Here’s How You Elevate Your Brand to Cater to High-End Clientele
How often do you disregard items in a store because of their low prices? When something is priced lower than it should be, customers automatically assume there must be something wrong with it, hence the low price.
Many business owners refrain from pricing their products high because of the limiting notions they hold about their clientele. The fact of the matter is that people will happily thrift on luxury items so, if you want your product to seem high-end, you need to price it at a premium.
Throw Fear Out the Store Window
Here’s the thing: what comes naturally to the human brain is survival, not goal-setting. So when you’re uncomfortable or scared, the narratives it provides are only those that limit you. And yes, believing that your customers won’t purchase your items if you price them high is one of those limiting beliefs.
You might be pricing your items low thinking no one would buy from you otherwise. But, the customer might be on a whole other page. They might think your product is faulty for being priced so low. The best example to give here is that of wine. Would you go for lower-priced bottles?
How to Elevate Your Brand
Here’s are two effective tips on how you can gain a wider customer base with premium pricing:
1. Appeal to their emotions:
High-end purchasers don’t shop to make investments or even to fill a need. They shop based on how a product makes them feel. Does your item have the capacity to make people feel good or happy about their purchase? Does it increase their status in any way? Does it add value to their lives? You can keep commanding higher prices so long as you tap into your customer’s emotions.
2. Round your numbers:
When you step into bargain-price platforms like Walmart or eBay, you’ll find everything priced past the decimal point. These stores cater to a penny-pinching clientele that looks to save as much as possible. In comparison, do you see high-end retailers like Bergdorf Goodman or Tiffany’s ever price their items as such? No, they’re always rounded. when you’re selling luxury, you want to communicate value to the customer.
As a business owner offering premium items, don’t hesitate to play a bigger game. Your focus should lay on the feelings your brand elicits from customers and the means by which you can elevate your brand. Believe that if you offer premium items, the right clientele will come to you. Never succumb to lower prices just to increase sales. Remember that higher prices don’t only translate into more profits but also acts as an agent to increase your brand’s reputation and value.
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