Hey Guys,

so today, I’m going to share with you a business lesson on marketing that will help your profit in whatever business you’re doing. If you follow this tiny lesson, you will notice a change in your approach to doing business with your customers and you will make more money that you’ve been making previously.

Yes, I know this because I now use it myself.

So let’s get it into it… 1, 2, 3……GO

Some time ago, I decided that I needed to increase the profit I was getting out of my info marketing business. I thought of several ways I could do this and finally, I decided that I was going to create a high-value info product, that will be priced highly also.

I started working on it and in a few months, I was done with the product and sales funnel too….so everything was ready.

Next step was to launch the product on the market.

Before launching the product, I had already projected how much I could make from the product and I was excited about my estimation (you know how it’s like when you’ve planned a business that you expect to bring in very good profit).

I launched the product, unfortunately, nothing happened… I didn’t make any sale. The second day, I was yet to make a sale. As if that was not enough, people were calling me to say – “Hello Bro, I saw your product advert online o. I must say I truly like the product, but I don’t have the money for it. Pls can you help your brother by reducing the price”

I got frustrated. I was losing money to online adverts, instead of making sales for my product, people are calling me to plead for help, can you imagine?

So one of those days I paid my mentor a visit and explained the whole thing to him and he had this to say.

The first thing he did was ask me what kind of product I was selling and the class of people I was sending my product advert to... I won’t lie, his question got me confused – I was wondering how the product I was selling and the people I was targeting is affecting my sales to the point that not even a single sale has been recorded.

By the time he was done analyzing my product and talking about its performance, I was able to see where I missed it.

I was selling a very good product but for the wrong market( don't worry, i'll explain further)

While developing a product or service to take to the market and sell, you first need to do your background study of the kind of product/service you’re taking out to the market – whether it’s a high ticket, middle ticket or low ticket product (in terms of its price). Who are the people to use your product/service? What class are they in the society?

There are 3 models brands use in their business to make the profit;

Sell High Ticket Products/services to High-income Earners –
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This business model is common with brands that are into luxury products. A perfect example is Apple.

Here you create a high value/ticket product and target ONLY the high-income earners (people who can easily pay for your product).

Sell Low Ticket Products to Low-Income Earners –
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This model is built on the fact that the low class and middle-class income earners are more in every society. Instead of selling a high ticket product to some few persons, why not reduce the products quality and sell to the low and middle-class people?

An example of a brand using this business model is TECNO.

The emergence of TECNO’s smartphones into the market made it possible for the low and middles class income earners to enjoy the benefit of using a smartphone at an affordable price.

Sell Both Low Ticket and High Ticket Products to High, Middle and Low-Income Earners –
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In this model, you create different versions of your product to fit both the high, middle and low-class earners respectively.

For example, you could create an info product and make it available as an ebook and video. The video version will then be your high-value product since videos take more time to create. So you target the high income class while marketing the videos, then target low & middle class earners for the ebook.

Every top brand follows one of these models to create and sell their product.

When you are selling a “GOOD” product and people are not buying, the problem often arises from the fact that you’re showing your product to the wrong customers.

Observe that I wrote the Good in block letters because the product first has to be good.

Before going into any business or creating a product, take the time to research on the type of product you’re creating, it’s market demand and the class of people you intend selling the product to.

This will help you avoid problems of creating the right product for a wrong market.....

After that talk with my mentor, I went back to my table and did a rework on my product, then targeted a different market from the previous one. Few days after, the sales started pouring in and I also got some few clients abroad who patronized my product.

In my next post I’ll show you in step by step form HOW TO DO A RESEARCH FOR ANY PRODUCT YOU WANT TO SELL & HOW TO TARGET THE RIGHT CUSTOMERS FOR YOUR PRODUCT/SERVICE.

PS: If you learned something from this post, pls click on the link below to join my facebook business community and get access to more informative posts like this
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