Convincing people to pay so much for a product with cheaper alternatives is a diplomatic and deliberate skill. Selling expensive products is rewarding, but the process requires top-notch sales skills. There has to be a significant difference between the quality of your products and that of your competitors for a prospect to pay more for your product.
It is vital to price your products according to their value. Don’t place a luxury price for an average product, underprice your products, or give unnecessary discounts. No matter how expensive a product is, if it is valuable and satisfies customer demand, there will always be people willing and able to purchase the product.
It is also important not to present your products as expensive or think of them as expensive. If you have the mindset that your products are costly, your customers will
get the vibe and begin to feel the same way. Instead, offer quality services and give your customers an excellent customer experience. Explain the benefits of using the product and its advantage over its counterparts.
Let us look at some tips on how to sell expensive products successfully.
Tips on Selling Expensive Products
These tips will help you sell your expensive items like a pro!
Understand Buyer Needs
People don’t just buy products without a cause, and they opt to purchase a product because there is a need to be met. As a salesperson, it is your job to understand your clients’ needs and recommend the right products to meet those needs.
Selling expensive products should go beyond the profit. Customers want to be heard and understood, and you have a higher chance of converting a prospect to a paying customer if you can create a rapport with them and solve their problems.
Once you understand your customers’ needs and treat them like actual people and not ATMs, you are a lot closer to making them pay for your product.
For instance, if a customer wants to buy a bathtub, enlighten them on the different types of bath tubs and their uniqueness. This extra act of educating them on the various kinds of bathtubs will make them feel safe and give them multiple options.
If the customer opts for a freestanding tub, at this point, you can introduce the best freestanding bathtubs available and convince them on why they should go for free standing bath tubs. You could also recommend other freestanding tub accessories that go hand in hand with the product. By doing so, the customer sees beyond just a bathtub, and they see value and worth.
A prospect is concerned if a freestanding bathtub is best for their small bathroom space. You can suggest a small freestanding tub and enlighten the prospect on how to set up a freestanding tub in a small bathroom. A freestanding soaking tub will best meet a client’s needs whose main aim of buying a bathtub is for relaxation and complete submersion.
Present a More Expensive Product
Positioning a more expensive product close to your target product is an excellent way of making the target product look cheaper. This is known as contrast pricing; an expensive product suddenly seems an affordable option when a more expensive product is compared.
The contrast product might be a competitor’s product, a similar product, or another product of yours. Again, the aim is not to sell the more expensive product but to make the original product’s price look more affordable.
For instance, the original tub you intend to sell is an expensive freestanding rectangular tub. Before presenting the freestanding rectangular tub, you should first introduce a more expensive modern free standing tub to the client.
Do Not Size Up Customers
Be open-minded towards your customers and don’t write anyone off. The most unlikely customers to buy an expensive product might become a high-paying client or refer one to patronize you. On the other hand, don’t be too quick to assume that a customer cannot afford a product.
Approach every prospect nicely and see them as potential customers. Then, consider creating a payment plan for customers who cannot afford to pay upfront.
Present the Product’s Value
People make purchasing decisions based on the perceived value a product can offer. Please list all the benefits that’ll come with your product once it’s bought. Prove that your product can solve a problem or feature that your competitors don’t have. And show them the value they’ll lose if they don’t opt for the product.
Paint a picture of the production process, the time, resources, technology, and energy used in the production of the product. If the product was created from modified technology, it’s best to state it and let the customer know the value and benefits they will enjoy on purchasing the product.
Suppose your product is a luxury freestanding bath tub. In that case, you could emphasize the features of the bath tub in contrast with having a plain shower. Explain how the product is used and suggest other accessories or complementary products that will help the customer maximize the value.
Back to our freestanding bath tubs example: to sell an expensive freestanding tub, you can explain the advantages of a bathroom with a freestanding tub. One of the advantages of a freestanding tub could be that they are stand alone tubs with showers. The extra feature of a stand alone tub and shower could be a driving force behind the customer purchasing the freestanding tub.
Beat Your Competitors
You must know your competitors, know their weaknesses and use them to your advantage. There’s a probability that the prospect is comparing your product to a cheaper alternative. Study your competition and find a loophole to gain ascendance.
Selling expensive products is possible; you need to understand and master the value your product offers to stand out from the competition and convince your customers to buy your product. In as much as you want to make a profit, ensure that the price of your product is proportional to the value it offers.