How I Turned a $9 Product Into $1M In Digital Product Sales: Part 3

Welcome to the Digital Empires podcast. I'm Shutei Pankhi, a digital product entrepreneur and content creator. I went from being a hobby blogger to building a seven-figure business in just four years using the power of digital products and content marketing and I'm here to help you do the same. So let's get started. Welcome in part one of the series I walked you through what a micro offer is and in part two we spoke all about what are the key requisites for a good offer and now in part three I'm going to be walking you through how to build your funnel so that you can actually make more money than just what you charge on the front end for your micro offer. Now moving back to what we discussed this is all about how we can take in low ticket offers and turn them into million dollar offers. Now one of the ways to do it is to obviously sell something at scale but that isn't the only thing that we need to keep in mind here. We also need to understand something called building a sales funnel which essentially takes your customers from step one to step four or step five. Now when we talk about the micro offer which is your under fifty dollar offer that is going to be the front end or let's say the first sales page that your audience is going to land upon. That offer can be anywhere between let's say five dollars all the way to fifty dollars depending on what it is that you are selling and the key here in order to actually sell worth more than just what you're charging on the front is to add things like order bumps and upsells to your process. Now I'll walk you through step by step what that looks like just to give you specific examples of how to do the same. Now what exactly are order bumps and upsells and downsells and all of these things that I'm talking about. So I'm going to break down each of these for you based on how I would construct a sales page for a low ticket digital product. So let's assume that we are selling a twenty seven dollar ebook which is going to be our micro offer and that is the first thing that our audience has access to the first sales page that they land on. Now you might have noticed a lot of times when you are checking out on let's say Amazon or you are checking out on any other online store sometimes they give you an option to add an extra you know offer which is going to be just when you're clicking you know on pay or buy your complete order. Now this can look like express shipping if you're ordering from you know an e-commerce store this can look like an additional product such as you know maybe a lens solution if you're ordering contact lenses just to add a little bit of a bump to your order and this is why this is known as an order bump and order bump is simply a small additional product that is complementary to the main product that you're buying. The main product here is an e-book so maybe a complementary product could be a mini template or something that helps us understand the e-book even further right. Now order bumps can range in different prices and they can be anywhere depending on what the original offer costs but usually speaking they cost a little bit less than the original offer. So if you're charging you know twenty seven dollars for your main micro offer you're probably going to charge less than twenty dollars for your order bump. In my experience about 50 to 70 percent of the overall cost of you know your micro offer is generally a good sweet spot to land and in terms of conversion you also want the majority of people to take this offer because this increases your average order of value so now instead of just having someone you know buy for twenty seven dollars let's say you added an order bump which was for ten dollars and now they have bought something for thirty seven dollars. Now obviously not everyone is going to buy this probably less than fifty percent of your audience is going to buy this order bump but a good you know number to actually go for is about at least a thirty percent conversion rate for your order bump right. So this is going to help you make at least a little bit extra on you know thirty percent of your customers who are going to opt for this extra ten or fifteen dollars of your order bump. Now once you have the main page figured out you have your micro offer and you have you know your order bump ready what comes next. The next thing that we have is going to be something known as an upsell. Now the simplest way for me to explain to you what an upsell is when you go to a place like McDonald's and you say hey I want a Mexican burger they also tell you hey do you want to like upgrade your offer to have a fries and a coke and that's going to be at a special price of I don't know twelve ninety nine or whatever. That process is called an upsell and one of the ways in which McDonald's makes a lot of money is through upsells and that is true in the field of digital e-commerce as well. In our case specifically here we want to look for a complimentary product that also serves as a next step in your funnel. So once the person has you know senior main page they have bought your e-book and they have bought your order bump or at least they have seen what you have to offer the next step is to upsell them to one two three complimentary offers. Now again how many offers you want to add as upsells first of all depends on how many digital products you have created that are going to add value to this person's journey and secondly it also depends on what you personally feel comfortable with. Now a lot of people don't feel comfortable doing a lot of upsells because they find it tacky or annoying or whatever so you also have to keep in mind what you feel you know in good energetic alignment with and what you're okay to add as an upsell or the number that seems best to you. So in this case we talked about an e-book which was $27 and we mentioned you know a mini template offer which was let's say the order bump. Now when we talk about an upsell maybe one upsell for this could be a workbook. So let's say your e-book is all about you know building your business and setting up your let's say coffee shop and your workbook is all about the action steps the checklist and the step-by-step points that people need to keep in mind in order to make sure they make the most value out of the e-book. Now when creating upsells you also want to make sure that people don't feel like horrible about buying the first product because it shouldn't be like the first product isn't complete without the others. The others should clearly be a complimentary additional product that you offer so that whoever finds it necessary and whoever wants to use it can use it but keep in mind these are optional offers. Someone might just buy your e-book and then bounce from that page and not even go to the next page right. So you want to keep in mind that you are creating upsells that actually add value to the existing product without taking away value from the main offer. So in this case a one upsell could be a workbook another upsell could be a video workshop. So let's say you also have a workshop about how to do accounting for your own small business and that is going to be then a great complimentary offer for your main product which was the