Ten Strategies for Selling at higher prices without losing Customers

As long as you approach it in the correct manner.

Here are ten ways to offering higher-end products while making your customers satisfied all at once.

1. Target consumers who have more than

There are a variety of methods to achieve this and we can't touch on all of them here. The idea is that those with more money, are more likely to spend. If you offer higher priced products which appeal to those who have more money to spend, they'll be more likely to purchase the items.

In the next step, you must present the product or service so people who have more money to spend will be able to see it as something appropriate for those with more disposable income. You can do this for almost any item.

It begins with the product name. Your product needs a name that makes it seem different, special, unique that is designed with a certain purpose, rare -- You must provide it with some kind of quality which is superior to the other choices, and therefore worth paying extra for. This is a reference to the following method.

2. Refuse to cheapen your product

Low-priced products typically only offer one reason to buy they offer -- "save money." It's that simple. If you sell your product at a premium price, you're declaring that your products are better in some manner.

It could be the top brand, the longer-lasting brand with the best taste, the all-natural brand, the hard-to-get brand and the one that is healthierI'm sure you've got the concept.

It's important to remember that you have to develop your USP that is a unique selling concept that communicates the importance of the product you're offering which differentiates your item from the cheap ones. When you are successful, buyers will spend more money for your product.

Also, school supplies.

Southern Living featured attractive and fun school supplies including gold-plated scissors tape, pencil pouches, and so much more in a recent article. The items are all much more expensive than the bare bones stuff that you find at office supply stores. The visual impact is immediate. Students would want these because they're interesting, unique, and get attention.

These aren't school supplies, folks. If they're capable of it, so can you.

3. Sell the problem, not the solution

According to the old saying, you don't buy the drill, you buy the hole.

If you can connect with your customers at an emotional level, cost will no longer be a major factor in their decision to purchase. If you can do this effectively, you are able to sell for higher rates, specifically for products and services.

4. Bundle the items

Imagine purchasing a beer making kit, piece by piece. There's quite a bit of equipment involved here. A store could sell each piece on its own.

But the same store could provide a package that includes all the basic equipment as well as a few additional items like starter kits with different flavors, a book filled with instructions on how to brew, as well as other items of a special nature.

Which one is better that bundle, or buying it all separately?

The bundle offers ease of use. Customers don't need to search for all of these items. They may not have ever thought to look at the books. See -- the bundle gives you value the book and, therefore, justify an increase in price.

Bundles of products, when executed properly, aren't comparable with other products and can't be price shopped. The bundle is bought as-is, because the bundle itself offers a distinct advantage.

5. Make use of bonuses and free presents

It's impossible to understate the extent to which this tactic can perform. When you have a great free gift or bonus item, that alone can make the other item. In some cases, when you offer something as an entry-free ticket to the contest of your choice or contest, you may not sell anything at all, but people still respond to it.

Imagine a company selling hats featuring the teams of a sports team. It could launch a promotion whereby anyone who buys over $100 into a drawing with two tickets for an event. Chances to win free tickets could entice many customers to buy that $100.

You can also offer free bonuses which are actually a product that works equally well. Get creative. A bonus is sort of like turning a product into a bundle without increasing the cost.

6. Create a targeted audience

A long-lasting, efficient approach to accomplish this is to use lead generation to draw in new customers by offering free or low-priced offers. After you've gotten the information of their contacts and made a good first impression, you build the relationship by continually giving them useful info. Not all of it is marketing something.

Your solutions are solving issues. As a result, you're building trust, creating credibility and positioning yourself as an authority.

If you can do it well then you're not selling to the general public, but you're selling to your audience. And they'll pay you higher because they recognize, like, and trust them.

Retail and product-focused eCommerce companies can be able to do this. The main reason is in how you name your items. Your name is a call to action for your people who will be using it.

Imagine that a dog owner is looking for food for their dog, with their dog weighing 90 pounds. That's quite a large dog. Of course, in the store for pet food, there's a myriad of options for pet food. But if that dog owner is looking at a food item that is specifically presented as pet food to big canines then what is the first thing they are likely to choose?

