In this episode of GCC, our hosts Vikram and Arvindh talk about what a product ladder is & how does it help generating revenue?
Attracting customers is a process of building trust. When a potential customer first makes contact with you they’re wary — they don’t know you and they don’t know if your products or services will live up to your promises. A good way to curb their apprehensions is – providing them with client testimonials and case studies.
Another more effective way is to create small, relatively cheap offerings that are easy for customers to buy rather than building all your products at the same time (spending a lot of time and effort).
A range of products will allow them to select the one that most suits their needs and reduces risk. Unlike western nations, in India, we start with mistrust & hence it’s important to establish trust in the first place. Our experts have spoken about the following in the webinar:
Free/ Level 0: Capture leads, Build your following & Establish trust
Level 1: Recover investment, Cultivate following and ascend the relationship
Level 2: Increase Profits, grow your influence and set up systems
Level 3: Generate recurring revenue, increase profitability and diversification
Level 4: Big Money for Big Value
Types of offerings
– How To
– Free trials
– Email series
– Service as a product (Product as a service)
– Custom Service
– Turn Key Solutions
– Office Hours
– Mastermind Groups
– Custom Service
Ideas for making a ladder
– Break your stuff down
– Unbundle offerings
– Build smaller & cheaper products – goal is to minimize risk
– Unsuited? Think of information products
– Ask your customers
– Copy your competition – and supersize it
– Quick wins
– Find via research
Businesses & a product ladder.
– A product ladder is a range of products varying in price and features.
– Product ladders make it easier for potential customers to buy into your product line.
– Create a product ladder by breaking services into chunks or offering products in different sizes or feature sets.
– Every product or service in your ladder must provide value — especially the free ones.
“Range of products and services that increases pricing value” -Vikram
“Helps you build trust, reduce the risk that you have in order to sell your products” -Vikram
“Free is a great start” -Vikram
“Build this or establish this relationship with you and overtime as I go about building trust what happens is I can slowly yet steadily build this age and ascend this relationship so that I can get to this point where I can very comfortably ask you for money” -Arvindh
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