A Guide on How to Sell Expensive Products Online – 3 Marketing Strategies All Successful Sellers Use
This week I’ve been reading about how to market an expensive item, I notice that this question is asked a lot in forums and so I set out to research. I’ve dug up some of the best tips out there for selling expensive products. I will reveal to you some excellent age-old marketing tips, these really do work wonders for bagging a sale on a product that people usually wouldn’t dare spend money on.
So in the following article I’m going to list three foolproof ways that I’ve found will definitely help you to sell an expensive item.
1. ‘The Contrast Effect’.
This first tip plays on the psychology of the customer, something sneaky marketers love doing. Its what behavioural economist Dan Ariely calls “arbitrary coherence”, and is also known as ‘The Contrast Effect’. It’s where a retailer will purposely put a high priced item next to a lower priced item that is a very similar product. This makes the customer compare the two, and if they are conscious of their money spending, it is more likely to make them prefer the lower priced item.
The way this method can work with selling expensive items can be explained with this analogy:
How do you make someone look smaller? Put a tall person next to them.
So when the customer sees the item they like, then they see the expensive price, they still desire the item but are faced with doubts about spending so much money. However, when the customer sees a similar item that is much more expensive, you are giving them the ability to make a choice, a more responsible choice that makes them feel better about spending the money.
Though it may seem obvious to buy the cheaper one if they want it, the emotions at play here are being manipulated in an interesting way. The lower priced item becomes a lot more acceptable now that the standards have been set with the much higher priced item and so their initial thoughts about the price are irrelevant.
Most retailers don’t even intend to sell the item they price up, they use it as a decoy.
To intensify the effect, and definitely bag a sale, we have to price the item at least 40% more expensive, so that it looks like a steal to the buyer.
2. Provide evidence for the value of the product
While it may be a quick sale to the seller, it is important to understand that the expensive purchase will be much more of a commitment to customer. This is why it is important to take care when writing the product description. Here are a number of ways you can do this:
Create a Value Prism – A well-known trick known copywriters use is the Value Prism, which involves outlining the history of the product, from the inspiration to create the product, to the manufacturers, retailers and then the customer. By laying the product’s history out like a sentimental journey, the customer is made aware of the efforts that went into it.
Addressing the value is the main focus you want in the product description. And you can prove its high value by comparing it to any other products the customer may be already familiar with, telling them how it is better.
Using Metaphors – You need to clearly outline what this will do for the customer. Many creative copywriters and marketers will use metaphorical comparisons, painting a picture in the customer’s head with what this product can do for them.
Some examples include:
Welcome to possible – Mindtree, Unbox your life – IKEA, Unlock your more – Fiat, Your best beautiful – Olay
Embellish your descriptions –
Think about what the customer wants to be told, don’t just give them flat factual descriptions. They want to find something that satisfies their every need. A quote I refer to often is “Positive emotions trigger sales; negative emotions destroy sales.” – Tom Hopkins, Arouse Emotions, Don’t Sell Logic.
3. Alter the perception of the price
There are a few tricks you can employ to make the price of the expensive product seem not so expensive, but more like a good deal. Here are some helpful tips to help you frame your product as a worthwhile purchase.
Dividing the price –
This can be done with many types of products, often the price of the product is over £100. You can give your buyers the choice to pay instantly or pay in daily, weekly or monthly instalments This makes the product seem much more affordable as it won’t leave much of a dent in their bank balance.
Offer a free item –
You can also offer valuable free items with the purchase (if you stay within your desired profit margin), making the price look like a better deal.
Offer a discount on their next purchase –
The customer will be more keen to spend the money if both items within the deal are valuable to them. Even more so if the price of the next purchase is a low one. You could offer the discount buy 2 get 1 free (the cheapest). Discounts that end in multiple buys are important for boosting business.
So those are the most well known methods for selling an expensive item, if you know of any more, please let me know in the comments below. Look out for any interesting tactics that sellers use to make you think an item is much more appealing because of a few subtle gestures made in a product description.