One of the most unfortunate mistakes that business owners make is setting their price point too low, even when they know that their product is worth more.
They do this because they don’t believe people are willing to pay more than standard market value for something; however, there are a few things that actually will make them comfortable paying a little extra because these qualities make it worthwhile to them.
1. Great Customer Service
It doesn’t matter what your business sells; people are always going to choose the company that gives them great customer support over the one that doesn’t put much emphasis on taking care of its customers.
Many times, customers will even settle for a product that isn’t quite as good as the other, if they can get excellent customer service with the lesser-quality product.
And if it comes down to a choice between two products which are equal in every way, except that one costs a little more and carries with it great customer support, it’s surprising how many people are fine with taking the higher-priced one.
2. Quality
If you have a product or service that is clearly superior to that of your competitors, then you would probably be surprised how much people would be willing to pay to know that they have the best of what’s around.
You also have to remember that they automatically expect to pay a little more for something that is first-rate quality; so, having a really good quality product is kind of a win-win.
3. Their Friends are Talking About It
The most powerful influence on your customers’ buying decisions is still the other people around them, whom they trust.
If you can build your product, at least locally, to the point where the thing you provide is the go-to for its corner of the market, then you’ve pretty much already won because people will pay a premium to get the product that everyone else already trusts, too.
4. The Best Reviews in Your Field
Consumers today are more savvy and discriminating than they have ever been, and not only that, but they also have access to more reviews and online discussion about products than have ever been available before.
If you can manage to inspire the best reviews out of all your competitors, then you’ll easily stand out as a front-runner.
5. Simplicity & Ease of Use
Want to know one of the best-kept secrets of product marketing? Design your product, and your entire business model, for that matter, so that the customer can look at it and immediately understand its value to them and what it does.
People tend to avoid products and services that they don’t fully understand, so making it simple and easy to use is paramount.
Stephanie
Stephanie is the Marketing Director at Talkroute and has been featured in Forbes, Inc, and Entrepreneur as a leading authority on business and telecommunications.
Stephanie is also the chief editor and contributing author for the Talkroute blog helping more than 100k entrepreneurs to start, run, and grow their businesses.