Legos have become very popular toys, but this did not happen overnight. The Lego Group was founded in 1932. However, Lego Sets weren’t as famous as they are now. In fact, Lego nearly went bankrupt in 2003.
Now, Lego is thriving. One of the reasons Lego is thriving today is because of its variety of prices. You can get a Lego for as little as $5 and as much as $500. There are shipping fees, promotional fees, and everything else, but overall, Lego makes a profit.
So how does this apply to your business? It’s not like we own the entire Lego company. However, you can create many products with a variety of prices. Dip as low as $3 and as high as $1,000. Chances are that most of your clients will buy your $3 products before they buy your $1,000 products.
You can charge prices between $3 and $1,000 for different products. You can charge $25 for one product, $50 for another product, and $200 for the other product. Give your clients a lot of options, and make sure your price ends in a 7. Instead of charging $5 or $4.99, you should charge $4.97. Ending the price in a 7 leads to the most sales although no one knows why.
The more options you give your clients, the better. Put the spotlight on your three best products that range in price such as the $3 book, the $47 CD, and the $997 membership site.