In episode #22 we discuss a strategy for packaging and re-packaging your existing offers to make them sell better. This is based off a discussion I had with one of my employees and is based on what I’m doing in the real world to improve sales for my side business. In it I talk about…
* How I’m re-packaging my video course to make it more relevant and sexy to my audience
* How to focus your time on what’s working in your business
* How to bring old, lackluster products back to life
* Why I’m purposely starving myself and why you should too (seriously!)
It’s an interesting topic that very few people talk about. It will give you a fresh perspective to positioning and packaging whatever you sell to make more sales and be more appealing to those you’re marketing to.
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Well, hello! This is Jeremy Reeves and I welcome you back to another episode of the Sales Funnel Mastery Podcast. So, it is now January 2015 and I really hope that you have your goals set for the year. I’m actually, I have everything planned out for the year. I have my, I have my yearly goals, my quarterly goals, I have my monthly goals, I’m working on my weekly goal one, of them is recording podcasts. I’m really starting to make a lot of progress building my team, which is, which is really a big deal for me because I’m trying to scale the business.
This year, I have quite a bit. The only way to do that is by building a good team around me. So, that’s one of the big things I’m doing this year. That’s going to be one of the big game changer for me. It’s kind of like the main, the one, the number one main, you know, theme or whatever for the year. Hopefully, you have something like that too, which you should.
So, today, we’re going to talk about something that me and actually one of team members were talking about the other day which is product splintering. Alright! So, it’s a pretty cool subject, right, so, here, let me give you the background of it. So, you know that I have the side business, Kinowear, right? It sells men’s style information, right? So, I have basically two main information products in that business. The one is the twenty-seven dollar e-book and it’s kind of just like a, you know, a basics, a primer course, that kind of thing.
And then there’s a video course which is, I think, is seven times more expensive, which I’m price-testing, but it’s seven times more expensive, it’s a hundred and fifty, So, we get around roughly seven times and it’s not doing a very good job selling, right, So, there’s some type of, there’s some type of mismatch between, you know, what the market wants and what this product provides, right?
So, and keep in mind, you know, if I made the product myself,(inaudible 2:01-2:02), because I would’ve done surveys and all that fun stuff first. But I bought this business last year, and this is one of the products that kind of came with it already. So, we’re basically testing if we need to just get rid of that product or if we can offer it in a different way that is a little bit more appealing to the audience.
So, I want to talk about that a little bit because it’s something that, you know, a lot of times, people, they have a product, and by the way, this does not have to be an information product, one of the big things that I’m trying to make known is that I don’t work only with information markers, in fact most of my clients aren’t information markers, but for some reason a lot of people are getting that impression, right? And that’s probably because of me the way that I talk about, you know, give examples or whatever.
So, you know, if you’re, you know, if you’re (inaudible 2:53-2:54) and you think that, know that I don’t just do it for information, you know there’s really, there’s the information products, service professionals, there’s offline business owners like like Brick and Mortar, there’s a software companies, you know, the software service type of thing, and I’m blanking on the fifth one, physical products, right, so, I just a Funnel Day on the she sells physical products, that you know, they actually ship them out and all that kind of stuff, right?
So, those are, like, the five kind of main categories. But for this example, we’re going to talk about information because that’s my side business, right? So, the video course isn’t selling very well, you know, compared to the, you know, the upfront course and all the other things, right? So, it’s just, it’s just not, really hitting it. So, we we’re talking the other day, we come up with the idea to splinter the products, right? So, basically what that means is taking the whole of the product and splintering it down to individual pieces.
So, to make that more clear, this product has, I think it’s a, I think it’s twelve videos, right? And it sells for a hundred and fifty dollars, So, that’s whatever twelve dollars or whatever it is, per video. So, what I’m going to do is instead of selling, and keep in mind that this my audience is, they’re a little bit younger of a crowd, a lot of kids are college students, or kind of young professionals, so they’re not, they don’t really have a lot of, you know, money that they can spend.
And one of the big things, and one of the big objections, and you know I’ve done surveys and all that, one of the big objections to not buying this course, this video course, is that they, you know, they don’t want to spend a hundred and fifty dollars, they’d rather go out and spend that hundred fifty dollars on clothes, right? Which makes sense.
