7 Ways to Create a Premium Version of Your Product

So how do we go about creating a premium version? Let’s run through a few tips.

Remember, your premium version will be costing more. So it must offer your customer more. The clever bit is that the rise in price is always much more than the rise in effort and time needed to produce it, so you’re always the winner!

These are all good ideas:

1. Make it longer

Add more pages and more words. This really is a no-brainer way of producing a premium version.

2. Have more detail and quality in your premium version

For example facts, figures, case histories, interviews and useful contacts. Again easy.

3. Bundle in free products

Normally, customers of the ‘basic’ versions of your product have to buy these. By adding in freebies, your premium customers can then clearly see the benefits of paying extra.

4. Include more features.

Including software is a great way of doing this. Another way to do this is to create your premium version first then strip it down into a basic version. You could even produce a free, basic version to promote the premium version.

5. Offer more services

You can offer such value-added services as consultancy or mentoring.

6. Put in video and audio elements

Perhaps add in some DVDs, teleconferencing, or other extra digital content. These are the future and they add real clout to your premium version.

7. Offer more status

Upgrade your premium customers to an ‘inner circle’, ‘platinum membership’ status or similar. With this they can get personalised service, or even direct access to you.

Now this is where it starts to get exciting. Let’s have a look at the financial benefits to you when you produce a premium version.

Let’s say you are selling a course that costs £199. Your course has done pretty well over the last year. You’ve sold 500 courses netting you £99,500 – not bad for your first year in information publishing. That should be enough to tell you that you’re onto a winner, and that producing a premium version is the way forward.

So you produce your premium version: Add in some extra length, information and detail. Throw in a few extra services, such as e-mail, telephone, or Skype consultancy. And maybe a DVD or two, as well as some extra content they can download on your website. Things that offer big benefits to your customers but aren’t difficult to provide.

Using the rule of thumb above you decide to offer your premium courses at £599 a pop. That seems a big jump. But remember the rule suggests that a third of the 500 people who bought your course in the first year probably thought your product was far too cheap. And wanted to pay you a lot more!

So in your second year look at what happens: You market both courses simultaneously. A third (166 people for the sake of argument) buy the premium version while 332 buy the basic version. This what your turnover will be in year two:

332 x £199 =

£66,068

166 x £599 =

£99,434

TOTAL

£165,502

(In actual fact you will probably sell a lot more courses now you’re established. But to illustrate the point let’s estimate things on the low side.)

Total turnover for the year: a very healthy £165,502! Sixty five percent more turnover from much the same thing. In fact, you’ve made 50% more money from selling half as many premium courses alone!

Another very appealing aspect of producing and selling a premium version is that in the unlikely event it doesn’t work you still have your basic version to rely on. So there is really nothing to lose by trying it.

In this example is a course. But you can use the same principles with any information product: Publish a book then publish a premium hardback book. Publish a newsletter then a premium newsletter for your inner circle. Set up a website and then have an exclusive members area that costs more. Do seminars, then do premium seminars lasting several days or a weekend. The sky really is the limit.

7 Ways to Make a Lasting First Impression on Facebook

When consumers are thinking of buying a product or service they go to the internet to do a little research. Social media profiles are often amongst the top results in search listings for brand names. Consumers will probably see your Facebook page before they see your website. That should tell you how important it is to use your social media to create and build a trust worthy brand. In fact, social media channels are search engines too and many times consumers go directly to Facebook or other social media channels for research.

While your website is filled with information about your products or services, social media can work to build trust with consumers by allowing them to see the beyond the advertising and see what a company is about daily as the content changes.

Each one of the tactics below is simple and easy to do but when you take in the overall effect, you will see how your Facebook Page will help consumers believe they can trust you and that you are the right choice.

1. Verify your page – At one time Facebook only allowed celebrities and major brands to verify their pages so you would know it was real person or brand and not an imposter. Now, if you are a legitimate company, you can get verified too. You do need proof you are a real business by providing a business phone number, a utility bill with the business name or your articles of incorporation.

2. Personal branding – Be sure to use your branding elements when creating your page. Stay consistent with your logo, color scheme, and style.

3. About page – Here is where you can really say something about your core values as a business and let consumers know important company details. You can add links to other social media accounts, link to your website or specific products, and include all of your contact information.

4. Show some personality – Social media is not about selling your product or service. It’s about creating engagement with current or potential clients. Showing product demonstrations, behind the scenes videos or images, even pets and family can help to show that there are real people behind the brand.

5. Include brand influencers – You know those people who everyone knows? If you can, include pictures of yourself with them or tag them in relevant posts. Only if you know them. Don’t just tag random influencers, that’s just bad social media etiquette and they could end up blocking you. This will help bring a new audience to your page.

6. Share good news – Did you get a write up or mention on the news? Post it so your followers can share in the excitement with you.

7. Facebook Live – This is huge and only getting bigger. Again, your follows will be able to see you are an actual person behind the brand and will be able to interact with you live. Facebook Live videos get a higher organic reach than recorded videos.

Social media allows you to make a good first impression, and since you only have one chance at a first impression, better make it great!