Planning an MP3/CD Audio Product Line
Many hypnotherapists consider sales of pre-recorded audio sessions as one of their most valuable income streams. Some sell them to clients, some sell them at workshops and conferences, and some sell them on the Internet. Some sell them in all those places. Some professionals make more money selling MP3's and CD's than they make in office visits.
An audio product line can certainly add a nice stream of additional income while boosting your fame and visibility. Audio products can also serve numerous business benefits, such as demos and "try it now" experiences on your web site, incentives and give-aways for marketing, contests and registrations, and perhaps most importantly as a way for potential clients to get to know you and your style before they book a session with you.
One question to consider is how to design a line of audio products that will best serve all of these purposes. There are a number of perspectives to consider that might make it easier to design your line of audio products.
First to consider is affordability and perceived value. With the plethora of free or 99-cent smartphone apps making their way into people's daily life, we are in a fluid pricing-and-perception environment. Pricing your product too low will cause many to think that it must not be worth much (the exception might be the smartphone apps). Pricing it too high will have potential buyers passing on the purchase because they feel that they can't afford it right now.
The solution is to have three price-points for your product. The first tier are low-priced for entry-level, common give-aways and free bonuses, and budget-conscious or low-risk purchasers. The second tier is medium priced, worthwhile and full-featured, and should be at your comfortable "standard" price level. Your third-tier are the top-end, bundled or value-added products that have supplements, multi-sessions, personalization, or some other high-value characteristic.
The right price range for each tier is going to depend on your business, your products, and your sales strategies. Here is an example of what a triple-tier product line might look like:
Concept Example: 3-Tier Product Pricing
Tier
Price Range
Notes
1
$3-$7
Entry-level, basic, short, simple. Great for impulse purchasing, promotional and cross-promotional uses, bonuses, subscriber rewards; easy entry for potential clients.
2
$15-$25
Full-length, high-quality sessions with a focus. Standard product line. Great for Internet sales, referral and commissions programs, client materials, and premium bonuses.
3
$40-$100+
Multiple-session packages, programs with books and other materials, customized sessions, or programs with follow-up services. Great for Internet sales, conferences, and workshops sales.
Of course, a single topic or specialty can span all three tiers. You can have a simple "Better Sleep" mini-induction in tier 1, your standard full-length induction with sleep tips in tier 2, and your full sleep-for-health program with tracking booklet, sleep research PDFs, custom program design worksheet, introduction lecture and multiple hypnosis sessions in tier 3, for example.
You should certainly be offering some kind of MP3 or CD in your specialty, even if it is just a podcast-style interview, presentation, or Q&A on the topic.
Take advantage of those moments of inspiration to list all the possible MP3 sessions and packages you could create and offer to clients and customers. Let that be your first step in creating a product line that will bring you and your business many advantages in addition to establishing an additional income stream.
There are more aspects and perspectives to think about when developing your product line, and those will be future blog topics. Be sure to come back and check them out!