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10 ways to increase the cost of your products at least 3 times

[ BLOG ]

Table of contents of the article

Any business is a profit. And the business of distance education is no exception. Money is what makes entrepreneurs discover the vastness of the Internet and invest efforts in the development of their project.

However, every entrepreneur, regardless of what niche he occupies, has to raise the prices of his products and services from time to time. And the point here is not at all in the notorious greed — often an increase in the cost of a product is simply necessary for the normal functioning of the business and obtaining a decent profit.

How to do it quickly and painlessly, while maintaining customer loyalty?

1. Personalized approach

Personalization, or, in another way, customization is an individual approach to each client, based on knowledge specifically about him and giving the opportunity to offer really what he wants.

In most cases, an individual approach is the most valuable component of the consumer experience. Moreover, personalization is the very point where your benefits and the customer's benefits converge.

How to provide a personalized approach to the client:

1. Show the client that you understand his interests.
2. Address by name.
3. Make the client stand out from the rest.
4. Pay more attention to him.
5. Let's have more privileges.
6. Surround with care and attention.

All these actions will help to create a personal contact and prove to the client that he is important. When a client feels that he is important, he does not have a desire to go to your competitors. He will stay with you forever.
personalization

2. Added value

People buy solutions to their problems, not a set of characteristics and a function. Understanding what is valuable to customers will help you create products/services that provide the highest value with a minimum set of functions.

In turn, greater value leads to greater satisfaction from the purchase. And a satisfied customer is a loyal customer.

You can create added value to your offer with the help of exclusive bonuses. These can be your other programs or individual modules that will help customers reach the desired result faster.

Example: if someone buys a course or an individual program from you, then you can give a bonus access to an expensive, more premium program. Your task is to help your client and his project become special, non—competitive in their niche.

3. Personal contacts of trusted specialists

Everyone needs their own people. Moreover, nowadays every good specialist is worth his weight in gold. Therefore, share with customers the contacts of those whom you value yourself.

Example: if you have contacts of people who are good at making websites or setting up ads, then you can recommend them to your customers. It won't hurt you, but the client is grateful and satisfied with you.
Personal contacts of trusted specialists

4. Personal meeting

You meet with the client personally, work out with him some of his problems and tasks, and in the future help to implement recommendations.

5. Physical version of the product

When you sell individual or expensive, but group work, you can strengthen the offer with something that you can hold in your hands: a printed book, a workbook, a training schedule, a set of tools, etc.

Example: if you are engaged in nutritionology, then to create your expensive product and raise its value, you can create a personal menu.

6. We will do it for you

You take on the solution of the most burning problems of the client: you configure services, bring turnkey traffic, sell its products, etc.

Example: in working with your clients, a mandatory item is support, i.e. any day, you can contact us and we will answer any questions.

7. Interviews and questionnaires

When a person is interviewed with you, they understand that you are already working with them individually. At such calls or meetings, the client, answering questions, realizes that he has problems and only you can solve them. In addition, this way you create the effect of an offer available only to a select few.

This stage is a kind of adequacy filter. It helps to cut off the non-target audience and determine whether this client is suitable for you, whether he complies with the rules and values of your project, whether he will be comfortable working with him and whether he is ready to follow all your recommendations to get results.
Interviews and questionnaires

8. Handouts

You give customers something that will help structure information, facilitate the perception and execution of the main program of the product, as well as accelerate the receipt of results.

This:
  • All kinds of pdf reports.
  • Workbooks that help you master the product program.
  • Intelligence maps, which are a visual step-by-step algorithm of the process.
  • Templates.
  • Checklists.
  • Guides.
  • Instructions.
  • Podcasts.
  • Recordings of master classes.

9. Deadlines for making a decision and closing a deal

Deadline in marketing is a tool for limiting the validity of a special offer on the quantity of goods, for the duration of a bonus promotion or discount.

Deadlines are one of the most powerful tools that creates the effect of exclusivity of the offer and clear benefits. For example, have time to buy before March 10!
Deadlines for making a decision and closing a deal

10. Legendization

Legending is an argument about why your product is expensive. Besides the fact that the legend justifies the value of your offer to a potential client, it also increases its value to a level where the price ceases to matter.

Here are 10 tools to help you strengthen your offer and make it more valuable to customers.
In conclusion, the art of increasing your product's value lies in enhancing the overall customer experience, providing additional value, and creating a sense of exclusivity and urgency. By integrating these ten strategies, businesses can effectively increase their products’ perceived value and, consequently, their pricing power.

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