…And Your Income Can Be Seriously Impacted
So, there’s been a big PLR (Private Label Rights) sale, or some new, quality, and exciting White Label Rights (WL) comes onto the market.
And everyone who uses these products is into buying and getting their squeeze and sales pages online as fast as possible.
I know ‘He who hesitates is lost’ and ‘Time waits for no man’ and all that stuff.
You should stop right now, and take counsel, because, if you just proceed, you’re hurting your business…
So, what’s the reason for such concern?
I thought PLR and WL were quick and easy ways to earn a dollar or two.
But you’d be wrong, because,
If you continue down that path, you can only ever… Compete on price.
I’m sure you’ve seen it yourself – a new WL release is promoted on Warrior+ with a suggested resell price just under $100.
Now, this is most likely to be a recommended price, not one that is enforced by the license terms.
Essentially resellers are free to charge what they feel like. And, ultimately, that’s not a good thing.
Seller number one lists it for, say, $97. Enough to make a tidy profit.
Within days you’ll undoubtedly see other sellers at $97.
But then the cut-price merchants enter the market at $77, then $37 then $27 and before you know it, it’s available at $17!!
Now it’s undervalued and no one is making real money from the product.
Except, of course, smart marketers.
Why? Well, smart marketers never compete on price.
Heard about ‘a race to the bottom’ ? Well, that’s absolutely true here.
Compete on price, and that’s the only direction you can go.
Because, the ONLY position that matters, is the bottom or lowest price.
Being the SECOND lowest, or priced somewhere in the middle, is a really useless position to be in.
Nearly every buyer (that’s all of them 😊) price check online.
No one is going to buy, at your ‘inflated price,’ when they see lower prices.
There’s ZERO point in being ‘almost the lowest price.’
Your profit margins will be severely hit because, as already noted, only ONE marketer can achieve the bottom position and ….
They’ll only be there until someone else comes along to underprice them…. which always happens ☹
Avoid The Bottom Feeders
Lowest price buyers in any business are referred to as bottom feeders. This isn’t a derogatory term; it just means that they buy solely on price.
But it does mean there’s no loyalty to you, the seller – because, if they can buy your product elsewhere for a lower price, they’re gone.
Any fleeting advantage you may gain, having the lowest price, will rapidly vanish as other sellers vie to undercut your current price,
Oddly enough, the majority of WL and PLR resellers normally don’t even bother to try for that transitory lowest priced seller spot.
And trying would definitely make some sense.
Because they might, at least, make some profit before they’re undercut by the next seller in line on the way to the bottom.
BUT NO – a majority of resellers position their product ‘somewhere in the middle’ simply because that, somehow, makes them feel comfortable.
There’s ZERO strategic advantage being in the middle.
So, is there an answer?
Well, the first thing I’d suggest is….
Totally remove yourself from the pricing battle, ignore market prices and…
PRICE your product at a PREMIUM.
Do this by rewriting and / or rebranding the PLR and WL to make it unique. Then price it accordingly.
Uniquely rebranding PLR and WL is fundamental to using it effectively.
…then, if you have the courage, add YOURSELF to the equation (perhaps as a coach or mentor) and move your prices up as high as you dare.
If people buy at $27 raise the price to $47
If people buy at $97 raise the price to $147.
If they buy at $147 raise the price to $197.
Then, if they stop buying, revert to the highest price BEFORE the one where they stopped buying.
Don’t Dismiss This Point
Now, I’m sure a lot of you have immediately dismissed this with the thought that it just won’t work for my customers.
For whatever reason, you believe, you have to price ‘within the bounds of what the industry considers normal.’
That’s just not true.
You don’t have to take any other marketer’s prices into consideration when you price your own products and services.
Rather, only consider your own business and the value you provide. Then, set your price based on that.
Add value and increase the price.
This is actually a difficult thing to do in your own business – and when you first try it can be quite terrifying.
But you’ll make a better income 😊
Separate yourself from the mob.
Talk again soon
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