Want a quick, simple way to create more information product and program sales? Offer payment options.
Payment options will often give a "maybe" client just the incentive they need to say "yes" to purchase your product. Perhaps because the idea of making installment payments feels more palatable than paying all at once.
When I started offering payment options online (in addition to a "pay all at once" option,) I saw my success coaching sales go up. Further proof that this strategy works is that approximately 45% of my clients choose to make payments. Those are sales I may not have made if I didn't offer this option.
Now, before you protest, saying, "But Kendall, what if they don't make all their payments?" let me share with you six keys to make this success coaching strategy simple and exciting to implement, and how to avoid online pitfalls.
Internet Marketing Tip #1: Make sure the initial payment covers your production costs.
For example, let's say you have an information product that costs you $30.00 to print and ship and you sell your product for $97.00. The initial payment could be $37.00, followed up with three or four additional monthly installments.
Internet Marketing Tip #2: Charge a little more to cover your administrative costs.
Taking payments does add a little in administrative costs. (Most of these costs are incurred in handling problems with credit cards bouncing, etc). People understand and accept that if they are choosing to make payments they will pay a bit of a premium for the privilege.
How much more you add is up to you. I typically add just a few dollars more for an information product that costs under $500.00, and add up to $2,000.00 over the course of a year for my higher-priced Platinum style year-long program.
Internet Marketing Tip #3: Let the payments "drip" for 3-8 months.
It may seem silly to offer a five or seven payment option for a $197.00 product but believe me, when you see how many more sales you're making, and the cash flow that keeps steadily dripping in each month, you'll be glad you made it part of your marketing plan!
Internet Marketing Tip #4: Offer more than one installment option.
I commonly offer three options—full pay, 5-pay and 7-pay for example—for an information product. For my Platinum Inner Circle program I offer a full pay, quarterly-pay and monthly-pay. Members save the most if they choose the full pay option but still save some if they choose the quarterly option.
Internet Marketing Tip #5: Don't sweat the few "dead beats" you may encounter
True, some people will skip out on their payments, but these are few and far between, and are MORE than made up for by the extra sales you'll make by offering payments as part of your marketing plan.
Internet Marketing Tip #6: Make sure you have an automated system in place to process the recurring charge automatically for you.
I use kendallcart.com for setting up the recurring payment. It allows you to charge one amount for the initial purchase, then either the same or a different amount (your choice) for the ongoing installments. This system automatically handles each charge so unless there is a problem, it's totally "hands free."
I now include payment options for everything I offer, even for my mid-level and high-end coaching programs. I'm happy that I'm able to make my information products and programs easy to fit into just about anyone's budget and I love the monthly flow of payments that streams in.
My success coaching request for you is to choose one of your products or programs and implement this business building strategy into your marketing plan now. Once you see how it creates a win-win for everyone, you'll wonder why you didn't sooner!
