Sell High-Ticket Items When You're a Startup

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It takes much inertia to push a customer to use another product, says Harvard's Amar Bhide. When you're small, and cash-strapped, you can't compete against million-dollar marketing campaigns. What if you're selling $5 items, and you figure your target sales goal is $250,000 for the first year? You'd have to make 50,000 customers switch their minds. Usually, that's an impossible task. Says Bhide, if you're a startup, and low on marketing cash, it's much wiser and more efficient to focus on higher-priced items. The less number of minds you have to change, the better your chances are at succeeding in your startup business. Says Professor Bhide, "Successful entrepreneurs often pick high-ticket products and services where their personal passion, salesmanship, and willingness to go the extra mile can substitute for a big marketing budget."

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Posted on April 19

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