Can you really get rich selling $7 books?
Tough question that.
The truthful answer is ‘yes’ BUT it is a tough way to do it.
It is not made easy by the fact that on a day to day basis we actually see a
lot of promotions are in the $7 type of range making it seem like the way to go.
Let’s see how feasible it is to actually get rich selling $7 videos or ebooks.
To make $100k from a $7 ebook would mean…
…selling 14,285 copies a year
…selling 1,190 copies per month to make $8330 a month
…selling 40 copies a day in order to make $280 a day
Make sense so far?
We would just have to sell 40 copies each day for a year to make $100k.
It certainly is doable BUT who wants to do it?
It is an enormous task to accomplish with a $7 product.
The reason is due to conversion rates.
If your sales page converts at 4% (that is 4 out of every 100 visitors become
buyers) then you would need 1,000 visitors a day to your sales page.
THAT MEANS YOU NEED TO GO THROUGH 1000 VISITORS TO GET 40 BUYERS!
So each 1,000 visitors = 40 buyers
so 5,000 visitors = 200 buyers
and 10,000 visitrs = 400 buyers
and 20,000 visitors = 800 buyers
and 40,000 visitors = 1,600 buyers
and so on
Quite frankly that’s just a lot of work for a $7 ebook.
Yes…there is a smarter way.
Let’s hear it!
Basically, you want to make more money with a smaller number of visitors to your
website because traffic conversions are not as easy as getting trafic itself.
I don’t care what others may say but traffic either costs you money or time or both.
Traffic conversion is another kettle of fish.
Take it from someone who started off using Google Adwords over 6 years ago and
then went on to write articles for traffic generation.
Moving on then…
Rather than trying to sell $7 products think of a higher ticket item you can sell.
That could be a 10 part Home Study Course for say $497 for instance.
Then sell the summary of 1 part as your $7 entry level product.
Once someone buys you want to convert them to a $497 buyer. That may seem like a
rather simplistic idea but that’s the plan to not waste all that traffic.
I have to point out that you would have to sell real value for $497 or whaterver but
it gives your buyer a more realistic prospect of achieving their online goal and you
making your $100k.
I have enrolled on coaching courses for $1997 and bought stand alone products for
$3-$97. I think my first $97 product was an ebook maybe 7 years ago! I don’t think
anyone buys ebooks for that amount of money anymore.
Anyway, I needed to further my online training so I purchased the high tickets. You
don’t get everything you are looking for in a $7 product. I create my own stuff and
know this to be true. I cannot realistically stuff all I know into a $7 ebook just as I
could not write all I knew in a 500 word article.
A $7 product can tell you ‘what to do’ but it just does not show you enough of ‘how to
do’. It just can’t. It would be unwieldy at 377 pages!
A higher ticket item on the other hand should have some sort of interaction and
feedback system built in.
$1,997 x 10 = $19,970 (lesser number of buyers yet more money)
on the other hand
$10 x 1997 copies = $19,970 (a lot more buyers for the same money!)
No kidding but to make the big money you need to create and sell high ticket items.
The alternative is to sell a gazillion copies of your $7 ebook then what?
Sell some more $7 ebooks?
The real money is in the back end…the $497 or $1997 high ticket item.
You don’t start with the $1,997 item because no one knows you at first. Let’s face it
if I presented you with a $497 or $1997 product the first time you met me online
you would probably be very wary of me. Perfectly understandable too.
On the other hand we don’t need too much convincing to buy a $7 product.
In all honesty and I have sold a number of premium ticket items, the actual content is
probably no different to what is in a $7 ebook BUT the teaching is much deeper.
It will usually have some or all of the following.
- deeper instruction
- videos to show what needs to be done
- audio recording of live coaching
- personal coaching or email access
- private members forum
- question and answer sessions
- consultation and/or evaluation sessions
- and so on.
Basically I have paid small money to learn how to build a list for instance then gone
on to pay big money for a more detailed training like how to build a profitable online
business. One is part and one is whole where you put all the little pieces together
to get the full picture.
So you start out selling the small money course which forms part of the big money
course. The big money course is really what you are trying to sell…all the time.
Thing is you cannot sell the premium products if you don’t have any.
The small money training is to see who raises their hands so you can help them with
deeper training. Admittedly not everyone needs deeper training. You are however
creating stuff for those who do.
Make sense so far?
Rather than creating a $7 product and then chasing thousands and thousands of
visitors to your site why not create a $97 or $497 course so you can sell less using
the very same traffic – the buyers of your $7 product!
I think that’s enough for today. Let’s continue in the next email to talk about the actual
product creation and creating what people want to buy because they need it.
Watch out for that email.
I am eager to know if and how useful this information has been for you.
Please send me any questions or comments you may have about what we have
mentioned so far.
Will D Kingshouse