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SFR 227: Physical Vs Digital Products...

SFR 227: Physical Vs Digital Products...

FromSales Funnel Radio


SFR 227: Physical Vs Digital Products...

FromSales Funnel Radio

ratings:
Length:
16 minutes
Released:
Mar 22, 2019
Format:
Podcast episode

Description

    There are specific differences in value between physical versus digital products...   I want to show you the benefits of both and how I combine physical and digital products to increase my average cart value significantly.   This teaching comes directly from my Live Event, OfferMind   Over the years, I’ve coached thousands of people and gradually, I’ve discovered holes in the status quo of what’s delivered... versus what it actually takes to be successful.   I created OfferMind to fill in all the holes that I've seen from my (kinda unique) position.   The next OfferMind is coming up this fall on September 2nd - 3rd.     Russell is keynoting (which is very very exciting). He’ll be speaking on the last day. I'm gonna try to get a few other heavy hitters as well. It's gonna be awesome!   To join me and Russell, go to OfferMind.com to get your ticket.   HACKING VALUE   I want to show you one of the easiest ways to increase:   How much money people spend with you How much money you get to keep   ...sound good? Let’s do this! If you look at a lot of the funnels that we create around low-end free plus shipping products…   For example, A BOOK.   A lot of times, a funnel starts with a physical product and then progresses to digital products as the funnel continues.   There's a VERY good reason for this strategy, and that's what I wanna teach you about here because...   It's one of the easiest ways to:   Create a lot of income very quickly Get a lot of eyeballs/ customers that are very excited Get a lot more money in the door than your spending on ads   PHYSICAL PRODUCT VS  DIGITAL PRODUCTS   There’s a beneficial relationship between physical and digital products, (and to state the obvious) they're not the same and they don't serve the same purpose.   My point is that whether you're in the e-com or the info product space, adding some products from the other side of the fence is one of the fastest ways to get A LOT of extra cash in your pocket…   I’m gonna ask you a few questions here:   Q: What's the benefit of an info product?   A: We did the numbers on my info products, and they have like a 98% margin. The margin is huge. *HUGE* (all caps)   Q: What's the benefit of a physical product?   A: It's tangible. It can be touched. The Perceived Value is High. Your customer’s mind will be getting the anticipaton of a dopamine hit as soon as they place their order. “I'm gonna hold it soon.” “Oh, imagine what it's gonna be like whan I have...” “What'll it feel like using it …. doing it…. driving the vehicle…” (whatever it is the thing is).   Physical products have a gigantic emotional advantage over digital. However, it's the exact opposite when it comes to the margins.   Info Products = very low perceived value.   Why?   The perceived value of an info product is typically low because the customer knows that it just takes an email to fulfill it...and it's probably already made.   So while the perceived value of your info products is inherently low, the margins are huge. BUNDLE YOUR PRODUCTS   On all of my webinars, I ALWAYS ship an awesome physical product EVEN THOUGH it's mostly a digital thing. When people show up they get a t-shirt. I do the exact same thing at my live event too.    There's a physical thing that they're gonna be able to:   See Hold Touch Taste   …(whatever it is), actually in existence.   BUT...   My actual profit comes from INFO… because it cost almost nothing to fulfill on.   A lot of times, on free plus shipping offers, we lead with a physical product…   For Example, A Book:   Low Cost Low Price High Circulation High Perceived Value   Here’s another question for you…   Q: With all the upsells, what have you noticed?   A: They're mostly all info!   Sometimes we’ll do MP3 players and things like that, but usually NOT. It's usually straight info.   We know that a percentage of people will buy.   After the first “Yes,” the second “Yes” is so easy... waaay easier.   So don't mess around with the first “Yes.”
Released:
Mar 22, 2019
Format:
Podcast episode

Titles in the series (100)

My first 5 years in entrepreneurship was 34 painful product failures in a row (you heard me). Finally, on #35 it clicked, and for the next 4 years, 55 NEW offers made over $11m. I’ve learned enough to see a few flaws in my baby business… So, as entrepreneurs do, I built it up, just to burn it ALL down; deleting 50 products, and starting fresh. We’re a group of capitalist pig-loving entrepreneurs who are actively trying to get rich and give back. Be sure to download Season 1: From $0 to $5m for free at https://salesfunnelradio.com I’m your host, Steve J Larsen, and welcome to Sales Funnel Radio Season 2: Journey $100M