How do some companies sell expensive products without advertising? Tablio is a small business out of Vancouver, Washington and we have the answer. It’s probably simpler than you imaged.
They market high quality products.
In order to understand this, you must understand the difference between marketing and advertising. Advertising’s one form of marketing where you pay to make a non-personalized message to a wide range of people. Marketing is the planning of the targeted approach for reaching your customers in a way that they will see the benefit in using your product.
When companies who believe in their products know they work, they spend more time using other means of marketing besides advertising. They know their products speak for themselves, and it’s more important to retain customers than it is to push their brand out to the general public.
Great products speak for themselves. When your customers use your products and love them, they’ll refer other customers to your company. Your business will build on itself because your products speak for themselves.
A recent blog post on Hubspot reviewed six tips for convincing your customers to buy more expensive products.
- Figure out your competition
If you know what your competition is, you’ll know how your business compares. The ability to discuss the benefits of using your company versus your competitors will help your employees understand why they should invest in your company even if it is more expensive.
- Eliminate poor-quality competitors
Having a product whose value is qualitative not quantitative puts your company above others. When your company is the best, your customers will prefer to spend extra for your high-quality products.
- Talk price only after you’re in the lead
Don’t discuss the price of your product until you’re shown your customer the true value. High-quality products are valueless when they are proven to be the best.
- Ask about when low-cost choices bring them down
If your customer brings up low-cost options they’ve also considered or used in the past, ask them about how those products worked for them. You’ll be able to show them why investing in higher-quality products is actually an investment.
- Bring up examples of your customers who switched from the less pricey option
If you have examples of customers who used low-quality products in the past and switched to yours, share them! The best marketing tools are happy customers.
- Use a trial close
Don’t offer discounts before your customer brings them up. Always ask if they would be willing to close if you could give them a discount, without telling them the discounted price. This will defer any customers not looking to buy today.