Comments on: Lesson #1.2: Failure of the $7 product (Scary!) http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/ The Secret To Converting Prospects Into Sales! Wed, 27 Aug 2008 23:02:56 +0000 http://wordpress.org/?v=2.0.4 by: Azlan Hussain (online business ideas & opportunities) http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-296 Tue, 15 Apr 2008 16:02:14 +0000 http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-296 what a great topic. it has given me lots of ideas on how to approach my next product launch. I believe in one thing, be a leader in your own community, the sale will come by itself. cheers what a great topic. it has given me lots of ideas on how to approach my next product launch.

I believe in one thing, be a leader in your own community, the sale will come by itself.

cheers

]]> by: Ronnie http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-294 Tue, 15 Apr 2008 14:41:06 +0000 http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-294 I agree that the free thing is very iffy although i my self have downloaded free products that have helped me immensly. THe $7 thing i always just delete to be frank because you know it will be free next week in the next givaway if i think that way then how many others do? with regards everything under x should be free well i would love to agree with that however if you are working to a tight budget and not yet a big earner then $10 is exciting infact it is a fantastic ammount of cash if its your first payment therfore people will continue to go for it no matter the cost to them, i am not supporting it but it seems to be true. There are just to many givaways and free products now the only way to go is up in price as the advice from many guru types and resell rights this and that for free is build your list givaway crap and totaly saturate the market and by doing this people are devaluing products services and information and creating there own list of free product seekers. It is up to the givaway guys to say no your product has no real value therfore it is not accepted and resale rights should be restricted then we would all be better off. sorry to go on i do like a free item now and then hahaha two faced or what hahaha Take care Ron I agree that the free thing is very iffy
although i my self have downloaded free products that have helped me immensly.
THe $7 thing i always just delete to be frank because you know it will be free next week in the next givaway if i think that way then how many others do?
with regards everything under x should be free well i would love to agree with that however if you are working to a tight budget
and not yet a big earner then $10 is exciting infact it is a fantastic ammount of cash if its your first payment therfore people will continue to go for it no matter the cost to them, i am not supporting it but it seems to be true.
There are just to many givaways and free products now the only way to go is up in price as the advice from many guru types and resell rights this and that for free is build your list givaway crap and totaly saturate the market and by doing this people are devaluing products services and information and creating there own list of free product seekers.
It is up to the givaway guys to say no your product has no real value therfore it is not accepted and resale rights should be restricted then we would all be better off.

sorry to go on i do like a free item now and then hahaha two faced or what hahaha
Take care
Ron

]]> by: Bernice Howe http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-268 Fri, 11 Apr 2008 15:19:58 +0000 http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-268 It appears to me that I have received Lesson No. 2;;;just in time. My product.. a book..is, in fact, worth thousands of dollars to the first people who recieve it..whether that is a church raising funds, or an individual who got stung with "The Secret". In my book, I provide date that has been missed .... from the Bible. The definition of "Science" is .... 'to take someting apart to understand how and why it works"...But the Scientists cannot take anything apart until they know what is there to be taken apart.... What is "There" to be looked at or "Discovered" is clearly presented in the Bible...for those who have "Eyes that can see". What I have "Seen" and written about..is worth much, much more than its weight in gold. ..... I have thought of even giving it away....rather than selling it for less than $1,000.00.....provided it went into hands that would USE it... to the benefit of many others...especially during this time of turmoil. But, thanks for Lesson #2.. It is fun to know that I was right when I rated Henry Gold as a First rate genius.... Great Love, Bernice Howe.. It appears to me that I have received Lesson No. 2;;;just in time. My product.. a book..is, in fact, worth thousands of dollars to the first people who recieve it..whether that is a church raising funds, or an individual who got stung with “The Secret”. In my book, I provide date that has been missed …. from the Bible. The definition of “Science” is …. ‘to take someting apart to understand how and why it works”…But the Scientists cannot take anything apart until they know what is there to be taken apart…. What is “There” to be looked at or “Discovered” is clearly presented in the Bible…for those who have “Eyes that can see”.

What I have “Seen” and written about..is worth much, much more than its weight in gold. ….. I have thought of even giving it away….rather than selling it for less than $1,000.00…..provided it went into hands that would USE it… to the benefit of many others…especially during this time of turmoil.

