5 Things People Will Pay The Most Money For

Things are changing. Well, actually, it changed a while ago. Did you notice?

Selling information online isn’t as easy as it used to be. Why is that? It is because there is SO much information out there already for free. So, you have a couple of things happening… (1) People figure they’ll just find it for free elsewhere, OR…. (2) They’re so overwhelmed already, they just don’t give a crap about buying any more.

Perhaps this is sounding familiar to you. ;)

So, if you’re in the position of trying to do info marketing online, what do you do? Should you sink weeks of work into that next ebook offer?

The Importance of Understanding Your Prospect Psychology

A successful marketer doesn’t just sell knowledge. They sell what is most valuable to the prospect. The knowledge is a means to an end, but you SELL the end.

Not only that, but you have to realize what they REALLY want. They don’t care about a massive brain dump. When you try to sell that ebook, they don’t care about how big the ebook is and how much is in it. Usually, newbie marketers who go down that road end up on a race to the bottom…. they’ll try to sell on the “get all this for a really low price” approach. Hmmm….

That approach can still work in some markets, but it is working less and less. I’ve used it (even recently) in the tech niche. But, it has limited workability.

So, while it might be a good idea to have some low-end offers out there which you can market in that way, the best way to make a LOT of money is to go for higher-end products with higher price tags. To do that, you need to think about what it is people are willing to pay the most for.

Here are 5 of them…

#1 – Speed + Convenience

People want an outcome of some kind. And they want it NOW. They don’t want to have to spin their wheels for too long. They want the runway to be shortened.

So, how can you provide them an outcome in a fast way and make it convenient? How can you prove that?

#2 – “Done For You”

Things need to get done. They know it. They don’t want to do it themselves.

So, how can you structure an offer with a “done for you” component?

I’ve seen blogger courses offered where part of the deal is they’ll set up the blog for you. That is a nice “done for you” offer, and it removes a common pain-point for bloggers (the technical stuff).

Unless you can automate this stuff with software, the “done for you” easily gets into offering services. Do you want to do that? Perhaps not and there’s nothing wrong with that. But, you can also explore more creative options. For example, in the above blog setup offer, you could hire somebody overseas to do the blog setups (it is pretty repetitive stuff anyway).

#3 – An AWESOME Experience + Status

Around the world, you have some pretty well-off businesspeople paying large sums of money to be added to a waiting list to be a space tourist. They want to be one of the first civilians to go into space once it has been commercialized. Why do they want to do that? Because they can, yes. But also…. because they want the experience and they also want the STATUS of having been a part of it.

People love to be able to participate in something that others cannot. How can you incorporate that into your offers?

It doesn’t even necessarily have to be just for paid things. In IM circles, you see this being done in product launches all the time among affiliates. Ever seen a “JV Leaderboard”? It is the ongoing “top 10″ affiliates for a launch. It is a matter of STATUS to be on that list. And sometimes, the seller will couple together an experience with being in the top 10. For example, as this post goes live, I am in Las Vegas with Ryan Lee because I was one of his top 10 affiliates for one of his recent launches.

#4 – Leading Edge, Trendsetter

To get out ahead of the pack, to get in on something before others are able to. People LOVE to feel as if they’re “on the inside” and getting in on something before it takes off into some huge thing.

People will pay for a competitive advantage.

#5 – Access

This is a biggie. In this world of information overwhelm, it is ironic that what people value most is good ol-fashioned human interaction. You can cut through the noise and get it from the horse’s mouth, so to speak.

Why can Obama or another political figure charge multi-thousands per plate for a fundraiser dinner? Because those people want access to the President.

Why do people pay extra for back-stage passes? So they can meet the artist.

You don’t have to be a celebrity to do this, either. How can you provide and offer access to you? Perhaps 1-on-1 phone consultation? Direct email access?

Brainstorm This Stuff

You should take whatever it is you are offering and see what you can do to make the offer much more valuable and charge a higher price for it.

If you’re just offering another ebook, you’re in the crowd with everybody else.

Find out what your target prospect REALLY wants, what their ideal outcome is, and then brainstorm these 5 points to come up with an AWESOME customer experience that will just WOW them. Then, you’ve got a customer for life.

If you need any help figuring out the exact business model you’re going to go down here, check out the Academy course I put together: Discover Your Business Model.

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Got a Question or Comment?

  1. People want help but you must know how to tackle getting that help to them. If you can solve  a problem so you can become thier savor.

    “Black Seo Guy “Signing Off”

  2. I’m planning my first e-book: this article is absolutely spot on! And it’s useful, because I’ll have to squeeze my little brain trying to transfer these concpets to my idea. This will be the hard and funny part!
    Thanks David

  3. Totally agree on status. People will *bankrupt* themselves to increase social status. From an evo psych point of view, this is obvious: bluff your way to increased reproductive fitness. Traditionally, such behavior is simply called human nature, etc.

  4. great post, going to start looking into that as an add-on to my product

    jules

  5. Reminds me a little of Kevin Kelly’s “8 Uncopyables”, but it’s still a good, and necessary post. 

    David, do you really think competitive advantage really exists anymore? I’m starting to think no, particularly if your competitive advantage is gone in nanoseconds.

