{"id":3382,"date":"2017-10-06T06:35:33","date_gmt":"2017-10-06T13:35:33","guid":{"rendered":"https:\/\/www.genesisdigital.co\/blog\/?p=3382"},"modified":"2019-05-09T11:31:44","modified_gmt":"2019-05-09T18:31:44","slug":"what-is-your-product-worth","status":"publish","type":"post","link":"https:\/\/www.genesisdigital.co\/blog\/learn\/marketing\/video-marketing\/what-is-your-product-worth\/","title":{"rendered":"What is Your Product Worth?"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td><i>This is an expansion of an earlier article \u2013 if you haven\u2019t already I encourage you to read the original post first.<\/i><\/p>\n<p><a href=\"https:\/\/www.genesisdigital.co\/blog\/learn\/marketing\/rock-solid-scripts-sizzle\/\"><b><i>Rock Solid Scripts that Sizzle<\/i><\/b><\/a><\/p>\n<p><i>If you want to read the entire Video Sales Letter article series from the beginning, start here\u2026<\/i><\/p>\n<p><a href=\"https:\/\/www.genesisdigital.co\/blog\/learn\/marketing\/video-marketing\/first-5-critical-steps-creating-sleek-video-sales-letters\/\"><b><i>The First Five Steps to Creating Sleek Video Sales Letters<\/i><\/b><\/a><\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>The hardest part of selling is <i>asking for the sale<\/i>.<\/strong><\/p>\n<p>On paper it sounds easy. You say, <i>\u201cThe product can be yours today for just $997! Go here to make your purchase\u2026\u201d<\/i><\/p>\n<p>You deliver one line, and then it\u2019s a simple transaction \u2013 money in exchange for the awesome product or service you have to offer.<\/p>\n<p>But it\u2019s a line that\u2019s loaded with danger for both seller and prospect.<\/p>\n<p>The seller is thinking\u2026<\/p>\n<ul>\n<li>Have I done a good enough job of selling the benefits of my product?<\/li>\n<li>Have I selected the price point appropriately?<\/li>\n<li>Will the prospect really believe my product is worth this price?<\/li>\n<li>Will I sound nervous or weak when I deliver the line?<\/li>\n<li>Is the prospect, at this point, going to turn around and walk away?<\/li>\n<\/ul>\n<p>And the prospect is thinking\u2026<\/p>\n<ul>\n<li>Is the product really worth this amount?<\/li>\n<li>Can I afford this amount?<\/li>\n<li>What might I be able to purchase instead with this money?<\/li>\n<li>Will my family be unhappy with me for making this purchase?<\/li>\n<li>Is there a better offer elsewhere?<\/li>\n<\/ul>\n<p>This is where you make it or break it and the precise reason <i>why <\/i>asking for the sale is so freakin traumatizing!<\/p>\n<p>From the perspective of a Video Sales Letter (VSL), this line is the defining point. Once you reveal the price of the product, your prospect begins to decide, within a few seconds, whether or not they\u2019re going to make the purchase.<\/p>\n<ul>\n<li>If the answer is NO, the prospect is probably going to close the video, which is totally okay. We all know that a 100% conversion rate is the eCommerce equivalent to a laundry folding Unicorn.<\/li>\n<li>If the answer is YES, congrats\u2026 job done!<\/li>\n<li>If the answer is MAYBE, then you\u2019ll spend the next couple of plot points pushing them off the fence and into the shopping cart.<\/li>\n<\/ul>\n<p>This particular section of your VSL could be the most impactful pivot point of your entire production.<\/p>\n<p>But, no worries me lads and lassies\u2026 we\u2019ve got it all figured out for you.<\/p>\n<h3><b>Choose Your Moment<\/b><\/h3>\n<p>The key to asking for the sale with full confidence is <i>timing<\/i>.<\/p>\n<p>In fact, the key to producing a winning VSL, from start to finish, is mostly about timing.<\/p>\n<p>Remember how we deliberately delayed revealing the name and specifics about your product? (<a href=\"https:\/\/www.genesisdigital.co\/blog\/learn\/marketing\/video-marketing\/roadmap-big-reveal\/\"><b>See The Roadmap to the Big Reveal<\/b><\/a>) The reason was because we first needed to agitate the pain points, establish you as an expert, tell your story, and so on.<\/p>\n<p>By laying the groundwork, we made the revealing of your product more impactful.<\/p>\n<p>This is the same principle.<\/p>\n<p>Your viewers want your product. We know this because they\u2019re still watching. (<a href=\"https:\/\/www.genesisdigital.co\/blog\/learn\/marketing\/video-marketing\/prove-product-perfect-match-audiences-needs\/\"><b>See How to Prove Your Product Is the Perfect Match to Your Audience\u2019s Needs<\/b><\/a>) Now all they care about is whether the price is going to be within their budget.<\/p>\n<p>They\u2019re ready to hear your price point so they can either excitedly hit the \u201cAdd to Cart\u201d button, or gloomily close the video down, cursing their lack of spending power.