What Is A Value Ladder? Set Yourself Up For Success
A Value Ladder Is…
Imagine you have an online business and someone asks you about your value ladder, do you have any idea how to respond? No worries, read on to discover what a value ladder is and how it can increase your bottom line. You can increase your profits by 10%, 20% or even 100% or more.
Every business can benefit from a value ladder. It is the answer to more profits, happier clients and a successful business.
Have you ever gone to a restaurant and in addition to the items you intended to order you end up not only with your entree, but you get a milkshake and an apple pie too? You had no intention on the extra items, but once it was offered, you just couldn’t resist.
What about the time you decided you needed a new computer or new phone or even a new car? Were you offered accessories and an extended warranty?
A value ladder is an essential tool for any business.
Think of a ladder in terms of value and price. As you go up the ladder you gain more value and the cost of that value also goes up. You don’t offer just one thing. If you do you leave money on the table.
In your business you can offer multiple items, either that compliment or build on other products.
Consider you have a hot prospect, but your only product is too expensive, if you don’t have a value ladder you lose the prospect. If you have a value ladder with a lower point of entry you get the sale. You get the customer and you can continue to follow up with them over time and possibly earn their future business. It’s a win, win.
Example of a Value Ladder
- Free PDF “How to pick a puppy for your family” (to gain email for follow-up & build a business relationship)
- $19 — Puppy Training e-book
- $49 — Five day online e-course
- $199 — beginner group training
- $299 — Intermediate group training
- $499 — Advanced group training
- $1999 — Private lessons: weekly inhome training sessions for one month
- $4999 — One month residential training with take home training video
In addition to this example, there’s the opportunity to offer seminars, grooming, boarding, training tools and more,
Having higher ticket items to offer adds value and profit. There’s lots of different options you may be able to put together for your ideal client.
Why Do You Need A Value Ladder In Your Business!
If you don’t have a value ladder, you may be missing out on additional revenue. It is usually much more difficult to acquire a new customer than to sell to an existing customer. Once a customer has expressed an interest in one thing, it’s much more likely they will purchase another item.
A value ladder provides the opportunity to build and grow trust with your customers. When a customer bites with a low entry item, you have the opportunity to provide continued value to them. When they see that value they are more likely to purchase other items from you and ascend up the ladder to higher level items your business offers.
It’s important to take some time to figure out and map out a plan for a value ladder in your business.
If you want to see start or grow your own online business, This 15 Day Business Challenge is a fantastic place to start. The 15 day challenge provides a step-by-step blueprint on building a profitable online business as fast as possible even if you’re a complete beginner.
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Debi
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