a lot of experience and who are high level, they're less likely to want to buy a low ticket program or a low ticket offer because they've been there and done that. And they also don't have much time. People at the beginning of their journey have a lot more time and a lot less money. It tends to be.
(16:05):
So when that's the case, then you have to think about, okay, what offer is actually going to best suit the audience that I'm trying to target here, because newbies do find on the whole actually, you know, risking a lot of money up front is very scary and they're less likely to do it. Whereas someone who has perhaps a bigger pain point, who's been suffering from it longer, or have been in the game longer and know what's possible. And they've got a big goal. They're more likely to want to spend more money, whether they have it or not. It's not the handle there. People will find the money for the things that they want to spend the money on. But it's about looking at that entry point, looking at that target audience and actually finding the match, fit you, your business, how you want to work, how you want to work financially speaking, and also how for your audiences and also who it is you are targeting so that they can get the perfect match for them, for the point in the journey that they are at.
(16:59):
And a lot of you might be thinking, well, you're talking about business here. Business is a great analogy in terms of new business owners versus more experienced business owners. But this goes across the board for anything in terms of, you know, relationships, health, wealth, whatever you want to call it, you know, that really does work across every single niche in this way. You have to look at the individual and how you know, what kind of problem are you solving here? If it's a light touch problem than perhaps selling a high ticket offer, isn't going to go down well. So we've got to think about that, but there's, it's always possible to create either you can absolutely create a high ticket offer. You could absolutely create a low ticket, low ticket offer. And sometimes for those of you, who've been selling high ticket and you now have to think about raising the capacity of your business.
(17:42):
And you're wanting to think about a lower end product that can also actually be harder than the other way round. And which sounds a bit backward thinking here, but it really can be difficult because you have anchored yourself at a point of giving so much value and so much support for a higher price point. And now you've got to think about taking that away and actually it can be a difficult you know, a difficulty to do that. So you actually have to look okay, am I actually serving the same client if I'm creating a low ticket offer, does my client at the moment actually want to buy that? If not, then you might want to think about creating a second ideal client avatar for someone who's perhaps newer to to that. And that's just start growing an audience around that particular avatar and selling it to them.
(18:29):
You do have to be honest about whether this is actually going to be something that, that particular car ticket client that you're serving at the moment, it's going to be something they want to consume and in the format that they want to conceive it. And a lot of people try and mix these two up. And you know, they ended up creating it the wrong way rounds. They ended up undercharging for selling a really high touch product. You know, it's worth what it's worth guys like if it, if it's valuable, it's valuable. So, yeah, charging because you think people won't pay, you know, create low ticket offers in order to serve the budgets that it doesn't quite fit and keep your high ticket offering as humane is your main thing. If that's what you want to do, but you can absolutely do both, but you've got to focus on one thing at a time and master one thing at a time and make sure that what you're doing is matching and congruent across the board for both you, your business and your client and the offering that you're giving them, that everything makes sense to everything that you're doing, you know, is about almost like when you're trying to get into a safe and you're having to kind of very, you know, carefully twisting the knob one way to get it to one number, twisting at the other to get to another number.
(19:35):
There is a bit of fine tuning that needs to happen in order to get that sweet spot for everybody who, you know, who's, he's in the party, but when you do get it, it really does put you in that feeling of flow and alignment. And you S you can see how your business can absolutely take off when you, when you finally get the articulation of what you're offering and the fact that it suits you and your lifestyle and your business is just even better. Because what you don't want to do is just do what you think other people want you to do for the sake of money and undercut yourself. And then it ends up damaging you and your business and your lifestyle. That's never going to serve anybody else. You know, it's not going to serve you, and it's not going to save your clients because you're going to feel resentful.
(20:15):
You're going to feel undercut and you're going to struggle. And it means you've got to take on even more people to try and make up for that shortfall. Meaning the quality of their experience goes down the pan. So if you're offering a lower end offer, think about your boundaries very carefully and make sure that you have not delivering, like you always want to over-deliver, I'm just going to contradict what I said here. You know, you always want to give that element of over delivery because people love feeling that experience of value, but you don't want to tip that balance too far to the point where you start feeling resentful, you want to, you'll be able to under promise and over deliver so that people really start to feel like, wow, I'm getting something great out of this, but something that you don't mind doing and that you don't feel resentful for.
(20:54):
It needs to be at that price point where you feel that you can over-deliver and you don't care because actually you're running the amount that you want to earn from that that's really important. So it doesn't probably sound like I'm favoring high ticket here. And like I said, I told you at the very beginning, I love selling high ticket, because like I said, it does. So it does so many things for your credibility. It does so many things for the transformation of the impact that you can have on clients. And also the finance of new business. There's a lot of, a lot of things going for it, but there's equally a lot of things going for a lower ticket offer where you can actually look at expanding to even more people. So if you're looking for that expansion and you're looking to kind of go above and beyond the capacity of what your high ticket offerings can bring you then absolutely low ticket has its place.
(21:42):
I'm just saying that perhaps don't start there, you know, have a think about that, a high ticket offering and think about what's best going to serve where you're at in your business. But if you've got a large audience and to monetize, then it could absolutely be the right thing for you. So there we have it guys, hopefully this podcast episode has helped you to decide which way to go and what the best decision is for you and your business and your clients. And I'm really looking forward to speaking to you in the next episode, don't forget to book a call with me. If you're on the fence about elevate, it's better, safe than, sorry. Have a talk with me, have a chat and see if you would be a good fit for the program to take you to market leader level.

About the author 

Jennifer Hall

Jen Hall is Business Clarity Coach for Coaches, Consultants & Experts who want to become Unrivalled Go-To Experts. Jen not only gets you clear on your micro-niche, message and what makes you unique and desirable, but she helps you to define what makes you an irrefutable offer to the market so you can position yourself as a high-end 'must have' option for your prospects. She is a Multi-Award Winning Speaker and Best Selling Author of Expert Unrivalled.

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