Prestige needs to be Expensive
Marketing
I want to share something really important with you
which is sooo overlooked.
It is that you can charge more for whatever it
is you are selling by simply including some prestige.
Sure, this may not
be something you want to do right now because you are trying to grab necessary
revenue but sooner or later, you should think about how to apply this very
powerful marketing strategy.
People with money want to pay you more if it
buys them more prestige. You don’t even have to feel bad by charging them more
because you are actually giving them an ego boost.
It’s all about
emotion... people like to feel superior. If you understand this basic universal
desire it can help you do an awful lot of selling.
If you appeal to your
potential customer’s pride, you can persuade them to pay more than what you
would receive by appealing to any other emotion.
Even if you think you a selling a basic product that is
price sensitive you can still market that same product differently to consumers
who are looking for exclusivity. It might take some new packaging and a
different marketing approach but it can be done.
Here’s an example... I
know of a legal firm that interviews you to see if you are an acceptable client
and some people are more than happy to pay over the top to avoid that rejection.
What are they really buying? Prestige... of course.
There really is a
huge number of people who will be happy to pay more for your product or service
if it provides them with prestige. The more prestige you can offer them, the
more they will be willing to pay. If you think that there’s no way that this can
apply to your business then please give me a call.
keep your powder dry,
Warren Cottis