e-book and so on and so forth. So depending on how many offers you have in your product suite and how many you can find as complimentary options you can create anywhere between one to three up to even five upsells. This is really going to depend on your software and what you have chosen to you know set up these funnels with. I use a platform called ThriveCard which is excellent for creating funnels and there are also other platforms like this called SamCard and a system.io and really lots of different options where you can build this as well. As to my knowledge also platforms like Stan etc can do these funnels but in my experience I don't find them to be the highest converting so I would not use a platform like Stan if I wanted to build a more complicated you know auto funnel. Now the third thing to keep in mind besides the auto bump and the upsell is a downsell. Now what is a downsell? So let's say that someone you know went to McDonald's and they wanted the burger and they wanted the fries but they didn't really want the coke. So you told them hey I also have a special offer for you where you can just get the burger and the fries and you know this is going to be the price. So in that case that's going to be a downsell which means you didn't take the original bigger offer that was given to you as a complimentary offer but you took something a little bit like downsize version of it. Now in this case for example a downsell could be instead of the video workshop that you offered which was upsell number two you could also offer an audio version of this for a lesser price. So that could be the downsell for anyone who did not choose the video workshop. Now again this is a little bit more advanced and not everyone can probably you know come up with that many product ideas in just one goal but I wanted to give you all the options in order for you to really fully work out of funnel and develop what is the best flow and structure for your product. Now keep in mind a downsell doesn't have to be very complicated it doesn't even have to be a new product it can even be a mini version of the main upsell that you have. So if your upsell was a workbook of 100 pages and someone didn't take that you could offer them a downsell of a workbook of let's say 20 pages for a lower price right. So in that case that would also be a downsell. Another thing to keep in mind is that a downsell doesn't necessarily have to be on the checkout page or when a person is in the process of buying something it can also be when they join your email list. So somebody who is already bought from you and has bought your e-book you could you know welcome them within welcome series and then after that you could offer them a downsell if you can filter out who bought no didn't buy that already which again more software's like can work it should be able to do. But even if you don't want to do that with email you can absolutely do this through you know building a funnel which is directly on your software tool. Now my recommendation would be to go with either thrift cart or sam cart as those are the best industry leading software's for doing this but obviously you can also tweak and test with whatever software it is that you're using and try to create a funnel which is similar. So just to recap we have a main offer which is under 50 dollars we have an order bump which is at the price of slightly lower than you know the main offer we have one to three upsells which can be anywhere from the price of the main offer all the way to a little bit more. So two or three times the price is also okay to charge but obviously if you're selling a $27 product if you add an upsell for $3,000 the chances of someone taking that are probably very, very low. So I would look at, you know, a range of two to three X, the amount of the main offer in order to have a high conversion rate on your upsells. But of course, this again depends on what it is that you have to sell in the first place, and what are the complimentary products that you can actually provide to add more value. The reason why building a micro-offer funnel is so, so powerful is because first of all, it allows you to capture all the people who could not buy from you because you were selling something for $300, $500, $1000. Now you can sell something for $27, $37, $47, and get all these low ticket buyers into your ecosystem, give them a little bit of a sample of what your products and services are all about, and then move them to your, you know, higher scale of offers or higher product suite of offers. Another reason why I love building funnels, which are more in-depth, are complimentary to what someone has purchased from you is because you also get to increase the average order value. So instead of selling something for just $27, now you end up selling something for $40 or even $50, which again, per person adds to more and more profit for you. Another thing to keep in mind here is that when we are looking to sell low ticket offers, the aim is not just to make money, but it is also to attract a higher quality lead. So instead of just signing up freebies for having checklists or whatever, which is free and attracting a lot of freebie seekers into your world, maybe you want to attract a higher quality lead who is actually expressed an interest in buying from you. And in my experience, these leads tend to convert and stain your ecosystem for a lot longer and are a lot more reliable than people who are just looking for free advice. Because free advice can only take you so far to a certain point. At some point, you have to show that you have skin in the game. And what better way to have people who have skin in the game than people who have already paid you a certain amount to be in your ecosystem and to learn from you. So this is why I feel building a microoffer funnel is so so powerful. And this is also the way that I made my first million. And we're on track this year to cross $2 million in revenue using multiple micro funnels. And this is something that you can replicate and scale over and over again in different niches in different industries. You don't even have to restrict yourself to marketing or finance or wealth creation or whatever. I've seen people use these types of funnels in niches as crazy as children's books or niches which are all about parenting or niches about eating well. Really, the sky is the limit when it comes to the digital products that you can sell because here you are creating an ecosystem of offers which add value to your customer while also creating profit in your business. So I hope that this series was useful for you and make sure to like and share the podcast if this is something that you found useful. Thank you for listening and I'll see you in the next one. Thank you so much for tuning in today. If you enjoyed today's episode make sure to give us a follow and if you would like to learn more about how I'm building a profitable digital product business, I have a 100% free training that you can get started with. It's just 25 minutes off the step by step roadmap of how I went from zero to over a million dollars with digital products. If you want to check that out, the link is going to be in the description box or in the show notes. Thank you so much once again and I'll see you in the next one.