<\/p>\n<p>But, just as before, we delay.<\/p>\n<p>And we delay, and we delay, and we delay.<\/p>\n<p>So that, when you finally ask for the sale and reveal the price point, the groundwork you\u2019ve laid down will allow you to deliver the line confidently, and will put your viewers in a place where there\u2019s no doubt that your product IS worth the asking price\u2026<\/p>\n<p>Because it\u2019s actually worth a whole lot MORE!<\/p>\n<p><b>Plot Point #21: What\u2019s it Worth?<\/b><\/p>\n<p>How do you demonstrate that your product is worth more than the price point that, eventually, you\u2019re going to reveal?<\/p>\n<p>There are a number of ways, the first of which is through comparisons with other similar products on the market. Pick two or three competing products and do a side-by-side comparison.<\/p>\n<p>Start with a ridiculous example that is much, much more expensive than your product.<\/p>\n<ul>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0<i>If you\u2019re selling video editing software, you might compare it to something that Pixar uses to create its movies that costs hundreds of thousands of dollars.<\/i><\/li>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0<i>If you\u2019re selling a golf training product, you might compare it to hiring a professional coach for six months.<\/i><\/li>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0<i>If you\u2019re selling a rotisserie oven, you might compare it to a large industrial unit, used in a busy restaurant.<\/i><\/li>\n<\/ul>\n<p>Then move down the scale to more realistic comparisons, citing examples that are closer to, but more expensive than, your product.<\/p>\n<p>There are a variety of formulas you can use when drawing these comparisons, but the three we tend to fall back on are\u2026<\/p>\n<p><b>Old News:<\/b> This product has been around for ages but everyone knows it\u2019s a bit clunky, a bit flaky around the edges, and isn\u2019t really the right choice in this day and age.<\/p>\n<p><b>Impractical:<\/b> There are some good points to this product, but it has this problem and that problem, and the chances that this is going to solve your problems are itty bitty, to non-existent.<\/p>\n<p><b>No Contest:<\/b> This product actually isn\u2019t bad, but it doesn\u2019t have this feature or that feature, and it isn\u2019t really in the same league as your product.<\/p>\n<p>Remember, you still haven\u2019t revealed your price point yet. After each comparison, conclude by saying something along the lines of, \u201cThis solution costs XXX, but my system won\u2019t cost you anything near that.\u201d<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-3383\" src=\"https:\/\/www.genesisdigital.co\/blog\/wp-content\/uploads\/2017\/10\/Choice.png\" alt=\"This video sales letter outline and the points it makes allow your audience to see that you are giving them true options to ease their pain.\" width=\"1400\" height=\"900\" srcset=\"https:\/\/www.genesisdigital.co\/blog\/wp-content\/uploads\/2017\/10\/Choice.png 1400w, https:\/\/www.genesisdigital.co\/blog\/wp-content\/uploads\/2017\/10\/Choice-600x386.png 600w, https:\/\/www.genesisdigital.co\/blog\/wp-content\/uploads\/2017\/10\/Choice-1024x658.png 1024w, https:\/\/www.genesisdigital.co\/blog\/wp-content\/uploads\/2017\/10\/Choice-300x193.png 300w, https:\/\/www.genesisdigital.co\/blog\/wp-content\/uploads\/2017\/10\/Choice-696x447.png 696w, https:\/\/www.genesisdigital.co\/blog\/wp-content\/uploads\/2017\/10\/Choice-1068x687.png 1068w, https:\/\/www.genesisdigital.co\/blog\/wp-content\/uploads\/2017\/10\/Choice-653x420.png 653w\" sizes=\"(max-width: 1400px) 100vw, 1400px\" \/><\/p>\n<h3><b>Plot Point #22: You Have a REAL Choice!<\/b><\/h3>\n<p>Take a little pause in the buildup to your price reveal and do a quick recap on the pain your audience could soon be removing.<\/p>\n<p>Having done a great job of agitating the problem, you don\u2019t want you audience to become so obsessed with what your product is going to cost that they lose sight of what really matters.<\/p>\n<p>Go through the questions again\u2026<\/p>\n<ul>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0What will life be like if you don\u2019t solve the problems you have?<\/li>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0What will life be like if you do solve the problems you have?<\/li>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0What would that do to your quality of life?<\/li>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0How long have you been struggling with your pain?<\/li>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0What would it be worth to you to end your pain?