The Importance of The Marketing Strategy
Marketing is all about finding out what works and what doesn’t. The first step is to find people who all are willing to buy your product. A well-thought-out digital marketing strategy is needed to convince them to buy your product. Studies have shown that people can easily buy a $ 2000 laptop online but think twice before buying a $ 1000 diamond bracelet. This difference comes due to strategies that have been adopted by many big brands. Let’s look at 10 great strategies to improve the sales of your expensive products.
Table of Content
- 10 Best Strategies You Should Adopt To Sell Your Expensive Products Online
- Layout And Packaging
- Build Customers Trust
- Decrease The Left Figures By Just One
- BOGOF Stands For "Buy One Get One Free"
- Using Urgency/Scarcity to Cater to Buyers' FOMO
- Compare Your Products With Other Expensive Items on Your Website
- Make Your Brand Stories
- Free Shipping
- Let Your Prospect Research From Their End
- Price Tags Should Be Modified
- Other Strategies
- The Role of Digital Marketing Agencies in Expanding your Business
10 Best Strategies You Should Adopt To Sell Your Expensive Products Online
Customers are usually attracted by the packaging and designing of the product. Hence, the first and foremost strategy to sell an expensive product online is to pack it in a stylish/luxurious box and considering the best website designs for your eCommerce business. It will add more value to your product.
There is a pro tip for you that always begin by making your website seem expensive, pay attention to what makes it look costly then add a touch of extravagance to your product.
Never indulge in spammy, poor marketing campaigns if your company sells costly goods that you are confident are of high quality. Instead, instil trust in your customer by motivating them to perform their analysis. Bear in mind that you aren't expecting them to look up costs or competitors; instead, you want them to explore more about the benefits of the product.
This tactic often referred to as charm pricing, covers the use of pricing that lasts in 9 and 99. The left digit from a round number is decreased by one cent when charm pricing is used. We come across this technique every time we make purchases but don't pay much attention to it. For instance, your brain processes $3.00 and $2.99 for different values $2.99 is $2.00 to your brain, which is a better value for money than $3.00. Moreover, prices that end in $.99, convey a feeling of a better value and a bargain, while round prices convey the opposite. The message here is to turn zero ending digits to nines if you want to maximise sales of your goods and services. Apple's website is another example of this approach, with each product cost ending in a 9.
It is a pricing tactic in which consumers pay full price for one good or service in return for a discount on another. Greed is a psychological technique employed at work. When a customer sees a deal, rationality is thrown out the window, and the main focus is on buying a product to get the freebie. Now that this strategy has been widely accepted and most people are no longer willing to take the bait, you might shake things up a little by offering one of the following:
- Purchase one and earn a 25% discount on your next purchase.
- When you buy one, you'll get four incentives worth $60 for free.
- Get three free when you buy one.
You may use the urgency and scarcity tactic as selling tools to boost your profits. FOMO (fear of missing out) is a strong psychological force that compels people to act. People feel forced to act if they don't want to miss out on a chance. According to a report by Strategy Online, FOMO would trigger 60% of millennials to make reactive buying decisions. Scarcity denotes that a commodity is so common that there isn't much left of it.
A user buying decisions are strongly influenced by price. Modern shoppers, on the other hand, are astute. They can go somewhere if your price is not good enough for them. So, placing the more costly products on the left is a smart way to bring this tactic into effect. And if a customer sees an expensive item, anything else seems to be a bargain. They will be more likely to part with their cash as well.
Consumers today would not purchase a high-priced item if they cannot relate to it. As a result, make it easy for them to appreciate your product by stressing why it is so important to you. Say your brand stories wherever and whenever you can.
Keep your high-priced commodity prices the same as they were at the start. If you are always looking for a way to impress your clients, consider offering free shipping. That is only one of many techniques for selling an item without reducing its price.
Always try to make your customers understand the worth/ value of your product. So, rather than offering discounts, give them full details like benefits, advantages, disadvantages etc. of the products so that prospects can easily compare your products from other items offered by different eCommerce websites.
Another reason for reducing discounts is that consumers become accustomed to cheaper rates and demand a discount on any purchase. As a result, when they visit your shop and see your high-priced products with no offers, they will leave immediately.
Our minds are elusive, and there are several ways to deceive them. This price presentation study found that presenting prices in a smaller font size alters the cost understanding. Prices for larger sizes gained more coverage than prices for smaller sizes. If you are selling a high-priced item, format the costs in a smaller font.
