Have you heard of the term value ladder? This is a concept that can help you develop an online business. It is an easy-to-understand concept that can help you develop your own online business. Here is a quick definition and some information about how it can help you.
What is a Value Ladder?
A value ladder is a simple method for understanding how to make your product or service more valuable for your customer.
It can help you understand the customer’s perspective and break down the steps to take in order to persuade them.
A value ladder is a marketing strategy that typically involves different levels of pricing, quality of products or services, and the number of benefits associated with higher-priced versions.
It is a great way to create a sales funnel that enables you to capture the contact details of your leads without necessarily asking for them.
It can also serve as a way for analyzing customer needs and taking an encompassing view of what they are buying in order to establish benefits that are most important to them. After all, customers don’t care about features; they care about their problems being solved.
It is possible to build a Value Ladder for your online business by following these steps:
1- Create a visual representation of the ladder in Excel or Google Sheets
2- Make sure that you have all your top 3–5 products listed from most expensive to cheapest
3- List down the features and benefits that each product offers
4- Prioritize offerings from left to right (from least profitable to most profitable)
5- Decide on a pricing strategy for each product and write it next to its listing.
Want to learn some examples and strategies on how you can Value Ladder Concept in your online business?
Check out this video: