How To Charge More For Your Product
Some business owners think that to charge more for their product they need to add to it, give bonuses, create a new fandangled ad campaign for it or hype it up by getting a celebrity endorsement.
While those things will certainly HELP you in having customers perceive your product is worth more, the BEST and cheapest thing you can do is to make your product seem exclusive – and the easiest way to do that is to adapt your copywriting.
Even the addition of one simple word can transform your product from ‘blah’ to ‘superstar’. Take the following product for example:
Not much to it really is there? You wouldn’t want to pay $59.95 a kilo for regular old cheese, would you? Not when you can get a 500g block of cheddar for around $7 ($14/kilo) at the supermarket.
But what if I told you this was ‘Artisanal’ cheese, handmade in extremely small quantities, taken from a select group of loving raised sheep, fed the finest feed and left to roam open green, undulating meadows in the sunshine? Would you be a little more convinced of the value of this ‘luxury’ cheese and even be prepared to pay for it? Most likely if you had a penchant for good goats cheese and the cash to splash, you would.
Just the addition of the word ‘Artisanal’ to your labeling and marketing of this cheese automatically allows you to charge more, because customers perceive it is ‘gourmet’, exclusive and only available in limited quantities.
What single word could you use in describing YOUR product or service to allow you to increase your price?