How To Get More Clients With High Prices
In a previous post, we saw how this woman at Rond Point Deido sells roast plantain at higher prices than her competitors, yet still get many customers. You can read Woman Sells Roast Plantain At High Price, Yet Beats Her Competitors. The post was make entrepreneurs not to be afraid of offering high prices for their products or services. This is because most of the time, young entrepreneurs who are inexperienced are afraid to give high prices (which they actually merit) for their products or services for the fear of sending away customers.
That’s why I decided to give some tips on how to get more clients by charging them with high prices. As a reminder, I said in the article that people are influenced by their perception and not the price before they purchase your product or service. Most of the time, they believe that high prices means high quality and value. There are times when clients will instead turn away when they think the price is too low. They go because they believe the low price is due to low quality and low value.
Below are some points you should have in mind when pricing to a client:
Don’t be afraid to raise the price
One way to persuade your customer to buy your product is the price itself. We always believe as marketers that a high price will scare away the client. This is not very true. A higher price might make the user think the price is equal to the value of the product.
People go for three things when they want to buy a product: Price, Quality and Value. Price is the first decision a user takes when making a purchase. That is why the price level has an influence on the other two factors.
When you price low, the user has the feeling that the quality of the product as well as the value is low and vice versa.
So you should not fear putting a high price to your product or service. You will be surprised that people will have more value for your product. So what brings about the change here is the price.
Let users try your product for free
This is very common with software providers. They allow users to try their product for a period of time before they pay for it. Free trial model is really good and will make conversions happen quickly.
Not only with digital products. It’s normal for people to test a car before buying. The chances that they buy the car even at a higher price, but after testing is high.
For softwares, when giving out a free trial, make sure you don’t limit the functionality. Users will want to experience the product in its final stage not a limited version. Trial days should not be too short. It should be between at least 14-30 days. If you ask for credit card details in other to benefit from the trials, it will bring you fewer potential customers.
Don’t forget to put signals that bring trust
The most important trust signal is testimonials from ordinary and power users. If you have logos from well-known companies that are using your product or services, then be sure to get a high conversion. Don’t forget money-back guarantees, spam guarantee, pricing and landing pages. They keep the user persuaded and can easily convert them.
Frequently interact with your clients
Social networks and apps are now available which you can use to interact with your clients. Live chat is one of the most important. It adds a lot of value to your product or service in such a way that users will see your price as nothing.
Users want to speak with someone usually before they make a purchase. This is especially important for sales on the Internet. They want to be sure that they are speaking with humans and not just a virtual machine before the spend their hard-earned cash.
So you have to be always available or put a live chat team handy to answer to customers on normal business hours. They might not be there to make sales, just to answer questions. Don’t force users to a chat. If they want to they will go for it themselves.
Be formal when sending invoices
An informal message with a price tag on it may not hit a lucky one for you. The informal style email quote will deter big customers in particular. High level customers are comfortable when you show them that you are a professional. You might have done a great work, but sending a casual email quote can send away the client to do business elsewhere.
So professionalism adds more value and more doors will be opened for your business.
Don’t forget to give the best price package for your product or service. Do not be afraid of a higher price. Customers uphold value and benefits more and psychologically, high price means high value.
Most entrepreneurs have experienced pricing problems before. Share your experience and the solutions you had for them with us in the comment box.