1. Make your product easy to buy
Customers hate complicated purchasing and payment options. Customers are usually willing to pay a bit more if you can streamline the process of buying from you, rather than elsewhere.
2. Ensure your product arrives quicker
Customers, like everyone else, want immediate gratification, especially when they’re spending money. If you can meet your customer’s desires sooner than the competition, they’ll usually pay a premium.
3. Promote your products must have feature
Customers sometimes fixate on a particular feature even if it’s not that much use to them.
4. Position your product as a premium choice
Consumers buy branded luxury goods because it makes them look and feel wealthy. The same dynamic operates in the business world, which explains why companies are still buying high-priced, IT-intensive systems.
5. Lower the cost of ownership
It’s not all about the price you pay upfront… it’s about the time and money you spend after your purchase. For example, an iPad costs more than a Windows netbook but requires less maintenance, thereby making it cheaper in the long run.
6. How friendly is your customer service
Companies underestimate the anger (and even hatred) that buyers feel when they experience negative customer service. By contrast, customers will pay more when they know their problems are handled quickly and cheerfully.
7. Nominal differences won’t make or break a sale
Customers will keep purchasing something that’s higher priced if the difference between your price and a competitors price isn’t large enough to get onto their financial radar. If there is very little difference, it’s not worth reducing your margins to undercut a rival as it probably won’t win you many more customers.
8. Sell yourself as part of the product
Customers are people and they prefer doing business with their friends. That’s why developing rapport is so crucial in customer relationships; it provides a buffer that keeps the competition at bay.
9. What more can you offer the customer
A customer will generally pay more for your product if he or she is angling for a job in your company, or wants access to your business contacts, or is looking to develop some key alliances in your sector.
10. Not everyone has time to shop around
Customers who are growing so fast that they’re struggling to take advantage of all the opportunities usually don’t have the time or capacity to worry about what everything costs. Ensure that these clients recognise the value of your product and they will not need to question what they pay.
Rob Barber is managing director at TYGA