To sell higher end products, focus on value rather than price. Price your products according to their value and stick to that. There is no need to have unnecessary discounts so that your visitor doesn’t object to price.
1. Position Your Prices
Position your products correctly. If you want to make your valuable, high-end product seem more attainable, add a similar more expensive product. If you sell information products it’s relatively easy to create a new, higher priced product. If your business sells physical products, it is time to consider selling a more expensive brand in your store.
You can also create physical product that costs more through private product development. Research and experimentation has proven that placing a more expensive item next to a low-cost item increases the sales of the lower cost item. The concept is to make the price of the expensive item seem small. Another great technique is to break your large price down into smaller payments. Let your customers see what they would be paying on a monthly, weekly, and daily basis.
2. Use The Anchoring Effect
When creating a price list for customer viewing, use the anchoring effect to your advantage. The effect is that when a person views a list, the first item viewed sets up an expectation.
Your pricing is more attractive if the first item on the list is the pricey option and the subsequent items are less. If you offer recurring billing, add the highest tier option to the top of your list.
3. Enhance your product’s value
Increase the perceived value of your product by making it easier to see what’s into creating it. By telling your customer all about what makes your product valuable, it becomes more than just an item. Let your customer know how much effort, time, and resources went into the item’s creation.
How many prototypes have you developed? How many great minds worked to bring the product to fruition? You can also use diagrams to show how your product stands apart from the rest. Word of mouth is still relevant and effective. Give your reviews prominence because they continue to sell products and services on their own.