They're more likely to buy that brand -- even if it costs more. Why? Because it's selling specifically to the people who are in their target market. It's calling out its audience. The dog food company doesn't focus on the owners of little dogs who won't buy it. It's selling at a higher priced price and is only available for big dog owners.

Exclusivity sells.

7. Make your book

It's not just any book. Create a book that can instantly connect with your intended readers. It conveys credibility and experience more than any other. It's the closest thing to be interviewed on television as a guest on a podcast or in an influential publication.

This method is particularly effective for service-based businesses, but the same approach is applicable in product-based companies, too.

If you're looking to revamp your kitchen. You browse through one of those websites that all the experts in home and handyman work sell their services. Seven kitchen remodelers are found in just a few minutes. All of them seem fantastic. They all sound experienced and knowledgeable. All have excellent reviews. They're all willing to come out and give you"free consultation and estimate. "free consultation and estimate."

Great...how in the world are you supposed to make a choice? There's no difference!

Then you realize that one of them is a book called "Nine nightmares of kitchen remodeling along with How to Avoid Them," and she is willing to give it to you for free in her estimation and consultation.

Instantly, she seems like more of an expert than the others. Her book is what sets her apart. There will be more bids and higher sales, and offer a better price that the rest.

What the person is selling is more important than the product they're selling. books are all about the "who.'

Any business -- that's right, EVERY businessis able to create a book which will be appealing to its clients.

8. Make the option of

A research study was carried out that saw customers offered regular beers for $1.80 as well as premium beers at $2.50.

80% of the people opt for premium. It's a sign of the advice earlier about refusing to compromise in price since the majority of customers want more expensive, more premium products, and they will spend more money for them.

But here's where it got interesting:

Then, they introduced an alternative that was less expensive, $1.60 alternative. There was not a single person who the study chose that option and most of them went for the $1.80 option. So they lost money in comparison to offering just two choices.

After that, they tested another option -- dumping the cheap one and adding the $3.40 alternative. 10% chose that alternative, while 85% went with the $2.50 alternative.

The point is, with three options, the majority of consumers will opt for the option that is priced in the middle. This means that offering more expensive alternatives can generate more revenue.

There's a famous story about a hamburger shop that wanted to sell more double burgers due to their higher profitability over single hamburgers. How do you do it? Offer a triple burger.

9. Make use of upsells in a smart way

Upsells are sort of like free bonuses, except this time the buyer is adding more to their cart more than they initially planned.

To make this effective, the additional items have to seem like an obvious selection. That means, they shouldn't be more expensive.

The purpose of upselling is to improve the average value of your order (AOV). You sell the phone, after which you sell the case. Then, you sell two cases, so that you have options and backups. The glasses are sold. After that, you sell the cleaner.

It is also possible to upsell the exact product but larger quantities. As an example, let's say that a client purchases one item at a price of $59. At checkout, you can provide them with the option to buy another one for only $49 or 39 dollars. This is a bargain on a second one. For the customers who take the deal on a one-time basis, you've just nearly doubled the size of your order.

10. End your prices with the  9

Is this silly? Research backs this up. This study carried out a number of tests. One observed that women's clothes priced at $39 outsold the same merchandise even though it was priced at $35. The prices ending with a '9 oversold lower priced items by 24%, in an average.

Surprising, right?

The test was conducted for a product that said, "Was $60, now only $45." Another consumer were able to see the same message, but for only $49, instead of $45.

A lot of people reacted to the sale price ending with the price of $49. Shocking stuff, but hey this is the science of it all. People are funny. Max your prices out by putting them into '9's.

Bonus strategy to increase prices

To keep with the theme, here's a bonus strategy!

BNPL as well as other payment plan varieties allow the seller to offer more rates than you normally would and also in a manner that is pleasing to your clients.

Okay, so get on the market, boost the price a little then start selling.