You might not have thought about it too much, but selling a service by the hour (as a writer, designer, coach etc) is a premium product!
It is not cheap (unless you priced it waaay to low) and shouldn’t be. Your knowledge is extremely valuable to someone without that same knowledge and you should price it accordingly.
But because of the relatively high price, not everyone will hire you – even if your work would add value to their business or life.
Usually, this is because of one out of two reasons.
Number 1: They just don’t have the money. They just can’t afford a premium service like yours.
Number 2: They are not sure if you are able to provide enough value to them; i.e. they don’t trust you enough to hand over the money. They don’t know if you really are able to help them with your problem.
Is there a way to solve both these issues?
Say hello to the Product Ladder!
A product ladder is a way to give potential clients a range of options when it comes to paying you for your knowledge.
The “ladder” consists of products and services, going from super cheap to really expensive at the top.
Let’s say you are a lifestyle coach. Your product ladder could look something like this:
$5 – PDF template for setting clear goals
$25 – Step-by-step ebook on how to find your passion
$100 – Video course, helping the student realize and solve problems in different parts of their lives
$250 – 90 minute Skype session with you, where you help them set clear and actionable goals
$500 – 3-month online group-coaching package, together with 5 other people
$1000 – 4-day boot camp at a retreat
$2500 – 6-month personal coaching package
Get what I mean? A lifestyle coach is helping people craft their desired lifestyleand the most obvious way is to do it by one-on-one coaching.
But there’s a variety of ways to solve problems – or parts of problems. And the best way is to do it with a mix of services and products.
By having different ways to take part of your knowledge and expertise, you give everyone a way to do it – regardless of budget.
But, this is not the only advantage of having a range of services and products. There’s one even more interesting perk with the product ladder approach.
If someone is not sure whether or not you can deliver on what you say you can for one of your more expensive services, they can “try out” your expertise by buying one of the low-level services or products.
When they see that they are getting proper results (only risking a few bucks), their trust in you increases and they feel more comfortable paying for the hi-end packages.
This approach can be used in any kind of freelancing and consultant business, as long as you’ve realized that it is not what you do that is valuable – it is what you know.