A company’s most valuable products are generally its most profitable ones. However, they also typically require more time and effort to sell. For example, if a customer is considering purchasing an item for $20, the salesperson may ask them whether or not they want to purchase it. On the other hand, if a customer is looking at an item that costs $1,000, the salesperson will likely spend more time explaining how the product works and why it’s worth their money.
The same goes for marketing these items – A company can market less-valuable products through social media platforms such as Facebook or Instagram. At the same time, higher-end goods may need to be advertised in magazines or on TV shows, though a social media ad agency may be able to help you market high-value items through social media channels.
Marketing High-Value Items to the Right Audience
When it comes to marketing, one size does not fit all. Just as you wouldn’t use the same sales pitch on a potential customer looking at a $20 product as you would for someone considering a $1,000 purchase, you also can’t use the same marketing tactics for both groups. You need to tailor your approach based on your target audience and what type of product they’re interested in.
For example, if you’re selling a luxury car, you’ll want to market it differently from selling a mid-priced sedan. A company will likely advertise a luxury car in magazines or TV shows that cater to an upscale demographic. On the other hand, a mid-priced sedan may be advertised on a more general interest website or in a local newspaper, though a social media ad agency may be able to help you market high-value items through social media channels.
It’s also important to consider what type of product you’re selling. Some items, such as houses or vacation packages, are big-ticket items that people don’t purchase often. As a result, it’s important to ensure that your marketing efforts reach as many potential buyers as possible. On the other hand, other products, such as clothing or food, are bought more frequently but in smaller quantities. In this case, you’ll want to focus your marketing efforts on targeting specific groups of people who are more likely to buy your product.
For example, if you’re selling a new type of coffee beans, you might target coffee drinkers who live in urban areas. Alternatively, if you’re selling a new clothing line, you might target fashion-conscious teenagers.
Tips for Marketing Your Most Valuable Items
1. Ditch The Discounts
When it comes to selling high-value items, discounts are generally not the way to go. This is because potential buyers usually perceive discounts as a way for businesses to clear out old stock or get rid of products that aren’t selling well. As a result, offering a discount on a high-value item can actually make it harder to sell.
Instead of offering a discount, try marketing the unique features of your product. For example, if you’re selling a luxury car, you might focus on its powerful engine or sleek design. If you’re selling a vacation package, you might highlight that it includes all-inclusive accommodations and activities.
By focusing on the unique features of your product, you’ll be able to sell it at its full price and avoid any negative associations that discounts can create.
2. Use Smart Pricing and Selling Tactics
When it comes to selling high-value items, the price is often one of the most important factors that potential buyers consider. As a result, it’s important to use smart pricing and selling tactics when marketing these products.
One common pricing tactic is to offer a payment plan for more expensive items. For example, if you’re selling a piece of jewelry that costs $1,000, you might offer a payment plan that allows the buyer to make monthly payments of $100 over the course of 10 months. Doing this will make it easier for potential buyers to afford your product and increase the likelihood that they’ll make a purchase.
3. Reformat Price Tags
When displaying the price of a high-value item, it’s important to use a format that makes the price seem more manageable. For example, rather than writing $1,000, you might write $10 per month for 100 months.
Businesses often use this pricing tactic that is often used by businesses that sell big-ticket items, such as cars or houses. By reformatting the price tag, they can make the purchase seem more affordable and increase the likelihood that people will buy their product.
4. Highlight The Benefits
When marketing a high-value item, it’s important to focus on its benefits. For example, if you’re selling a luxury car, you might highlight its safety features or fuel-efficiency.
If you’re selling a vacation package, you might highlight that it includes all-inclusive accommodations and activities. And if you are in the print on demand dropshipping, highlight product quality and original design.
No matter what type of product you’re selling, it’s important to tailor your marketing efforts to your target audience. You’ll be more likely to reach the people who are most likely to buy your product and generate the most sales. When it comes to marketing your most expensive products, it’s important to tailor your approach based on your target audience and what type of product they’re interested in.