If you’re a business owner, here’s a simple strategy you can deploy straight away to get to the top of the pack.
When high-end car manufacturers like Ferrari create an entry-level car, it’s still a top-level product, because they don’t do low-cost, low-quality cars. They don’t have the ascension model.
The ascension business model, simply put, means offering a cheap one (entry-level) that you can start with, then you sell them an upgrade to the regular product, then you sell them an upgrade to an elite product, then you sell them the top-level product.
You can use this business model both in the offline and the online space.
So, my advice today is you might be able to add a high-ticket item. Firstly, 10% of your customers would probably pay 10 times more for a high-ticket product. So, there’s an easy segment of your audience to find. You can dip your magnet into your audience that you already have and find the ones who will pay 10 times more by putting a premium offer above and beyond anything you’ve already got. And if that works really well, consider if that’s all you want to do.
In my business, the fascinating thing is that my highest-level product is also the most profitable product and the most enjoyable product. So, the other products that I have are doorways, in some cases, but not always. And they were never set up that way.
It’s really a case of finding the right one from the beginning and start there. So, you don’t need the ascension model. You don’t need to have low-priced ticket items at all. You could just have high ticket if you want. And many people I know just do that and it works fine like it does for Ferrari.