Sometimes when you’re first starting an online business you think they need a plethora of products to get to six figures in revenue. That’s not true, though. You can start an online business and be wildly successful with a single product. Here’s how.
How many products do you need to get to six figures in revenue?
Let’s look at some simple numbers because you have to understand the strategy here.
If you have a $19 product, it’s going to take about 5300 sales to do six figures.
If you have a $97 product, it’s going to take about 1050 sales.
If you have a $497 product, it’s to take about 200 sales.
And if you have a $997 product, it’s going to take about 100 sales.
Look at that first option. Do you think you can sell 15 e-books a day at $19? Do you know how much traffic that would require? Do you know how appealing your e-book would need to be?
Scratch that idea.
But look at the $497 option. Do you think you can sell about 17 of those every month? That’s not a lot of sales volume.
If you have a $997 product, we’re looking at 8-9 sales a month. Not much volume required at all to do six figures.
There’s nothing wrong with selling a $19 product or an otherwise low-priced product – you just have to know where it fits in the grand scheme of things.
High-volume businesses are expensive. They typically require a lot of moving parts and a lot of traffic and exposure and those things aren’t always easy to come by.
Plus, the more products you have the more you might fall into the trap of dividing your time, scattering your marketing efforts, bogging things down with complexity, etc.
As the price goes up, the volume required to hit your target goes down. This is almost always a good thing.
Selling a single product keeps you focused and ensures that all efforts can go into that one thing. That’s almost always a good thing in the beginning.
A single product keeps things simple. And if you price your product to fit the strategy, you only have to make a handful of sales a month to hit your revenue goal.
If you don’t currently have a higher-priced product, you need to start thinking about developing one.
If you already have a lower-priced product you don’t have to trash it. There are some awesome-sauce ways you can put it to use both on the front-end and back-end of a higher-priced product.
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