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Entrepreneurs – Why Should You Sell Low Ticket Items?
Written by:Article Overview: When you first start your business, it is tempting to sell a lot of high price products, but that may not be the most profitable way for you to go. A better way might be to sell low ticket items.
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Entrepreneurs – Why Should You Sell Low Ticket Items?
When you first start your business, it is tempting to sell a lot of high price products, but that may not be the most profitable way for you to go. A better way might be to sell low ticket items. Low ticket items are those that sell at a low price and are primarily used:
• To interest customers in your company and product range. The will feel that purchasing a low price “introductory” item has less risk attached to it.
• To increase foot traffic to a retail business or web traffic to a web site. Again people will come to see what they can get at such a great price.
• To provide an easier cash flow as it is far less complicated to sell several low price items than it is one high price item.
• To provide a natural funnel or upgrade path to your more expensive products or services. It is far easier to sell to people once they have experienced your products or services. Similarly they may want to upgrade the low ticket item to another more expensive item that you sell. You should ensure that this is easy for them to do.
• To create a customer list so that you can sell more to them at a later date.
• To get your business known and let the product act as good marketing.
• To give customers an example of what your company can do and encourage them to come back.
• To establish a good rapport with the customer so that they feel better about spending large amounts of money with you. Customers like to buy where they have been treated well in the past.
So you can easily see what benefits you will accrue from them in building up your business.
So how do you decide upon the price of your low ticket item? It should be a mixture of:
• The cost of producing the item.
• The cost of providing the item once it is sold.
• The perceived value of the item to your buyer.
• The cost of similar items that you or your competitors are selling.
• The cost that you believe the market will stand.
You should also ensure that you do not under price the item so that it is seen as not worth the effort of buying. Cheaper is not always better. People like to think that they have spent well for a product and strangely feel little loyalty to companies that give things away! People think that if an item is too cheap it is not worth anything!
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Article Tags: cash flow, ef, foot traffic, funnel, good marketing, mixture, money, retail business, risk, similar items, web traffic
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Re: Magnetic Ads - Biz Idea
- [quote="jvprosperity":32z4qe9w]Attn Young Entrepreneurs looking for a Business Idea.
This came to me while sitting in Traffic for about 1 hour while looking and laughing at ridiculous bumper stickers.
Note: this idea is rough but will help get the idea-momentum going.
Idea: Sell advertising on the back of cars in the form of reusable magnetic signs (about the length of 2 or 3 bumper stickers)
Most people shouldn't have reservations to participating if they get a cut of the monthly fee you charge the company advertising and it doesn't hurt their car.
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Geico: I saved 15% on my Car Insurance. Call 1-800-U-SAVE-15
You don't have to pay the cost associated with creating the Magnetic Ad because you will advise the company that this belongs to them and you can get them in touch with someone who created reusable magnets.
So your basically managing two sides:
1. Company's that want to advertise
2. People in your neighborhood (to start) who will put the ads on their car. Bigger cars can have more than one ad.
Happy Money Making![/quote:32z4qe9w]
What a brilliant idea. Please more info about the sticker and money involve.
Your advantage over others
- Sell using your USP - unique selling proposition.
Why should people buy from you, instead of your competitors?
Think about it, why are you so great?
It may be a hard question, but finding the answer can multiply the effectiveness of any advertising or marketing activities you undertake.
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