But, thanks for Lesson #2.. It is fun to know that I was right when I rated Henry Gold as a First rate genius….

Great Love, Bernice Howe..

]]> by: Serban Stanescu http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-266 Fri, 11 Apr 2008 12:36:15 +0000 http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-266 Hello everybody! I live in Romania, Alexandria, a small southern town with about 40,000 people. I have studied the local market and I am in business (offline, computers) since 1998, as a freelancer. Internet, seems to be the only valuable choice under such conditions. So, in 2006, I started to study IM and online business. In 2007, I started my own VRE, I'm writing in social networks, I published my first book online, I wrote many articles. The result was in about 8 months, a steady grownig traffic for my company's site, www.mediafctory.com So, what is my point? Henry, as a marketing tactics, thinking BIG, really is the key. It is too obvious to discuss that 10 sales of $200 is better than 100 sales of $20. But the facts show that building a BRAND, takes years. I am a brand now in my country, but it took me to become known about 2 years. So, speaking in terms of business, do you expect anyone to have means for living for two long years, just to build a brand? Most people join IM and online business, working hard to get out of the rat's race. That is, they can't afford spending more than say... $3 - $10 on products they do not know much how they can use. They just want to learn, and they're affraid to spend money on something very new. I know it very well since it was my own case, and there are hundred of thousands of such people all round the world. On the other hand, after you got a pretty good idea what's all about in online business, you slightly move your focus towards other type of products, and you start buying. I know that, since i did it. And, belive me guys, I really don't have money to throw away, just for fun, or just for the sake of a salespage. NO MATTER HOW GOOD might that page be. That is why I agree both with you, Henry, and Andrew Cavanaugh. Andrew pointed out a very important feature that any type of entrepreneur should develop in the first place --> flexibility. So, main goal, HAS to be QUALITY PRODUCTS. Next, is another... The real money, IS NOT IN THE LIST!! The real money, IS INSIDE YOU! That is the key to quality! And when you achieve QUALITY, well, you get SALES! Now, let's think it a little further: 1. You make your first product. Launch it let's say, free. People get to know you. 2. You get feedback. Workout the free product, get a better one, and you sale it. Now, you get MORE FEEDBACK! But this time, is a different feedback. From buyers, not from freebie collectors. 3. Workout again the product, get a higher priced version with more info, more quality, keep the previous 2 products and update them according to feedback. That is, you improve your products, but you cover 3 types of market: a. Entry point - free products; b. Midpoint - low prices; c. High-end - higher prices. I know, that may seem a little Sysyphus job to be done, but let me ask you guys a question: DO YOU REALLY BELIVE in the "30 days millionaire on the internet" myth? Yes, you can become millionaire in 30 days, but NOT in your first 30 days of Internet business. That is a fact. If you feel that I'm wrong, please, go to my blog and leave your opinions. I will write an article on the same subject and I will post it there. I really want to know what you think, since I operate on a very different market and Romanian market is a market with over 10,000,000 potential buyers, and far more than that! Best regards, Serban Stanescu http://www.serbans.com http://www.mysitereview.ro http://www.mediafctory.com http://www.mediafctory.com/forum http://ro.netlog.com/sserbanro http://serbanstanescu.weblog.ro/ http://mediaf.weblog.ro/ Hello everybody!
I live in Romania, Alexandria, a small southern town with about 40,000 people. I have studied the local market and I am in business (offline, computers) since 1998, as a freelancer. Internet, seems to be the only valuable choice under such conditions. So, in 2006, I started to study IM and online business. In 2007, I started my own VRE, I’m writing in social networks, I published my first book online, I wrote many articles. The result was in about 8 months, a steady grownig traffic for my company’s site,
www.mediafctory.com
So, what is my point?
Henry, as a marketing tactics, thinking BIG, really is the key. It is too obvious to discuss that 10 sales of $200 is better than 100 sales of $20.
But the facts show that building a BRAND, takes years. I am a brand now in my country, but it took me to become known about 2 years. So, speaking in terms of business, do you expect anyone to have means for living for two long years, just to build a brand?
Most people join IM and online business, working hard to get out of the rat’s race. That is, they can’t afford spending more than say… $3 - $10 on products they do not know much how they can use. They just want to learn, and they’re affraid to spend money on something very new.
I know it very well since it was my own case, and there are hundred of thousands of such people all round the world.
On the other hand, after you got a pretty good idea what’s all about in online business, you slightly move your focus towards other type of products, and you start buying. I know that, since i did it. And, belive me guys, I really don’t have money to throw away, just for fun, or just for the sake of a salespage. NO MATTER HOW GOOD might that page be.
That is why I agree both with you, Henry, and Andrew Cavanaugh.
Andrew pointed out a very important feature that any type of entrepreneur should develop in the first place –> flexibility.
So, main goal, HAS to be QUALITY PRODUCTS.
Next, is another…
The real money, IS NOT IN THE LIST!!
The real money, IS INSIDE YOU!
That is the key to quality!
And when you achieve QUALITY, well, you get SALES!
Now, let’s think it a little further:
1. You make your first product. Launch it let’s say, free. People get to know you.
2. You get feedback. Workout the free product, get a better one, and you sale it.
Now, you get MORE FEEDBACK!
But this time, is a different feedback. From buyers, not from freebie collectors.
3. Workout again the product, get a higher priced version with more info, more quality, keep the previous 2 products and update them according to feedback. That is, you improve your products, but you cover 3 types of market:
a. Entry point - free products;
b. Midpoint - low prices;
c. High-end - higher prices.
I know, that may seem a little Sysyphus job to be done, but let me ask you guys a question:
DO YOU REALLY BELIVE in the “30 days millionaire on the internet” myth?
Yes, you can become millionaire in 30 days, but NOT in your first 30 days of Internet business. That is a fact. If you feel that I’m wrong, please, go to my blog and leave your opinions.
I will write an article on the same subject and I will post it there. I really want to know what you think, since I operate on a very different market and Romanian market is a market with over 10,000,000 potential buyers, and far more than that!
Best regards,
Serban Stanescu

