Are you ready for a headspace talk with Eileen Wilder that could totally change your business?!
Yea, I thought so…
Let me ask you this: do you get scared by the thought of raising your prices while all your competitors seem to be in a race to the bottom on price? If you remember from episode 11, you’ll know that I’m against getting in this race, and instead, you should be trying to create the “concert experience” for your clients.
But there’s more to raising your prices than understanding the tactical side of it. A lot of it has to do with what’s going on inside your head.
That’s why I brought on Eileen Wilder. She sells high-ticket products all day, every day. And I’m not talking about a $100 product or even a $1,000 product. I’m talking $20,000 – $30,000 products.
This is a conversation that I wish I could have heard earlier in my business journey and I know you’re going to get a ton of value from it.
Eileen Wilder’s Start In The Online Business World
Like me, and maybe you, Eileen Wilder didn’t always have it figured out when it comes to online business. To use her words, “I was trying to figure out how to sell online products, and I was broke as a joke”. While she was neck-deep trying to figure it out, her husband was even Uber driving to help support them.
Fast forward just 3 years later and Eileen is talking about 6-figure months and even a 6-figure day! And according to her, it all started happening when she got into the right frame of mind, kicked the overwhelm to the curb, and started focusing on premium products.
For Eileen, someone used to living on a pastor’s salary, the shift to selling premium products that brought in life-changing money was a wild ride. I can certainly relate to this. When I was bringing home a teacher’s salary, it was hard to imagine that it was even possible to make a full year’s salary in a month, week, or even a day.
Finding The Belief Within Yourself
Before getting into her high-ticket products, Eileen Wilder was actually selling a $27 course. It wasn’t until her coach challenged her to charge more that she started going down the path of learning how to sell and how to charge more for products.
That coach got her to think about something that has also been so impactful for me. It’s the approach that increasing your prices is one of the best ways to serve your customers better. Now, I know this might sound a little backward to you. Eileen said she felt the same way and was scratching her head about this concept because it felt like something she was doing something to them. But then her coach dropped this bombshell on her: “People who pay, pay attention.” This statement really helped her get over the mental roadblocks that came with charging her client more.
The people who were buying her $27 product were hardly getting any results. When she repackaged that same product and started charging a lot more for it, then people started taking it much more seriously, and the results followed.
Think about how this might apply to your physical products. If you are selling a $10 pair of earrings, then the customer might get them in the mail and toss them in a drawer and wait for a time to wear them. But if they paid a premium for the earrings, they are going to be excited about getting them in the mail and scramble for the first opportunity to wear them and show them off.
Eileen Wilder On How To Charge More
Who would actually pay that much?! If you are thinking about raising your price tag from $20 to, let’s say, $100, that might be the first thing that goes through your mind. Eileen Wilder shared that there are tons of people out there who pay for premium. They want the best of the best whenever they purchase. In fact, she said most people get a rush from buying expensive things. These people aren’t just walking into the BMW dealership and buying an expensive car. These same habits carry across all of their buying behaviors. These same people are shopping on Amazon, Etsy, and in your Shopify stores. Believing they are out there is the first step.
The next step is to increase the value you’re offering. You have to separate your product from the rest so that it can’t even be compared. You know this is what I call my “concert experience”. Eileen says this could be something extra you include in an ebook, free training on something related to the product, or anything that will have the buyer thinking “I need this”.
“There is an ocean of money being transacted every day. Why don’t you just jump into it?” – Eileen Wilder
The last step to charging more is overcoming imposter syndrome. Eileen says that there are people out there who need you. They need your products. You are the one that can solve their problems. Stepping up, having a voice, and giving the people an opportunity to buy a premium product is your duty, and you need to own that responsibility and know that you are good enough to do it and they will be better off for it.
Eileen Wilder Shares The Secret You Might Be Missing
“The name has to be super sexy.” That’s what Eileen Wilder says is missing when a lot of entrepreneurs try to charge more for their products. They try to bundle things together to create a higher perceived value as we talked about above, but they don’t make it an attractive offer. That bonus product, download, or extra you are adding on needs to make people want to buy your product just to get that thing.
So your obvious next question is “How do I name my product so that people want to buy it?” Eileen teaches that if you want to name your product well, you should include the result your client or customer wants in the name. This is exactly what I did with the $0-100k System – even though I didn’t realize that’s what I was doing. Guess I got lucky on that one. The result that someone wants needs to be clear in the title of the product. This applies if you are selling a physical product, digital product, or anything in-between.
We didn’t stop here you guys. We went deep into a lot more in this interview, including how to get someone who has never heard of you to buy your premium products, how you can use your organic Facebook posts to easily sell your products, how to use a “janky” video to get more people begging to buy what you have to offer.
Be sure to click that play button above to learn more about how you can start charging more for your products with this great episode featuring Eileen Wilder!
xo
AJP
May your arrows fly straight and your aim be true.