So, what we’re going to do, you know, we’re talking, and what we’re going to do, and this is, you know, this is something I’m testing, I’ve done this before on other markets and it’s worked fantastically well but haven’t done it in, you know, for this business yet, so what we’re going to do is take those twelve videos, and we’re going to you know, quote unquote, splinter them, we’re going to remove them, so instead of selling one course for a hundred and fifty dollars which includes twelve videos, we’re going to sell each individual video, right?
So, they’re going to come to the page and it’s going to be like, you know, “hey, blah, blah, blah, we’re going to help you with your style, yada, yada” you know and then, and then essentially, we’ll say “which of the twelve videos are you interested in?” and they’ll be able to pick, you know, you know, let’s just say video on jeans and shirts, and you know, ties or whatever. they can pick more than one but, they’re, instead of spending, instead of looking at this and think of it the mind of the customer, in stead of saying “Wow! this is, you know, a hundred and fifty dollars!
That’s a lot of money for something that’ll teach you how to dress well.”, it’s going to be like, you know, just say ten dollars, I don’t know what we’re going to price that, you know, maybe, maybe nine-ninety-nine or ten dollars per video or whatever and then the upsell is the whole course, right?
On sale, you know, for you know, maybe it’s, maybe you buy one video for ten dollars and the you get the, you know, on the upsell page you get the whole course for seventy-seven dollars So, it’s like, you know, half off the rest of them, or you know, buy, buy like, you know whatever that is, seven more and you get the other five for free, I forgot how many videos, I think there’s twelve or thirteen. So, that is product splintering.
What I want you to think about is, look at, look at your, look at the products that you sell, right? If you sell information products, and this could also be services, So, if you have, let’s just (inaudible 6:42) like if you have, if you’re selling software or product inf–or physical products, if you’re, you know, Brick and Mortar selling physical products, if you know, whatever it is that you’re selling you probably have more than one thing, like, you don’t have just one service, maybe you have four or five, you don’t just have one product, maybe you have, you know, a dozen or six or three or whatever it is.
What you should do is make a spreadsheet, look at the total number of earnings per visitor and you can do this offline, you know, it’s a little bit easier online because you can just look at, okay, you know, a thousand people to the page, this number of people bought, that gives me x dollars, you divide the two numbers and then that gives you your value per visitor, so if you made a thousand dollars in the thousand visitors, that’s a dollar per visitor.
If you made four thousand dollars from the thousand visitors, then that’s four dollars per visitor, right? So, you look at that spreadsheet, figure out what products that are making you the most money, and guess what? That’s where you, that where you put your attention on, right? Because you’re going to put your attention, you’re probably going to find, that you know, like everything, you’re going to have kind of an eighty-twenty with this.
Your eighty percent of the money that you bring in is probably going to come from roughly twenty percent of the products that you sell, right? So, what you do after that, after you have that information, is say “Okay, well, we’re, you know”–sorry about that, what, what you do is say “Okay, we’re getting eighty percent of the results in this area, So, we’re going to put eighty percent of our focus on selling that product”, right?
And then what you also do is take, take one or two of the bottom products and say “Okay, why aren’t they selling?” Maybe it’s outdated. If that’s the case,get rid of it, I’m actually doing that with my Conversion Cheat Sheet Product, because, you know, it’s a little bit outdated. They’re have been a lot of new conversion tactics that have come up and all that kind of stuff.
So, you know, it’s really not all that timely anymore, it’s not very, it’s not very relevant to what’s going on in today’s markets.So, I’ve kind of, you know, dropped that off a (inaudible 8:54). And then what you do is see if there’s an opportunity for you to product splinter, you can either put two products together which isn’t plain product splinter, but it’s just essentially rearranging your, your product offering to see if it resonated better with the market because a lot of times, you can sell something better if you just package it differently, right?
You know think of, think of cars. A lot of, I don’t know the specific car names off the top of my head, like who, I think Toyota and BMW are the same company, right? And they have, you know the same engine, and the same this, the same that, it’s like eighty percent the same car, but it looks differently, and it sells for two, three, four times the price, right?
So, that’s kind of how you want to think it, you know, look at your products or your services and see if there’s a way for you to package it differently to present it in a different way, to offer it, just give it a little tweak and see if that helps increase your sales. This is something I do with all my, my copy projects when I work with my clients. I’m always looking at, you know, how is this coming across the audience? Is it sexy? Is it appealing? Is it something that people want? Is it a no-brainer decision?
