When you shop for perfumes, you’ll tend to find that some perfumes are priced much higher than others, and you’ll no doubt end up wondering what makes it so that they value it at a much higher price point than their competitors, but what if I tell you that you can also increase the value of your products? It’s much simpler than you think, and these 3 points mentioned below will help you achieve just that. Let’s break it down.
Value is subjective
First thing’s first. We need to realize that the nature of value is, in and of itself, very subjective. This is because your customers will tend to attach certain things and associate it with your brand, making a personal connection, meaning that they’ll be more willing to purchase your products even if you’ve raised your prices a little. This is not something that happens overnight though, rather it’s something that you’ll need to slowly build up to.
Launch an effective branding campaign
Branding is often overlooked in favor of advertising, but that may not always be the best course of action. You see, when you launch effective branding campaigns, not only will it allow your brand to price your products at a certain level, depending on how you’ve branded yourself. Take Apple, for example, who have slowly built their brand and presented it as something that exists outside industry standards, which allows them to price their products at such high prices, yet still generate sales. Why is this? Well, simply put, they’ve branded themselves effectively, and if you want to increase the value of your products, so should you.
Try to add to the experience
Be it the shopping experience, or simply by adding bundles of other products into a single package, you can rather easily justify the price of an object simply through the sheer density of things that you’ve included in it. This is because it will feel much more reasonable to pay a certain amount of money when you know that you’re getting a little more than you would if you had opted for something less. Another way to go about it is simply by incrementally increasing the prices, but still providing discounts as you do it. Not only will your customers appreciate the care that you’ve taken in attempting to increase your prices without losing your consumer base, but they will also start to see that your products hold more value than they otherwise would have if you hadn’t paired it with excellent customer support.
At the end of the day, when someone pays more for a product, they expect to receive a little more than usual. You can easily achieve this with great customer support, by being more active on social media by engaging with your core audience, as well as sharing their content on your page. Not only will this build up brand loyalty in the long run, but will also increase the overall customer experience when purchasing from your store, something that not very many brands can boast about.