Wednesday, February 01, 2023
Ideally you should have 2 products.
You want to have something in your business that is high price - high margin and happens on an ongoing basis or can be made to happen periodically where you can get a huge amount of money in a hurry.
This makes up for a lot of other small margin activity and margin slippage. In the seminar business, it's easy. In other businesses it's not so easy, but you wanna look for it.
How can you create, out of your loyal happy customer base, a periodic big payday where some percentage of them will rise up and give you a large sum of money for something.
We finally added it to an ‘Bronze Eagle’ business, where we sold bronze eagles in mass to organizations like the Boy Scouts of America, the US Navy, and corporation type clients and so on.
After monumental amounts of struggle, we did find one way to do this. And that was the occasional limited edition art print, which is limited to the number we can sell (that's the limited edition - that's in the tiny little print at the bottom of the brochure).
We were able to go to that list with a Limited Edition Art Print of Eagles and sell a piece of paper that cost under a buck, for close to a thousand dollars and sell a substantial quantity of them. That was the big payday in that business.
Had we stayed in the business, my strategy would have been to do limited edition figurines and limited edition other things, which sets up these big pay days three or four times a year. That way, literally you could justify being in the entire business at breakeven. That's the best position to put yourself in.
That doesn’t mean that you want to NOT make money every place else. Ideally you never want to do “loss leader” deal like supermarkets. Ideally you wanna make money on everything you do, but a great pay position to be in is this - if you didn't make money on anything else you did, the periodic big pay days would be sufficient to justify being in the business altogether.
The opposite of that really is to make sure you have some consistency factor in your business - some part of your business that chugs along and routinely brings in a predictable amount of money day in, day out, week in, week out, month in, month out.
In our kind of businesses, information business or mail order product businesses, this is a continuity business, where they get a new bottle of glop every other month and are automatically charged. They get their vitamins every month and are automatically charged. They get their newsletter every month and are automatically charged.
And that can be done in a businesses where you don't see a continuity very often, but it is there and it can be done.
Ideally you engineer both of these things into a business. Sometimes you can't, but it's nice to have both. To create a high ticket product and to consistently push for some type of continuity requires Brass Balls and training to guide you, which is exactly what you get in my NO B.S. Letter. If you’re a member, start listening to “Brass Balls” and “Midas Touch” course series to implement this in your members area.
If you’re not a part of NO B.S. yet, let me give you “Brass Balls” and “Midas Touch” courses, plus much more for free as a gift for just trying the NO B.S. Letter today!