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 and making your customers happy at the same time.

1. Customers who want to be targeted who have more money

There are a variety of methods to achieve this which is why we cannot cover the options here. But the idea is, those with more money, are more likely to spend. When you make higher-priced products which appeal to those who have more money and money to invest, they'll be more likely to purchase them.

The next step is to position the higher-priced product or service so people with more disposable income consider it to be for those with more disposable income. This can be done with just about any product.

It begins with the product name. It is essential to choose a brand title that will make it look distinct, distinctive, exclusive that is designed with a certain purpose, rare -- you must give it the kind of appeal that is more valuable than the other choices that is worth spending for. This is a reference to the following strategy.

2. Don't compromise the quality of the quality of your product

Low-priced products typically only offer the one motive to buy they offer that is "save cash." That's it. By selling at a higher cost, you're claiming that your products are better in some way.

You might be the luxury brand, the more durable brand with the best taste, the natural brand difficult to find or the more healthy brand- you get the idea.

What's more important is that you have to develop a USP that is a unique selling point that conveys the value of your product and differentiates your products from other products. If you succeed, customers will be willing to pay for your product.

Also, school supplies.

Southern Living featured interesting and attractive school equipment including gold-plated scissors pen pouches, pencils and so much more in an article that was published recently. They are more costly than basic stuff you can get at office supply stores. But the visual impact is instantaneous. Students would want these because they're fun, different and draw notice.

However, these are all school items, folks. If they're able to do it, you can too.

3. Sell the problem, not the solution

The old saying says that you don't purchase the drill, you buy the hole.

When you connect with your customers at this deeper level, price will no longer be a major aspect in their decision to purchase. If you are able to do this well, you can sell at higher prices, especially for services.

4. Bundle the items

Imagine buying a home 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 which includes the entire basic equipment as well as a few add-ons like starter packs with diverse flavors, books filled with instructions on how to brew, along with other unique items.

Which one is better Which is better: The bundle or purchasing everything separately?

The bundle sells convenience. Customers don't need to go find all the items. It's possible that they haven't ever had the thought of looking at the books. Look at the bundle. It can add value to the item and to justify a higher price.

Product bundles, when done well, don't compare to anything else and thus cannot be priced. It is purchased as it is, because the bundle itself delivers uniquely higher value.

5. Make use of bonuses and free presents

It's hard to overstate how well this strategy can work. When you have a great free gift or bonus item, that alone can make the other merchandise. Sometimes, it's a free entry into the contest of your choice, you might not even sell anything at all yet people are still drawn to it.

Imagine a company selling hats featuring the teams of a sports team. They could run a campaign whereby anyone who buys more than $100 in a draw for two free tickets to an event. Chances to win free tickets will cause many consumers to make that purchase.

Of course, you can also offer free bonuses which are actually a product, and it can work similarly. Find a way to be inventive. A bonus is sort of as turning your product into a bundle without raising the price.

6. Create a targeted audience

The most efficient, long-term method to achieve this is to utilize lead generation in order to attract new customers by offering discounted or free deals. After you've gotten the information of their contacts and created a positive first impression, you build relationships by constantly sending them valuable info. Not all of it is advertising something.

You're solving problems. This means you're building trust, establishing credibility and making yourself an authority.

When you're doing it right then you're not marketing to an audience of general interest and instead your target audience is your target audience. They'll also pay more since they've come to know, like, and trust you.

The same goes for eCommerce that is primarily product-based. companies can be able to do this. A lot of it is in how you name your products. The name calls out the audience.

Imagine a dog owner shopping for dog food, and the dog weighs 90 pounds. This is a large dog. Of course, in the store for pet food, you will find a wide range of options of pet food. If a pet owner comes across a product that is specifically presented as canine food to big dogs, what are they likely to choose?

They're more likely to buy that brand -- even if it costs more. Why? because it's specifically selling to the people who are in their target market. It's calling out its audience. That dog food brand does not focus on pet owners with small dogs that aren't likely to purchase the product. It's selling at a higher priced price and is only available to big dog owners.

Exclusivity sells.

7. Create an article or book

Not just any book. Create a book that can connect immediately with your target readership. The book communicates authority and expertise more than just about anything else. It's the closest thing to being interviewed on television as a guest on a podcast or even in a prestigious publication.

This approach works extra well for service-based businesses, but again, it can work in product-based companies, too.

Suppose you want to remodel your kitchen, and you visit one of the websites where all the experts in home and handyman work sell their services. You find seven kitchen remodelers within just a couple of minutes. All of them seem fantastic. They sound all experienced and knowledgeable. They're all rated highly. They're willing to all come to you and provide you with a "free consult and estimate."

Great...how you do you supposed to pick? All of them are the same!

And then you see that one of them has the book "Nine nightmares of kitchen remodeling along with How to Avoid Them," and she gives it gratis as part of her estimate as well as consultation.

At first, she looks like the more experienced of other authors. The book makes her stand out. There will be more bids and greater sales and set a price that is higher over the other competitors.

Who is selling matters more than the products they're selling, and books are all about the 'who.'

Any company -- and that's right, EVERY businessis able to create a book which will be appealing to its target customers.

8. Offer choices

An study was done that saw customers offered regular beer at $1.80 as well as premium beers at $2.50.

The majority of people went for the premium. It's a sign of the advice earlier on refusing compromise with price because the majority of customers want more expensive, better products, and will be willing to pay more for them.

However, here's what made it interesting:

They then added a cheaper $1.60 alternative. Not a single person in the study chose it and most of them chose the $1.80 option. They lost money when in comparison to offering just two choices.

They then tried an additional option, eliminating the low-cost option and adding an $3.40 alternative. 10% chose that alternative, however 85% chose the $2.50 choice.

It is important to note that with three options available, customers will choose the middle-priced option. Which means, offering higher-priced options can result in higher revenues.

There's a famous story about the hamburger restaurant that was trying to increase the number of double burgers sold because they had a better profit margin than single hamburgers. How do you do it? Give a triple burger.

9. Use upsells smartly

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

For this to effective, the additional items must appear to be an obvious option. So, they mustn't cost more.

The purpose of upselling is to increase the average value of your order (AOV). You sell the phone, and then you upsell the case. And then you upsell two additional cases to ensure they can have backups and options. The glasses are sold. You then upsell the cleaner.

There is also the possibility of selling similar products, but additional of it. As an example, let's say a customer buys one product for $59. When they pay for it, you could give them the opportunity to buy a different one at only $49 or 39 dollars. They'll get a discount for a new one. For the customers who take advantage of your offer for one time it's almost double the size of your order.

10. Reduce your costs by hitting an  9

Are you crazy? Actually, research backs the claim. The study ran several tests. One found that women's clothing selling at $39 was more popular than the identical item even though it was priced at $35. In fact, the prices that end with the letter '9 oversold lower priced items by 24%, on the average.

Surprising, right?

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

A lot of people reacted to the sale price ending in the price of $49. It's shocking, but remember, it's science. The human race is funny. Increase your price by putting them into  9's.

Bonus strategy to increase prices

To keep with the theme In keeping with the theme, here's an additional strategy!

BNPL and other payment plans allow sellers to market at more rates than you normally would, and in a way which pleases customers.

So, get out there, increase the prices you charge then start selling.