Pricing is one of the most significant barriers to sales, and salespeople often face challenges and lose deals based on price. A premium product is priced higher to reflect its quality, invested time, and creativity. However, your marketing strategy has fallen flat when the product does not generate enough sales and customers blame the price.
You should update your sales tactics if you are doubting your expensive price tag. This blog will discuss the essential tips and strategies for converting your premium products into top-selling e-commerce products.
A] Practical Tips to Market an Expensive Product
Here are the best marketing tips to convince customers to buy a more expensive product –
1. Ditch the Discounts and Use the Rightful Price.
Discounts may seem like a bulletproof way to lure customers, but they are counterintuitive when selling premium products. Products on sale or at a discount tend to have a cheaper vibe than their high-end competitors. When selling your best premium products for e-commerce, the price should reflect their quality and value.
Another reason you should ditch discounts is that customers tend to get hooked on flashy deals and expect a discount with every order. You can offer free shipping to delight your customers without lowering its rightful price.
2. Understand the Buyer’s Persona and Help them Envision What Success Looks Like.
The best-selling products in the online market reach that phase because they solve a specific pain or problem. While marketing your expensive products, you must understand the prospective buyer’s motivations and pain points. Create a buyer persona of your ideal customer and explore why they want a premium solution.
Your product should provide a solution and bridge the gap between where customers are and where they need to be. Your marketing strategy should involve explaining how your product fills this gap. To strengthen the emotional connection, paint a picture of what customers’ lives will be like after finding a premium solution to their problem.
3. Reformat the Price Tags.
There are several ways you can use price perception to your advantage. A study by Cornell University found that restaurant-goers were likely to spend more when they didn’t see dollar signs or decimal points on the menu. Another tactic is to ensure the product price ends with the “9” digit. Displaying the prices in a smaller font also changes the perceived cost and works well for expensive products.
Thus, play around with the price tags of your premium products – their currency symbol, font size, colors, and rounded prices, to see which tactic works best.
4. Use Storytelling to Form Customer Connections.
You must understand the motivations driving your customers so you can mirror their feelings back via your product descriptions. When your product’s storytelling is done while keeping customers’ needs and motivations in mind, your customers will go through your product and think, “This is what I was looking for!”
Ensure the description balances product specifications and sets the mood with a good story. When the product meets the customer’s needs spot-on, the high-end price will no longer be the top driving factor.
5. Display Sustainable Actions and Use Cause Marketing.
Selling premium luxury products is no longer only about their quality or associated brand name but also about what your brand does for society and nature. Your products must reflect sustainable and environment-conscious actions. Be genuine about your efforts, and don’t resort to greenwashing. You must provide transparent information to customers so they can understand what makes your product eco-friendly.
Cause marketing is a smart way to market your products to the new generation of consumers. Take the example of premium brands, like Patagonia, that engage in environmental activism or State Bags that empower underprivileged kids with their “get one, give one” program. Thus, you must ensure your product aligns with the latest global and local causes and be brave to take a stand.
6. Focus on Exceptional Customer Service and Offer Guarantees.
The major sellers on different online platforms, such as the top sellers on Shopify, stand out by offering excellent customer service. You must do everything you can to prove that your product is worth every penny. The best way to do that is to match your customer treatment with the product’s quality.
Your marketing strategy should prioritize customer service to make customers feel accommodated and safe. You can do this by offering perks like free shipping, an easy return process, and 24/7 customer service. You can also provide exclusive access to content such as ebooks, guides, private Facebook groups, and forums.
If you have not yet listed your premium products on top e-commerce platforms like Shopify, here are 10 reasons to create a Shopify store and get on the bandwagon.
7. Add Quality Visuals to Create a High-End Vibe.
Quality visuals are essential to nudge customers into purchasing your premium products. Create photos that customers can relate to. For instance, if you are marketing an interior design product, the images should convey a cozy, at-home vibe.
Go for high-resolution images and use product videos, as they show the products and their benefits more effectively. According to Invesp, 73% of online consumers say they are more likely to buy a product after watching videos that explain how it works. Additionally, have at least one macro shot of the product to show off its material, details, and finish.
These marketing techniques will help you sell your premium products even at a higher price. Use these approaches to market the products in a way that provides them with a solution to their problems and pain points. Most importantly, be open to experimenting and getting creative with your marketing tactics to determine what works best.
