4 Reasons to Release a $10 Product ASAP
Over the past few weeks, I've had several conversations with aspiring entrepreneurs. They're eager to start making money online and they want to know more about launching products.
A friend in Canada who learned his work contract hadn't been renewed. A fitness professional in Texas trying to sell high-end services to personal trainers. Even a newlywed in Georgia who can't see himself working for someone else his entire life.
Maybe you're in the same boat. Maybe your life has taken an unexpected turn and now you're looking to take back control of your situation.
Or, perhaps you're out to have some fun and make some extra money on the side. In each case, I've been an advocate of launching a $10 product.
While your $10 product (probably) won't make you rich, there are several benefits to having a lower-priced item. Think of your product like a $10 business card; it tells people about who you are, what you stand for, and how you can help the world.
When you're trying to build your online business, releasing a $10 product is one of the best things you can do. (Tweet that if you agree!)
Let's go into some more detail about how a $10 product can help you turn your blog into a business and begin your journey as an online entrepreneur.
1: Your product tells the world who you are.
When you're first starting out, no one knows you. We may stumble upon your blog because one of our friends shared a link on Facebook, but we still don't know you.
Think about your product like a test drive, and your coaching program, training series, etc., as the whole car.
Would you buy a car without test driving it first?
I wouldn't. Your $10 product gives people the chance to get a feel for what they may want to get into later down the road.
2: Your product is a stepping stone.
At a $10 price-point, people can buy from you without putting too much financial risk out there. Not everyone can afford a $500 product.
By releasing a $10 product, you can add value to your audience and community without creating a high monetary border. Plus, if customers love your ebook, album, etc. for $10, they're much more likely to buy the course or the concert ticket for a couple hundred.
When I first discovered the books of the late Vince Flynn, I didn't buy the whole series at once. I sat in Barnes and Noble and read the first ten pages of his first three books.
Did I want to spend a hundred dollars and buy every book he'd ever written?
No. I wanted to see if I liked his style of writing, his characters, and the world he'd created with his books.
Your $10 product will achieve the same thing. It will provide a stepping stone to the full array of products and services you have to offer.
3: Your product is a quick win/win.
A sale at $10 is sometimes easier than a sale at $50, and a quick sale is a quick win.
Putting together a product that sells for $10 should take you about a month. Less if you really hustle.
By investing the time to put together a short ebook, a sample of your music or a video series, you're creating something people want. They want to read your guide, they want to hear your music, and they want to see your video training.
If someone buys it, they get the value of enjoying what you've created, and you get the value of their hard-earned dollars. Win/win.
In this regard, your $10 product is like the sample of sesame chicken you get at the food court in a mall. Just when you begin looking for a delicious bite to eat, there's Panda Express offering you a taste.
You get a sample of what they have to offer, and they get the possibility of receiving your money.
In the food court, you have a need, and they meet it.
Entrepreneurs see the needs people have and they find a way to meet them. (Tweet that!)
Not only is that statement the basis of all entrepreneurship, but it helps you determine your first product. If you see a need, meet it.
Problem solved = win for the customer.
Getting paid = win for the entrepreneur.
4: Your product builds much-needed momentum.
I won't say your first dollar is the hardest one to make, but it's close. Once you sell your first ebook, song, poem, whatever, you begin to see the possibilities.
You can't sell your second product until you sell the first one. You can't make your 100th dollar until you've made your first ten.
As I wrote here, when you're first starting, you need quick wins. You need to prove to yourself that achieving your dreams is possible.
While you can't make a living with a single $10 ebook, you can if you have ten. If your customers buy your first product, they're more likely to buy the second. If it's good of course.
Quick sales and quick wins build quick momentum, and momentum is incredibly powerful! If you do it right, over the next few months, you could have a handful of $10 products to sell.
To me, that's exciting!
By the way, I did end up buying every book Vince Flynn had ever written. I joined his legion of loyal fans, and it all started with a $7.99 paperback. If you're into spy-thrillers, I highly recommend you check his books out.
Question: What will your first $10 product be? If you've already released one, what was it?