http://www.serbans.com
http://www.mysitereview.ro
http://www.mediafctory.com
http://www.mediafctory.com/forum
http://ro.netlog.com/sserbanro
http://serbanstanescu.weblog.ro/
http://mediaf.weblog.ro/

]]> by: Chuck Madere http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-265 Fri, 11 Apr 2008 04:28:04 +0000 http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-265 You make perfect sense. We all know that it is better to get $199.00 10 times then $7.00 10 times, but I guess I need to read lesson 2 to gain a little more confidence. Chuck Madere You make perfect sense. We all know that it is better to get $199.00 10 times then $7.00 10 times, but I guess I need to read lesson 2 to gain a little more confidence.

Chuck Madere

]]> by: Andrew Cavanagh http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-263 Thu, 10 Apr 2008 23:21:18 +0000 http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-263 I agree that you should focus on creating higher priced products. In fact if you stop at just $97 you're leaving a pile of money on the table. You need a product funnel hitting multiple price points from free to $5,000 and higher. I also agree that generally speaking $7 is a sucky price point. But that doesn't mean low price points aren't an effective lead generator. Keep in mind that if you have a high converting product priced from $10 to $20 and you give away 100% commissions that can give you a whole pile of happy affiliates and a whole pile of new clients who've actually paid to buy one of your products. You can immediately upsell these new clients to your higher priced related products. The immediate upsell is the real power of the $7 scripts which most newbies completely overlook. It's not about selling products cheap or selling cheap products. You sell high quality products, give away 100% commissions on the front end which helps to create an army of affiliates. Then you upsell to higher priced, high quality products. I've used free giveaways and I've used lower priced ($19.99) products with 100% commissions to attract affiliates. The second strategy seems to be far more effective based on my testing. Of course your results may be different based on your niche and your product. I would also agree wholeheartedly that if you're selling products mainly to your own in house list you should focus on creating higher priced products. Kindest regards, Andrew Cavanagh I agree that you should focus on creating higher priced products.

In fact if you stop at just $97 you’re leaving a pile of money on the table.

You need a product funnel hitting multiple price points from free to $5,000 and higher.

