As a business, if you want to make more money, you can either sell more products, cut costs, or charge more for the goods you already offer. You might think that doing the latter would be foolish because no customer is going to pay you more, but that isn’t necessarily the case. There are lots of things that will compel customers to pay more, and implementing them is often a lot easier than trying to boost the volume of products you sell.
Intrigued? Here are some of the things your customers will always pay more for:
We’re all so busy that we don’t want to have to jump through lots of unnecessary hoops to buy a product. So, if you can make it easier for your customers to purchase your products and services than the competitions, you should be able to charge a little more.
Customers also don’t like to wait for the things they’ve ordered; they’re all about instant gratification. So, if you can ensure that your products will get to them faster than the competition, you will find that they’re willing to pay a premium.
If you have a product that can be customized in some way, like these replacement assembly products or these custom Nike sneakers, you will have no problem charging more than the competition for your products and finding people willing to pay. Sometimes, people want something a bit different, and if you can offer it, you’re onto a winner.
An Ego Boost
If you can come up with a product or service that offers the customer some cache (think Apple iPhones and designer shoes) then, again, you should have no problem charging a premium because a lot of people like to show off and give their ego a boost by being seen with certain ‘luxury’ products.
Products that have a longer lifespan can be charged at a premium because, although they might be more expensive to buy in the first place, they will offer better value over their whole lifetime, making them a sensible purchase choice.
Great Customer Service
You’d be surprised by how many customers are willing to pay a bit more to get better customer service. So many people switch internet service providers and banks because they get poor service when they call up to report an issue or get advice, that it makes sense to spend a bit more on getting your customer service absolutely right.
If you as a business owner are a pleasant person to deal with, and you’re able to build a rapport with your customers, then there is a good chance they’ll be willing to pay more for your products and services, even if the competition is much cheaper. This is particularly true when you’re selling business to business.
If you can offer flexible payment plans when the competition doesn’t, you will find that more customers come your way, attracted by payment options that make life easier for them.