You will not become a millionaire immediately by selling online. However, if you put in constant and extra efforts, you can create a profitable online company. Here are some other unnoticed strategies that must be taken in mind to grow your business online:
We buy with our eyes first, then enter the loop with our brains and make decisions. Quality visuals are valuable for convincing consumers to purchase their premium goods right away. Concentrate on the following four suggestions:
- Create photos that customers can relate to easily
- Social networking sites with photos
- Remove the Dollar sign ($) and reduce the scale of the figures
Some eCommerce business owners fixate so much on identifying their expensive product via its description and promos that they forget they can do the same through photos. Keep your customer in mind and use your product photos as a tool to target them.
Photographs are among the best mediums for triggering the aspirational feelings we associate with driving a luxury car, wearing designer clothes, or witnessing something exclusive like Pinterest when it comes to selling luxury goods.
According to a Cornell report, guests were more likely to spend more money when the dollar sign was withdrawn from the menu prices. While this was a review of diners reading menus. It's still fascinating and worth checking if you're attempting to make your high price more bearable.
Did you ever notice that after seeing a video of an expensive product, eCommerce shoppers are 64-85% more likely to purchase. Since they display the product and its features more effectively than a picture, product videos increase conversions.
To be efficient in selling expensive goods, you must devote 100 per cent of your attention to product presentation and leave the price tag alone. Yeah, it may sound odd considering the previous points emphasis on cost, but you can spend most of your time concentrating on product value.
The high price is not a flaw. If you want it to be, it can be a power. The reality is that most low-cost vendors cannot afford to stay in touch with buyers after they have made a purchase. But you can! A sale does not stop when the customer pays. It finishes when the visitor sees their Second Moment of Reality (At the moment, when they are making a perception about the product). It is an excellent way to treat your customers like Dignitaries and turn them into brand ambassadors. Make it an amazing surprise that will leave final, optimistic feedback about your offering, rather than a selling point at the starting of the bargaining process.
Customers like product comparisons, but wise digital marketing agencies can create a comparison between the items' values rather than the price. Your consumers must realise that they're purchasing the product, as well as its features and advantages, rather than the price. Outsourcing digital marketing makes perfect sense for most companies today in a variety of ways, not only because of the versatility and cost savings it offers.
Although it may take some time to identify the right agency for your particular needs, the low financial investment (compared to hiring a full-time marketing employee or department) makes it a viable choice to consider. So, let's take a look at the essence of hiring a digital marketing agency.
The Role of Digital Marketing Agencies in Expanding your Business
As digital marketers, one of our primary problems is traffic. How can we draw people's interest, drive them to our websites, and turn them into subscribers and customers easily and cost-effectively?
Digital advertisement is the answer to all. If you know how to use it, it will give you total control over your traffic flow and help you sell more. For achieving your long-term goals, you may need to hire a digital marketing agency that will work for you every month. Digital marketing agencies can help you to boost the ROI of your social media advertisement without having to spend loads of money or time assembling an in-house team.
Hiring an effective digital marketing agency has four working principles which are discussed below-
- Recognize the activities of your clients
Since most businesses don't spend much time on their clients' demands and the stories behind their challenges, most marketing campaigns end up sounding boring. You might need a thorough understanding of your customers' actions before running an effective marketing campaign.
- Value for your time & money
Hiring an agency is a perfect way to save money on expenses. Also, it will save you time. Meanwhile, you can work on other critical business activities (like closing deals or getting investors).
- Collect fresh views
Digital marketing agencies partner with a wide range of markets, businesses, and marketing professionals. They develop new and effective marketing strategies, which they can then apply to various industries.
- It's a service that grows with you
In a typical scenario, you'll need to broaden your team size if your company's needs increase or you want to start something different. This implies that your organisation would need additional capital to sustain and power its expansion. That is not the case with a marketing agency. There will be no need to increase the existing team because there will be no restrictions.
As your business expands, a good company will generally meet your needs. They have a range of plans and packages to choose from depending on the size of your company. It's ideal to work with a flexible and adaptable agency, particularly if you're targeting a new market.
To ensure that your revenues continue to grow, you must use smart marketing strategies. As per RVS Media, marketing high-priced items have both benefits and drawbacks. They have higher profit margins, but their audiences are smaller. The explanation for this is straightforward: high costs. Moreover, selling is more of a team effort in that you assist them in seeking a solution that will overcome their issues and make them satisfied.
When selling a high-priced item, the first step is to create consumer trust.
You must also reach out to audiences and sell the product in addition to gaining consumer confidence. The best way to go about it is:-
- Selecting the right customer to target,
- Using the appropriate ad text to answer the audience problems,
- Lastly, do not forget to highlight the advantages and outcomes that your high-end goods can offer. Fill the Why Choose Us to block with compelling explanations and use the Instant Site feature to tell your brand story.
With this ultimate guide for selling your expensive products online, you will improve your close rate and income if you continue to view each selling from this perspective.
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