It takes great products, hard work, and a compelling strategy to sell most pieces of merchandise. Never is this truer than in the case of those so-called high-ticket items.
However, when you do succeed, you can markedly increase your profit margins when people buy these expensive, sometimes once-in-a-lifetime goods. The following tried-and-true tips can help.
1. Know your customers.
You can’t succeed at parting someone with a significant amount of money if you don’t know who they are, what they want, and what motivates them.
The high-risk payment provider who furnishes you with your point of sale solution can give you guidance on how to use the system’s analytics and reporting tools to gain some of these insights.
Augment them with online research and feedback surveys to get the bigger picture.
2. Set a fair price.
You might be selling premium items, but it is still important to price them with every dollar in mind.
Consider the cost of product production and delivery, what your competitors are getting for similar items, and whether there are ways to offer various quality levels to make the price affordable to buyers at various spending levels. Then try different price points to see what resonates with potential buyers.
3. Make a convincing argument.
The product or service that you are presenting to your customer represents a sizable investment. Therefore, your challenge is to use the rich customer knowledge you have gained to appeal to that person’s individual needs, wants, and pain points.
To that end, use techniques such as social proof and testimonials from satisfied customers who have made a similar purchase, to inspire credibility and trust.
Finally, cushion the financial blow by offering alternative payment options, including suggesting breaking up the bill into smaller monthly installments, and/or buy-now-pay-later.
4. Provide superlative customer service.
Most payment processing services furnish point of sale systems with customer relationship management tools included. Use the insights they can furnish to learn what is important to the clients who buy your high-ticket products.
Confer upon them a special status that only premium-tier purchases gain, and back it up with prompt responses to questions and immediate assistance if problems or concerns arise.
These are the intangible but very recognizable benefits of investing in high-priced merchandise or services, and they go a long way toward impressing customers and cementing a lasting, positive relationship between them and your brand.
5. Make relationship-building a priority.
Today’s small-purchase customers have the potential to become the high-ticket consumers of tomorrow – but only if you work diligently to prioritize rich interpersonal relationships. This takes time, sincerity, and hard work on your part, and it involves listening and heeding feedback.
However, the rewards of nurturing these genuine connections are manifold: increased satisfaction, organic referrals, and continued purchases to name just a few.
While the prospect of marketing those costly items can be daunting, it is far from impossible. With careful research, intelligent pricing, and an astute focus on each unique customer, you can transform high-ticket anxiety into big profits and long-term loyal buyers.
