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#010 How to make a fortune with “Platinum Packages”.

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Episode Summary

What if you could take any product or service that you’re selling right now, make one small change to it, and make 10x as much money in your business every month, just from that small change. In this episode, Ben walks you through the power of adding a “Platinum Package” to your current product offerings.

Episode Transcription

One of the dumbest things that I have ever done to make more money per sale, or per promotion, and everything that you might put into that camp, has been the addition of what I call a platinum package. And this is going to be a short episode, but I think it’s something that right away will help you with anything that you happen to be doing promotion wise, sales wise, marketing wise, if you put it in action. It doesn’t matter what business you’re in, this is going to be something that’s hopefully important for you.

So, what is this concept of a platinum package? Well, it goes back to that rule that we’ve all heard, which is the 80/20 rule. And this 80/20 rule is pretty simple. Out of all the people that are your customers, you are going to make the majority of your income, 80% of your income, from 20% of your customers. So the other 80% of your customers are only going to account for 20% of your income, meaning that shouldn’t you have more options for the people that really like to spend money with you.

And so, let me tell you a quick story about how I sort of fell into this. A few years back, in my main business, which was Fearless Social … When I say main business, it was like my first real internet business, the one that I spent the most time in. I’ve got lots of little fun businesses, and when I say little it doesn’t necessarily equate to profit. It usually equates to staff. My main business being the one that has the most staff members was a business called Fearless Social. And Fearless Social was all about teaching people how to do their own thing online, kind of like what we’re doing here.

And so, one of the cool things about Fearless Social was I’ve got at this point probably five or six different employees that were helping me make the whole machine work. And they were amazing. I mean I had the best employees in the world, and a lot of them are people that I’ve met in person at one time or another. At this point all of these folks were people I had met in person.

So things were churning along pretty nicely in Fearless Social, and we’re doing really well, and we’ve got a great staff, and we’re growing. And somewhere along the way … And I should preface this by saying that Fearless Social is me, and the rest of the crew is mostly females. So, bless their hearts, they deal with things that I don’t deal with, and I’m sure I deal with things that they don’t deal with. But there’s a little bit of a difference.

But we have all these people that are making this machine work, and somehow by the grace of God, and this was a very awesome thing that happened by the way, when you look at it from ten thousand feet up, everybody decides to get pregnant at exactly the same time. So, we all live in different places. We all work remotely, and we don’t ever really come together in the same office but if three different employees and staff members and even my partner at the time, they’ve decided they were going to have a baby, which is awesome. That’s part of why we got into this whole thing is so that we could have more of a personal life and take care of our kids, and take as much time off as we needed. That’s why we built this company.

And so what I didn’t take into account was that … and what I don’t think they took into account is that we would have three out of the six pregnant at once. And none of them planned this, but it was really interesting. They all hit me up, and they said, “Hey, this is happening.” I started getting all these people, they were all kind of being secretive, and they hadn’t told each other what they’d told me. And so I knew that this was starting to come together in an interesting way, so I knew that nine months down the road we were going to have to change the way we did business.

So here’s the point of that story. Up to that point we’d been doing a lot of webinars, a lot of big ticket products, and that’s sort of how we powered the machine. But I knew that when we got nine months down the road, we had people that were going to be on maternity leave, and a big chunk of what we did and how we did it, they were going to be out for a little while. And I didn’t want them to have to worry, and they wanted to be off, so we started prepping. And so what we started doing, is we went away from the big ticket stuff, and we went to more of a model of hey, we’re going to sell a product for twenty bucks. Twenty bucks and then maybe an upsell after you buy.

Now, this is what’s interesting. There are people that will not buy a $300 product from you, but they will buy a $19 product from you and then they are … or a $20 product from you and then they’ll buy an upsell for 280. Same amount of money, but it’s easier for them to buy if they start with the small thing. And so, that’s all well and good. Small ticket products upsell, we created before. Get away from the big ticket stuff for a while so that we can do what we need to do but do it in a different way.

Somewhere along the way, I started realizing this one key concept, and we’re going to take it now back to the 80/20 rule. I started to realize that a lot of people that were on our customer lists, they didn’t just want the basic package, the $19 thing. If we added in an advanced package, and we put in a couple key things that were sort of advanced, that were like the same program, they got the basic package, but we added two or three things that really just were sort of up there and different, and added even more value to their package, they were going to choose that.

So sort of this works is this. On your buy pages, or when you do a sale, when you do a promotion, I want you to start thinking about this. You’ve got your main thing that you charge a small amount for, let’s say. Let’s say $7, $20, whatever it may be. On that same page, instead of just having one, start thinking about how you could add in the VIP package, or the advance package. Now venues are really good. I know that Justin Timberlake does this in a masterful way. In case you don’t know, and this is something that my wife told me about. Justin Timnberlake, when he sells a ticket to his show, these … very popular shows, at least at the time of recording this podcast, Justin Timberlake sells tickets. The closer you are, of course the more you’re going to have to pay, but there’s also a place that you can buy down by the stage. It’s sort of the VIP, and it’s at least $1,000 a ticket to be in that VIP and have a bar tender. So they’re selling the advance package.

I went to a Katy Perry concert. Please don’t make fun of my taste in music. I love rock music, I love the cool male y stuff, but I’m really into pop stars too. Don’t judge me. I went to Katy Perry a while back with my wife. We had a good time, but one of the things that we bought is for … we bought the advanced package, so we got backstage to do … And not even backstage to talk to the artist, but we got this backstage area where we had a bar that was ours, just ours. Nobody else could go to it, and there was a group of people that bought that. And they got extra money out of us.

So, I want you to understand this. No matter who you are, no matter what kind of products you sell, it doesn’t matter if you are a small business that has no big internet presence, or you are completely on the internet with the things you sell. I want you to run this experiment. I want you to go in and I want you to offer an advanced version of the thing that you’re already doing, and a lot of times it’s literally one little extra thing that you put in. You may put in a T shirt and a hat. It doesn’t have to be a physical thing by the way. It can be a digital thing too. It may just be that little extra piece. I’ve literally taken old products, bundled them with the new product, and that was the advanced package.

And so you can do all these things. Next time, instead of just having one thing on the front page leading to the upsell … even if you don’t have an upsell you can do this, but instead of just having that one $20 product, I want you to have a $20 product and an advanced version that’s $200, with some extras added in, and I want you to see what happens. Trust me, this was something that absolutely changed the way that I looked to marketing online and I think it’ll do the same for you.

So I hope you loved this version of Serial Progress Seeker. If you did, do me a favor. Click the subscribe button. That’s going to alert you anytime we have a new episode coming out. Also, if you like this show and you’d like to tell me about it, I would love to hear from you. Leave me a review. Give me something specific that you like. That helps us to create future episodes. Also, for show notes and extras, because we do pack in a lot of extras, I want you to go to serialprogressseeker.com and you can check out everything there under this show’s show notes.

Alright, so I hope you enjoyed the show and I will see you on the next one.

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