How are you convinced to buy a high-priced item? When thinking of ways to sell a high-ticket item, consider your own experiences as a customer. When and how are you convinced to buy an expensive item? It is easy to decide to pick up a $10 shirt, but what if you want a $700 handbag? What pushes you to purchase that handbag finally? No one likes to pay more if they can get it for less. However, there are certain items in your inventory that should be priced way more than the others. How do you sell these products?
High-priced items are harder to sell because it takes a longer time to convince customers to buy them. The sales cycle is longer, which will require a greater deal of negotiation skills. Say, for example, you are selling an expensive product or service. You can’t very well price it lower than your competitors because that might backfire on you. There’s a certain price range that people expect certain items to be sold at. If you are selling the same item for less than its price in the market, customers will think that your items don’t have the same quality.
Your customers need to know why your products and services are priced expensively. Providing options is one of the most effective ways to market your high-priced items. Do you realize why salespeople give out sachets of expensive facial creams in malls? It’s because most people won’t bother spending hundreds of dollars on the 100 ml tube, so giving out sachets work to their advantage. That will give customers a glimpse into the effectiveness of the products.
Instead of selling a full-size golf cart, one way to encourage customers to “try” your product is also to offer a compact golf cart. This way, they can buy the less expensive product to have a feel of the features of the more expensive one. This strategy works because people get the best of both worlds—an item they’ve been eyeing minus the pricey tag.
Never assume that your customers cannot afford or are not interested in your product. Even the thriftiest people like to treat themselves every now and then. There is a way to turn people around. They won’t always want to save their money. Sometimes, they want to splurge a little, too. Giving them a reason to splurge is one of the ways to invite them into your store. But at the same time, you cannot force the business on your customers. If you think the products are too expensive, then they are not the market you are looking for.
Discuss the Value of Your Product
Why are your products expensive in the first place? How are they different from the other products in the market? What makes them special? List all the benefits your products and services offer and make sure that these are on the website and social media. The customers need to know what they are getting when they consider buying your product.
Your customers have to be aware of how much time and effort it took to produce the items. This way, they will understand why you need to price the items like that. The more the customers understand the painful process of producing such items, the more appreciative they will become once they get their hands on the products.
Do Not Offer Discounts
This is related to the earlier point about pricing items lower than your competitors. You cannot give a discount because that will cheapen your high-end products. This is the reason why brands like Louis Vuitton never discount their products. Anything that you put on sale will have a “cheaper” vibe. Is that the kind of message you want to send your market? Even if your rivals just organized a sale, resist the temptation to do the same. Yes, that sale might give you a few more sales, but what does it mean in the long term?
Have trust and faith in your products. Take pride in them. They are expensive not because you are unfair, but because you are fair to your brand and its effort to produce them.
The first person who’s going to believe in your brand is you. Before anybody else can believe what your brand stands for, you have to take that first step of boasting about its quality and value. The best way to sell high-priced items is not to be apologetic about the price but to take pride that they are priced higher because of their value.