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Everyone is trying to discount prices; for every product of yours that hits the market there is a cheaper alternative available.
Thanks to globalization and mass production things are getting cheaper and cheaper and many companies are forced to lower prices and thus sometimes compromise on quality in order to stay competitive.
While for many consumer products such as detergent or shower gel, the choice maybe between selling a cheaper product and going bust this is not the case for premium products.
If you are selling a premium product or service in our current commodity driven world then you need to change the way you approach your customers and the way that you sell your product.
If your product or service is different from the rest of the cheaper products out there, then it stands to reason that the way you sell it also needs to be different from the way that these products are sold.
You can sell a premium or more expensive product to people as long as you understand that the premium priced product is also a premium value product.
It needs to be viewed as something that is a premium product in the mind of your customers and you need to create that value for them in order for them to spend their hard earned money on your product or service.
1. The most important part of the product is you and how you look and behave.
It is a good idea to remember that your customers need to buy you as a salesperson first before they are willing to buy your product or service.
If you are selling a premium product you need to look and behave in a way that reflects your product. This includes the clothes you wear, your grooming, your manner of speech etc.
Have you ever walked into a high-end designer store in Paris or anywhere else? The staff is impeccably groomed and dressed in clothes that hint at luxury and they are often more snobbish than their customers. This communicates to their customers that this is a high end, exclusive brand that sets people out from the rest and that only a few people can afford.
2. Do your marketing materials reflect your product?
Aside from the way you are dressed and the way you behave, your marketing materials need to also reflect the premium value of your product or service both in terms of content or design. Think about the flyers you get from your local grocery store – they probably are thin one page advertisements with a few images and some text. Now go pick up a brochure from a high end electronics store or from a car manufacturer like BMW or Mercedes; can you see the difference in the print quality, the paper that’s been used, the images and the stories that are being told. The marketing material also communicates to your customer that this is a high end brand and that everything associated with it is about quality and luxury.
3. Premium products are usually sold to a premium paying customer.
You cannot sell a premium product or service to someone who cannot afford it. There are some customers who may fall in love with your product or service and may decide to save up for it over a period of time. However the chunk of your customers need to be able to spend that kind of money NOW and without worrying too much about the price point. You want your customers to focus on the value of your product rather than the price. When you are making out a list of potential customers you need to evaluate whether they can afford your product or not.
4. Understand the psychology of ego
Understand why people want to buy expensive products and services. People want to buy expensive products or services for several reasons. It makes them feel exclusive, it increases their feelings of self-worth, and they may do it to stand out from or be equal to their peer group.
All of these reasons satisfy your customers’ ego and make them feel better or more important, richer or more powerful. When you are writing your sales pitch and delivering it, you want to write it keeping in mind what aspects of your customers’ ego can you appeal to.
5. Ensure every part of your service matches your price.
You cannot sell a premium product on its own. Everything that is associated with this product needs to match its price. This includes all follow up processes, delivery, installation, after sales service, customer service, marketing collateral etc.
For e.g. when you become a premium Citibank customer, you are given an exclusive debit card, exclusive privileges, a separate number to call for issues and your own personal relationship manager. All of these are part of this premium service and communicate to the customer that they have bought a premium product or service which is value worth the price.
Take a good look at your product or service; what kind of services would people expect after paying the price for this product? Now ask yourself does your service measure up? What more can you do to make you stand out and ensure that you are matching the product or service that you are selling?