I am a proponent of finding numerous ways to turn teleseminar content in multiple streams of revenue. When I first began offering teleseminars seven or eight years ago I didn’t realize the revenue potential. Because of this I likely left hundreds of thousands of dollars on the table. You don’t need to have this happen. Start from the beginning to look for as many ways as possible to repurpose the content of your teleseminars into other revenue streams.
One of my favorites is low priced reports. An area that many people get stuck on this is knowing what to charge.
You can price your reports at just about any price point you want to. I’ve sold reports for as little as $7 and done very well at that price point as have countless other experts. Another common price point is $17. Still another is $27.
You can price the report higher if you sell the report plus the audio. In reality, you can go up to $37, $47, $57, etc. Price point depends on market demand and relevance of your information to the needs of the market.
Notice that I have the number 7 as the last digit of my prices. Why? Well, there have been marketing and pricing studies that have shown that a price point that ends in 7, 9, and 5 work very well – with 7 being the best of all three. Thus, if you’re going to price something, stick with amounts such as $7, $17, $27, $37, $47, $97, etc.
Choose your price point carefully. Lower is not necessarily the best choice. When you undercharge you may be devaluing your information, your products and services.
You need to research price points. You need to test pricing. You need to play with numbers and see what the market will bear. Find the sweet spot of what your customers will pay.
The research and testing on price points is part of the process, but well worth the time and energy invested.
Also consider buying reports from other experts. This gives you great insight into what others are doing.
Once you get a feel for what your market will pay you are in a great position to increase your monthly revenue substantially. The key though is to simply start. Otherwise you will make the same mistake I made early on; missing out on lots of revenues.