You know, those are the kinds of questions that you want to be thinking of when it come to your products and services. So, the lesson for today, pretty simple, look at, you know it’s January sixth right now that I’m recording this, it’ll be probably be out on the seventh or eighth when it goes live.
It’s the beginning of the year, it’s time to, you know, to start things, it’s time to get rid of the stuff that wasn’t working, it’s time to look at, you know, look the things that are not working and do more of them and that includes your product and services. So, you know, see of there’s a way to splinter the products like I did, you can break it down sell it individually if that’s going to resonate with your market, it’s not going to work on every market, I’m not doing that for my JeremyReeves side of things.
I don’t want to attract those types of people that only want to spend a couple dollars, you know. I just had somebody, while I was sleeping last night, he went through my entire Funnel beginning to end, he bought every single product through Funnel, I think he spent around, I don’t know, maybe eight hundred dollars or something like that, right?
And he spent, yeah, about eight hundred dollars, roughly, and he signed up for a Funnel Day, which is another either, what is it, it’s either fifteen hundred or three thousand for the Funnel Day, and then if gets, you know, if he has me implement his Funnel or do coaching after, whatever, then it’s, like, into the multiple thousands, maybe five figures, you know whatever it is.
But for me, that’s what I’m trying to, I’m trying to attract people like that, who, you know they’re smart, they’re doing good already, they have money to spend because they’re doing good, but they just want to take things to the next level, right?
So, my Kinowear business is completely different that’s one of the things and that’s, that’s one of the things that actually is, it’s hard to teach in a Funnel Course because there are So, many, you know, intricacies in each business. You know, the positioning, your product offerings, price points, all that kind of stuff is So, different depending on who you’re talking to, what your goals are for the business, and all that kind of stuff.
Anyway, that’s my, my rant, my long-winded rant for that. I think my mind might be going a little bit nuts, I haven’t eaten in twenty hours, I’m actually fasting doing, I used to do twenty four hour fasts, more for, more for, like, overall health. When you fast, your digestive system doesn’t have to work and your body actually repairs itself really nice and all that kind of stuff. There’s ton of research behind it. If you’re interested in, like, the health aspect of things but anyway, So, that’s it.
If you have any questions about this, if anything was unclear, feel free to email me [email protected] If you’re interested in working together, you know, in a coaching fashion, or if you want to, you know, check out any of the products that I have, the Funnel Formula would definitely be the, you know, the one to look at, that’s kind of like the flagship product, you know, if you want to go, if you haven’t yet, get on my list, just get on the website, there’s forms to fill out, that I give you free stuff like webinars, all that kind of good stuff for you to download for free.
I’m actually going to be coming out with a new webinar really soon. I’m kind of putting the final touches on it. Probably, probably, next, next Friday, actually, is when I’m going to do it, the day before I leave for Funnel Day in January (inaudible 13:30-13:31). So, that’s it! Talk to you soon again. If you have any questions, let me know. And the main thing to take away from this episode is just take a fresh look at the products and services that you’re offering to people and ask yourself if they’re sexy, right?
And you’re going to know if they’re sexy or not by the, you know, kind of the percentage of sales they make you know if you’re getting ten percent conversion rate on one product then two percent conversion rate on another one, well, maybe that other one isn’t resonating and you have to figure out why, right? So, maybe it’s just, that you know, just,you know, the content of it or whatever it is just isn’t resonating with the market, or it could be the packaging, like I, like we talked about today.
So, I hope this helps you. Let me know if it did. You know, hit me up if you want to just say it helps you. I get people, all the time, just emailing me just to tell me that I helped them and I love, love, love to hear stuff like that. It honestly makes my day. It really does. I always get a smile on my face when I get, you know, when I get emails just saying “Hey, you know your recent podcast was awesome, it helped me do this, it helped me do that”, or you know, “It gave me a new insight, it gave me a new idea”, whatever it is.
So, don’t feel, you know, feel free, don’t be shy, I absolutely love hearing stuff like that. Don;t worry about cluttering my inbox or anything like that, I have, I have time for it. So, that makes me sound like I do anything, but I have time to see that I’m helping you, that’s what I mean. And plus my assistant, she’ll send it to me. But anyway, hope this helps and I will talk to you soon. For more information about me, to work with me, get free stuff, to check out my products, whatever, go to www.JeremyReeves.com, and I hope to talk to you soon.