  6. Good stuff, David. Sort of in line with #3, people will pay for resonance. That is, they’ll buy from people they can relate to, understand and those they might find attractive (in whatever way). It’s among the many reasons why I think competitive advantage can be achieved. We’re all different and one provider can deliver the same thing, but communicate in a different way – and that’s the advantage, to some people. 

  7. Those are all great points!
    I would add one more, Quality – Be Better than the Rest:
    By being consistently better than most of your competition people will return and pay even more the next time because they know they are getting the best.

  8. This article is exactly what I needed to read to get refocused on my biz today. It’s easy to get lost in the marketing ideas and plethora of jargon that we *think* sells and really connect to what we each will pay good money for. Thanks David. 

  9. This is the type of article I’ve been waiting for. There is too much information about building information product, that delivered the same thing again and again. The world of information business is changing now.

    As an entrepreneur, we need to creative and innovative in order to win people heart, and win the sale. Thanks once again for this sharing. This 5 things is absolutely crucial steps, for those who wants to survive in information business. (ebook, books and many more).

  10. I note in essence save time or save money is higher than make money. David have these  5 actually been researched anywhere or is this a result of your experience and networking? 

  11. David-barth says:

    David,

    I like your stuff. But I suggest the frequency of your mail be slightly diminished so I can digest the stuff you sent.

    David Barth

  12. Great post, David.

    I’m planning my first ‘real’ online product / course right now, and this has certainly dropped into my feed at the right time (yes, I subscribe to your blog, baby!).

    Thanks, brother.
    C

  13. Hey David
    Helpful to wrap your arms around these points and step back and reflect.   They are easy to lose sight of when you are going through the daily work.
    Cheers
    Mark

  14. Hey David
    Helpful to wrap your arms around these points and step back and reflect.   They are easy to lose sight of when you are going through the daily work.
    Cheers
    Mark

  15. So I guess what you’re saying is, plain information products are a thing of the past. The new trend now is interactive information. Right?

    • Not a thing of the past. But, people aren’t out there looking for info products. They’re looking for the result. And the things above are what would get their attention the most.

  16. Anonymous says:

    Great post, David.

    Whilst it’s important to deliver quick and easy solutions, publishers can do themselves a diservice in their marketing if they sound over-hyped or like a snake oil salesman.

    I’ve always liked the idea of “under promise, over deliver”.

    Cheers, Adam.

    • Yep. Although, hype is a double-edged sword. People say they don’t like hype, but it usually converts better. :-) But, yeah, whether one would consider it hype on the outside or not, you ALWAYS need to back it up with over-delivery… because THAT’S where people screw up.

      • Doesn’t that mean it’s not hype? Hype is false. True claims, although they may seem amazing . . . well if you can deliver, then you’re just laying it out there.

        My company is not a glamorous product, but saves lives. I think it’s the market, and not the product. But when you have a product that is essential, it seems everyone is trying to find the cheapest way to get it. There is not cheap way to get it, I keep my distribution tight. And I have to, because of the quality, it’s expensive to provide. But like I said, saves lives. — So I will try these five points. I think I have in some form or another over time. But willing to try again with a different market. Thanks.

        Janice

  17. I guess people should see it depending on how they want it to work. Any procedure will do. As long as, it is well-planned.

  18. Steve Brawner says:

    So what if your thing is providing information about boring government stuff?  I’m a freelance writer, mostly journalism, and I can read the handwriting on the wall and see that the advertising model is dying. 

    I can see how you apply these principles to self-help tools – making money, losing weight, doing a better blog. How do you apply them to information that is good to know – like what their elected officials are doing so they can be informed voters – but not personally profitable?

    • Some markets are most conducive to advertising more than anything else, and often anything political is one of them.

      That said, you might try to put on your marketer’s cap and brainstorm how you can connect the info you’re providing to their core/personal values. i.e…. how can you equate what you’re doing to something that has an immediate real-world impact in their lives? Can you unite your audience around a common goal? I can see potential continuity opportunities by forming a club or an association united around that.

      • Steve Brawner says:

        That goes beyond writing, but I like the advice. I’ll think about it. And thanks for pointing out that maybe, in this case, advertising really is still the best avenue.  That’s not something I had considered.

  19. Access is a really big deal these days. I’ve been working with a client this year and part of what I’m doing is tracking and noting what we do, discuss, and discover. I’m mining her as much as she’s mining me. 

  20. Alaininmind says:

    Just restarted in this world of bloguing and internet marketing. Thanks for the great tips.

  21. Hi David

    There’s one other thing I was reminded of recently … “Happiness” is a big button too.

  22. Hi David

    There’s one other thing I was reminded of recently … “Happiness” is a big button too.

  23. Great posts. I prefer to pay most of my money for Happiness.

  24. Once a marketer teach me that people buy because of emotion. These point that you point out are good accessories to the emotion think.

  25. Fred Neal says:

    good points and universal – AND – Letswin’s “Happiness” is in there – when you bring the first 5 points home, the happiness is coming pretty quickly –

  26. Spot on! When you strip everything away, what your customer really wants is to feel like they are important. At the end of the day if you can offer a solution to a problem and make your customer feel valued, you’ll have a customer for life!

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