<\/li>\n<\/ul>\n<h3><b>Plot Point #23: Massive Value TODAY<\/b><\/h3>\n<p>Once you\u2019ve finished your brief recap, go straight back into the tease.<\/p>\n<p>There\u2019s good news! Remind your audience that lesser products cost X but today they\u2019re not going to pay anything like that.<\/p>\n<p>And now you really bait them\u2026<\/p>\n<p>Reveal the normal, reasonable, everyday price of your product.<\/p>\n<p>This is what we might call the recommended retail price. You could even show them your sales page which lists the regular price of your product. This is what people normally pay and your customers who have already purchased at this price point are very satisfied and successful.<\/p>\n<p>Your audience could go, right now, and purchase your product for this great price.<\/p>\n<p>BUT\u2026<\/p>\n<p>Even that normal price is not what they\u2019ll pay today.<\/p>\n<p>Can you see what this sequence does to your audience who are eager \u2013 maybe even anxious \u2013 to find out what your product costs?<\/p>\n<p>Your regular price point is very reasonable and, for a moment, your audience will have been asking themselves whether or not they can afford this figure. But now you\u2019re telling them that it\u2019s even going to be less than that?<\/p>\n<p>Now things are starting to get really exciting!<\/p>\n<p>Some more cynical\/savvy viewers will be questioning why you\u2019re pitching them a price below what you usually charge, so make sure you have a good answer.<\/p>\n<p>Maybe this is a grand opening for a new, updated version of your product. Maybe it\u2019s a test offer to see how people react to a different price point. Maybe you need more case studies and you\u2019re willing to offer a substantial discount to get more people in the door.<\/p>\n<p>Whatever the reason, make sure it\u2019s a genuine reason and not something you\u2019re just making up to fake some kind of scarcity. The best marketers and salespeople are wily, but never dishonest.<\/p>\n<p>If you can\u2019t come up with anything interesting, just position it as a special offer for a limited time period. It\u2019s your product, and you\u2019re well within your rights to offer a discount if you choose to do so.<\/p>\n<p style=\"text-align: center;\">***<\/p>\n<p>And after all of that, you STILL haven\u2019t revealed the price!<\/p>\n<p>You\u2019ve given away enough information that your audience knows it\u2019s going to be less than your regular, sales page price. And this will serve to have your viewers salivating at the prospect of getting their hands on your problem-solving, pain-soothing product for a steal.<\/p>\n<p>A good portion of your audience will be ready to buy and you could probably ask for the sale now and get a few conversions.<\/p>\n<p>But we don\u2019t want to make A FEW sales \u2013 we want to make A LOT of sales.<\/p>\n<p>So, before you reveal your price, you\u2019re going to add a whole lot more value to your offer. In the next article in this series, we\u2019ll introduce the Bonus Stack.<\/p>\n<p>All of Genesis Digital\u2019s launches, including <a href=\"https:\/\/www.webinarjam.com\/?utm_source=genndi&amp;utm_medium=blog&amp;utm_term=vslgenesis&amp;utm_content=pp21-23&amp;utm_campaign=wj\">WebinarJam<\/a> and <a href=\"https:\/\/www.everwebinar.com\/main\/?utm_source=genndi&amp;utm_medium=blog&amp;utm_term=vslgenesis&amp;utm_content=pp19-20&amp;utm_campaign=ew\">EverWebinar<\/a>, have followed this VSL outline. One of our favorites is the Bonus Stack! Stay Tuned&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is an expansion of an earlier article \u2013 if you haven\u2019t already I encourage you to read the original post first. Rock Solid Scripts that Sizzle If you want to read the entire Video Sales Letter article series from the beginning, start here\u2026 The First Five Steps to Creating Sleek Video Sales Letters &nbsp; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3384,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[123,14],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Your Product Worth? &mdash; Genndi<\/title>\n<meta name=\"description\" content=\"How to ask your audience for the sale at the exact right moment in your video sales letter in a way that proves it\u2019s not only worth the price you\u2019re asking, but is actually worth a much larger price point while provided unheard of value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.genesisdigital.co\/blog\/learn\/marketing\/video-marketing\/what-is-your-product-worth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Your Product Worth? 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