When it comes to pricing, why race to the bottom when you can actually make shoppers feel better about paying more? But how do you get your customers to do so in an age when price comparisons are only a couple of clicks away? Well, you have to know how to sell on value instead of price.
Make Large Prices Look Smaller
If you want to make the price of a Corvette look reasonable, put it next to a Porsche. At a starting price of $56,490, most people would agree a Corvette is far from an inexpensive car. However, when you consider that money buys you a 455 horsepower sports car with 60 years of heritage, performance equal to the finest cars of its type produced anywhere in the world and reasonable maintenance costs, the price seems more equitable. Particularly when you see a Porsche 911 sells for $91,100—and has 85 horsepower less. As an ecommerce retailer, if you want to make the price of a product you sell look more reasonable, put it beside its more expensive counterpart.
Render Value More Apparent
When you jonly show your customer a picture of your product with a brief description of what it does and a price, they could well go away with little understanding of why it is worth the asking price. However, if you go into detail about everything it took to create it, as well as why it is superior to products with lower prices, you’ll have a narrative they can buy into (literally). Said differently, if you make a convincing case for why using your product or service gives them advantages they won’t get with a competing product or service price becomes less of an issue. For example, in an ecommerce solutions comparison, it becomes readily evident why there are advantages to going with Shopify over a competitor like Magento.
Prioritize Service and Buyer Feedback
Customer testimonialspraising your exceptional customer service, liberal return policies, strong attention to detail and fast shipping will justify your prices being slightly higher than competitors who don’t provide as much effort. Yes, there will always be people who don’t care about service and just want the lowest possible price. But most people would rather pay a bit more and know they’re going to be covered should an untoward situation arise. Doing so,and featuring positive customer testimonials—along with consistently high ratings—tells shoppers they will be taken care of.
Cultivate A Luxury Image
Getting back to our car comparison for a moment, let’s say you’re selling the Porsche instead of the Corvette. Right off the bat, you have a number of factors in your favor. While the Corvette does indeed offer more power for less money, the public’s perception of the Porsche is of a more luxurious purchase. In other words, the Porsche has an aura of value the Corvette has yet to attain. Further, to buy a Corvette, you have to go to Chevrolet dealer where people are also buying Malibus and Impalas. When you buy a Porsche, everything about the experience is more exclusive. In ecommerce, if youproject a luxurious image with the look of your site, the level of service you provide, and the presentation of your products when they arrive at your customer’s home, you’ll be seen as having more value. In other words, if you infuse the experience with luxury, shoppers feel special when they buy from you—regardless of the cost. And, that’s how you sell on value, instead of price.