James Schramko here. Today, I want to talk about product, bundling, packaging, pricing, naming, etc.
One of the things I see quite a lot when I’m coaching students at SuperFastBusiness is the product and packaging names are fairly pedestrian and boring. And this is especially the case when we go to sort of industry areas where there’s a standard industry stuff, people get sort of tied into it. It makes me think of a client I had in SilverCircle once, where he was catering for the automotive industry and I was able to clue him in on an expression that auto dealers know that really emphasizes the idea of selling a lot of vehicles. And he was able to name his agency around that concept, and it just took off. And I’m pleased to say he’s successful many, many years later.
So go beyond the standard description of what your product is. And think about the results people want. Why are they getting this? And trying to incorporate the idea of that into your product. For example, at SuperFastBusiness, the higher-level version of it is called Intensive. And that’s really what people crave, when they want to have a higher-price program with more access, more results, they know that it’s going to be more intensive.
And one thing in my industry is a lot of coaches try and distance themselves from the students, they try and lump them into a Facebook group with hundreds of other people, and then they hardly ever show up. When I’m doing close-access and private coaching, I want to let people know, hey, this is going to be intensive, and you will get the results. So it’s a more emotional phrase.
Other things to consider there are static things like the precious metal packaging – silver, gold, platinum. You can also remember that it’s good to have a couple of options. If you have two options, then people can choose between this one or that one instead of having this or not. If you have three packages, that’s more of a Goldilocks theme. So there’s the entry-level package, which is good for people who are just starting out or on a budget. There’s the highest-level package, which is going to get the biggest results, but it certainly costs a little more. And then there’s the middle package. And then you can start using descriptors, like most popular, best value, etc. So you can put a little star on them, you can highlight them, you can physically make them bigger on your page.
I do recommend, if you have multiple programs, that you have a graph or a chart showing the different packages with ticks and crosses. You can have a look at what I do at jamesschramko.com/products to see our chart and how we display our programs. Also keep in mind when it comes to your packaging, the goal is to reduce the amount of choices down to only ones that are relevant. For example, when I was in the automotive industry, people could come in and order from any one of 80-plus models. And within each model were different variants and within each one of those there are different options. There was potentially hundreds of thousands of variables. So what I’ll do is do a diagnostic process and try and whittle down and eliminate anything that’s not relevant, and then only present the most relevant.
If you can only present the most relevant package at the right time, then it’s going to resonate with your buyer. And if you can identify why they’re buying and connect it up with the name of the package or the bundle of the package. For example, if someone had to do a package because it’s the law, that could be a sleep-easy-at-night package. If they had to do something because they want to sell more to wholesalers, then you could have a flying-off-the-shelves package.
So start thinking about imaginative names, capture the attention of your audience. Have a look at the things you’re buying and see how they price their products and how they name them, and if they’re presenting the most relevant option to you at the right time. Hope this has been useful.
I’m James Schramko. You’re watching jamesschramko.com.
See our products here