All music businesses have a goal of profit expansion in mind. After all, what can more profits mean for you? It’s more than just a checkmark by a business goal or a number in a bank account. More profits mean more financial freedom, which then means more life freedom. What would you do with less financial worry and more financial freedom? Would you play your instrument more? Would you spend time with your family? Would you perform without feeling a knot of obligation?
So bringing in more profit means bringing in a higher quality of life. But oftentimes musicians who are business owners can feel stuck. Traditional thinking says that in order to increase your profit you need to increase your amount of sales, meaning sell more quantities of a product or service. But that path may not be sustainable or even physically possible at a certain point and, after all, the goal of increased profit is to give you back your free time, not eat into it.
The best way to reach your financial goals is to increase the money you take in while simultaneously either decreasing or making no additions to your workload. And how do you do that? Through high-end offers. Attracting not more clients but high-end or high-ticket business can be the secret to pumping up your profits without increasing your own workload.
What Makes Something High-End?
A high-end offer is also known as a high-ticket offer, meaning that you price your services in a way that’s based off of the quality and value provided, not just the time spent providing it. So rather than making your money by providing a large amount of hours of work at a lower rate, you base the pricing off of the quality of your work. That means less hours spent working to achieve the same or higher price. You base the pricing off of your inherent value, not a quantity of time, so that you are no longer selling your time, you are selling your result. And you’re getting an inherent result, too – more freedom for yourself and your passions.
That being said, the pricing for a high-end offering typically starts at $1000 and above. Anything under $1000 is usually viewed as a low-end offer: a budget or “affordable” option. Low-end offers are usually something a person can click-and-buy right on your webpage, as compared to high-end offerings which are usually customized and include the need for screening and pre-sales calls.
Big Ticket Misconceptions
A common misconception is that high-end offers are much harder to sell than low-end offers. That’s simply not true. All sales can be influenced and it mostly depends on our ability to activate our networks and to really understand our ideal clients and communicate to them the value of the offer.
You also don’t need to stress over volume. With low-end offers, you have to sell a whole lot to meet a goal but with high-end offers, you only have to close a few sales. You’re selling people on the value and the overall end result, so on sales calls and in marketing material, don’t stress too much about the details of the service being spelled out and hours accounted for. Remember, people aren’t buying your time here, they’re buying the end result. They aren’t buying a list of facts, they’re buying a story. Music is your emotional motivator so let it be your emotional connection, too, in securing bigger ticket sales.
Why You Should Incorporate Tiered Offerings
While the priority is always going to be higher ticket offers, so you can sell less and make more, these high-end options are also useful for repurposing into lower-tier packages. For every high-ticket activation, you can sell a modified, less intensive option of the same offering down the road at a lower ticket price and capitalize on the same content twice.
With that in mind, you can bring in more money while putting in the same number of hours on the grind as you are now – maybe even less! This lets you not only feed your bank account but also feed your artistic soul. With fewer hours spent toiling away and with more financial security in mind, you can be free to live a life that fulfills you creatively. After all, you built this business out of your love for music – don’t overwork yourself so that it keeps music away from you.
Let’s get your music business energy focused on what makes you the most money. Reach out and book a free strategy call with me and we’ll craft high-end offerings around your skills while strategizing how best to market them. Call me today to explore your own high-ticket options and set you on a path for quality of sales over quantity, securing a quality of life instead of a life of endless labor.