I also agree that generally speaking $7 is a sucky price point.

But that doesn’t mean low price points aren’t an effective lead generator.

Keep in mind that if you have a high converting product priced from $10 to $20 and you give away 100% commissions that can give you a whole pile of happy affiliates and a whole pile of new clients who’ve actually paid to buy one of your products.

You can immediately upsell these new clients to your higher priced related products.

The immediate upsell is the real power of the $7 scripts which most newbies completely overlook.

It’s not about selling products cheap or selling cheap products.

You sell high quality products, give away 100% commissions on the front end which helps to create an army of affiliates.

Then you upsell to higher priced, high quality products.

I’ve used free giveaways and I’ve used lower priced ($19.99) products with 100% commissions to attract affiliates.

The second strategy seems to be far more effective based on my testing.

Of course your results may be different based on your niche and your product.

I would also agree wholeheartedly that if you’re selling products mainly to your own in house list you should focus on creating higher priced products.

Kindest regards,
Andrew Cavanagh

]]> by: Henry Gold http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-259 Thu, 10 Apr 2008 21:17:08 +0000 http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-259 Products and quality information are two different ground. When you give products for free, they will expect more free products. However, when you focus on high quality information for free, they know whether you are just BSing around or truly know your industry. Henry, Products and quality information are two different ground. When you give products for free, they will expect more free products.

However, when you focus on high quality information for free, they know whether you are just BSing around or truly know your industry.

Henry,

]]> by: Paul http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-256 Thu, 10 Apr 2008 18:46:34 +0000 http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-256 Hey Henry, There seem to be two schools of thought with regards to giving information away . . . The first is the one you present here -- give quality information away for free to build a relationship. Then when you sell something, people will expect it to be much better than what you're giving away, and will buy. The 2nd opinion I've seen promoted by some very successful and credible marketers is that when you give products away for free, you condition your list to expect free stuff. And then when you try to sell them something, they won't buy because they're accustomed to getting information for free. Both arguments seem to have merit -- is there a middle ground, and if so, what is the line separating the two? Thanks, Paul Hey Henry,

There seem to be two schools of thought with regards to giving information away . . .

The first is the one you present here — give quality information away for free to build a relationship. Then when you sell something, people will expect it to be much better than what you’re giving away, and will buy.

The 2nd opinion I’ve seen promoted by some very successful and credible marketers is that when you give products away for free, you condition your list to expect free stuff.

And then when you try to sell them something, they won’t buy because they’re accustomed to getting information for free.

Both arguments seem to have merit — is there a middle ground, and if so, what is the line separating the two?

Thanks,

Paul

]]> by: richard http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-254 Thu, 10 Apr 2008 17:22:09 +0000 http://www.mysupercoach.com/blog/henry-gold/lesson-12-failure-of-the-7-product-scary/#comment-254 hi henry i have been selling an ebook as a product. for the past year, i have tried various promotional ideas through the web including google base, shopzilla, etc. the only market that seems to buy product is within ebay. i have tested my product at $20 but no one bought. they are buying at $6 but i get no sales if i sell above $6. it seems ebayers are trained to buy product at lower prices like at $7. it seems ebay is the only place to sell product and it is proven there is a demand for my product. i have another site with over 1600 people, i did a test email contest with only 6 responses. it seems i have tried a lot of things but still not able to sell at the price i should be able to ie. >$50. there seems to be a major disconnect for me on what you say. i agree higher prices deem higher quality but how do you find and promote successfully to that market? thanks and great information as usual hi henry
i have been selling an ebook as a product. for the past year, i have tried various promotional ideas through the web including google base, shopzilla, etc. the only market that seems to buy product is within ebay. i have tested my product at $20 but no one bought. they are buying at $6 but i get no sales if i sell above $6. it seems ebayers are trained to buy product at lower prices like at $7. it seems ebay is the only place to sell product and it is proven there is a demand for my product.
i have another site with over 1600 people, i did a test email contest with only 6 responses. it seems i have tried a lot of things but still not able to sell at the price i should be able to ie. >$50. there seems to be a major disconnect for me on what you say. i agree higher prices deem higher quality but how do you find and promote successfully to that market?
thanks and great information as usual

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