One way you can make a product successful and enjoy high sales numbers is to focus on the pricing. There are several things to think about when you're considering what price should go with your product and how this could maximize your conversion rates. In this article we'll discuss three tips that can help you figure out the correct price for any product to help boost your returns.
Choose to market the product you're selling as one that is exclusive and focus your marketing efforts for high-end or upper class sales. This will allow you to charge a higher price for your exclusivity. People that belong to this elite crowd won't mind paying a higher price just to remain exclusive. One option to consider is offering a full featured product at a higher price point and a "lite" version that offers fewer features and/or services. This option offers the emotional fulfillment of getting a little bit more to those who have the "elite" mindset. Using this kind of psychological trigger will raise the value of your product to those who fall within your target market. While this won't work for all products it can be done with many.
Never be afraid to put a higher price tag on your product if it really delivers great value. When you price a product too cheaply it can be seen as being low quality, but when you put a realistic higher price on it, this can increase customer's perception of it. If you're committed to only releasing the best possible quality products and you are diligent about working to improve it regularly, a higher price is justified. Those customers who buy products based only on cheap prices aren't good customers to have anyway. Aim at those loyal customers who will be happy to stay with you as repeat buyers in the future. You can't expect to raise your prices if you have no real reason for it.
Be sure it really is worth the price you're charging.
Last but not the least; keep an eye on the competition and find what kind of special deals/discounts they are having and on which days. This gives you a chance to tweak your own offer to make sure yours is a better deal. If you watch what your competitors are doing with their strategy you have a clearer idea what you need to do to continue standing out from the crowd.
The object of this is to use their strategy to find ways to bring more exposure to your own product. Don't ignore this tip, as you could be giving your competition an edge over you, so work on providing better quality than they can.
In closing, this article should help you realize that paying attention to the small details can help you to figure out the right price for your product. There are lots of reasons why your conversions might be suffering, but you can remove some of these by working out a strategy to set a product price that reflects good value to your customers. So put these tips to work for your own product and you could be surprised by the results.
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