Customers buy for many reasons, other than price. Yet, online retailers, eCommerce stores, as well as online businesses, spend too much energy and profit to appeal to low-priced shoppers. This is not a game you need to play. You can increase your profit margins and reduce your dependence on sales volume by selling at higher prices. This will also please your customers, as you’ll see.

It doesn’t matter how you approach it.

These are ten strategies to sell at higher prices while making your customers happy.

1. Customers who have more disposable income should be targeted

There are many options for doing this and we won’t be able to cover them all here. The idea is that people who have more spend more. People will buy higher-priced products if they have more to spend.

Targeting is the key to success online. Online marketing tools make it easy to target people based on income, past spending habits, websites they’ve visited, their location, and other data. These tools will help you get your products to the right people.

Next, position the more expensive product or service to make it attractive to people who have more disposable income. This can be done with any product.

It all starts with the product name. Name your product in a way that makes it stand out, make it special, distinctive, unique, or designed for a particular purpose. This is the next strategy.

2. Refuse to lower your product

Low-priced items typically offer only one reason to purchase them: “Save Money.” You’re claiming that your products are superior by selling them at a higher price.

You could be the luxury brand or the brand that lasts longer, the more flavorful brand, and the most difficult-to-get brand.

You must create a unique selling proposition (USP) that communicates the value of your product and sets it apart from other products. If you succeed in this, consumers will be more willing to pay for your product.

Even school supplies.

Southern Living recently featured eye-catching and fun school supplies such as pencil pouches and stylish tape, gold scissors, and stylish tape. These supplies are more expensive than what you can buy at office supply shops. The visual impact is instant. These are a great choice for students because they’re unique, fun, and grab attention.

These are school supplies, people. You can also do it if they can.

3. Don’t sell the solution, but the problem.

According to the old saying, you don’t buy the drill; you buy the hole.

It is simple, but it is profound. How does your product solve this problem? Even though there may be many people solving the same problem as you, your product might not be presented in that way. Your messaging and marketing should be refocused on the problem that your customers are facing. Show them how your products or services can solve it. They will appreciate this approach and feel you truly understand them.

If you can connect with customers on a deeper level, then the price is less important in their purchase decision. This is especially true for services. You can sell more if you do it well. 

4. Bundle them

Imagine yourself buying each piece of a kit for home beer making. This involves a lot of equipment. All of these pieces could be sold by a store.

The same store might also sell a bundle that includes all of the essential equipment plus some add-ons such as starter packs with a different flavor, a book that offers tips and tricks on brewing, or other items.

Which deal is better: A bundle or purchasing everything separately?

Bundles sell convenience. The customer doesn’t need to search for all of these items. They may not have thought to search for the book. The bundle adds value to the product, which justifies a higher cost.

Bundles of products are superior to any other product and can’t be priced-shopped. Because the bundle delivers unique value, you can buy it as-is.

5. Get freebies and bonuses

This strategy works extremely well. A great bonus or gift can help you sell more of your product. Sometimes, even though you may not be selling tangible products, people will still respond to a bonus, such as a contest entry or gift.

Imagine a company selling hats that feature sports teams. A campaign could be run that allows anyone who spends more than $100 to enter a drawing for two tickets to a sporting event. Many buyers will spend $100 to win free tickets.

You can also give bonuses that are an item. This can work just as well. Be creative. You can make a product a bonus by adding it to a bundle without increasing the price.

6. Create a pre-sold audience

This is the best way to do it long-term. Use lead generation to attract new customers with low-priced or free offers. Once you have their contact information and made a positive first impression, nurture the relationship with them by sending them valuable information. You don’t have to sell everything.

You solve problems. You’re solving problems.

You’re not selling to everyone, but only to you. They will pay you more for what they like and trust.

This is possible for both product-focused eCommerce and retail businesses. It all comes down to how you name your products. Names call out to the audience.

Imagine a dog owner buying dog food and having their dog weighed 90 pounds. This is a large dog. There are many options for dog food in a pet food store. What if a dog owner only sees one choice that is designed for large dogs?

They are more likely to purchase that brand, even if it is more expensive. Why? It’s specifically selling to them. It is calling out to its customers. The dog food brand does not target small dogs that won’t purchase it. It is only available to large dog owners and comes at a premium price.

Exclusivity is a selling point.

7. Write a book

You don’t need to write a book. Create a book that connects with your target audience immediately. A book communicates authority and knowledge better than any other medium. Interviews on television, podcasts, and influential publications are all possible with a book.

This method works best for service-based companies, but it can also work for product-based ones.

Let’s say you are looking to remodel your kitchen and go online to find all the home improvement and handymen. In a matter of minutes, you can find seven kitchen remodelers. They all look great. They sound all very knowledgeable and experienced. All of them have received positive reviews. They are all available to give you a free consultation and estimate.

It’s great! But how in the world can you choose? They are all the same!

You then notice that one of the women has a book called “Nine Kitchen Remodeling Nightmares” and how to avoid them. She gives it away as part of her consultation and estimate.

She instantly appears more knowledgeable than others. Her book is what sets her apart. She will get more bids and sales and can charge more than others.

Selling is about more than the product, and a book is all based on who is selling it.

Any business can create a book to appeal to its target market.

8. Make choices

A study was conducted in which customers were offered regular beer for $1.80 and premium beer for $2.50.

The premium was chosen by 80% of respondents. This is a reminder of the tip I made earlier about not compromising on price. Most people will pay more for better-quality products and higher quality.

Here’s the best part:

Then, they added a $1.60 cheaper option. It was not chosen by any of the participants in the study, but almost all chose the $1.80 option. They lost money when they only had two options.

They then tried another variation: dumping the cheaper one and adding a $3.40 choice. 10% chose this option, while 85% chose the $2.50 alternative.

The fact is that people will choose the middle-priced option when they have three options. This means that offering more expensive options leads to higher revenues.

A famous story is about a hamburger shop that wanted to sell more double burgers as they made more profit than single burgers. How do you do it? You can offer a triple burger.

9. Smartly use upsells

Upsells can be compared to free bonuses except that the customer now has more items in their cart than they had originally planned.

The extra products must seem obvious to make it work. They shouldn’t cost more.

Upsells are designed to increase your average order values (AOV). First, you sell the phone. Then, you upsell the case. You then sell two additional cases to ensure that they have backups and options. The glasses are sold. You then upsell the cleaner.

It is possible to upsell the same product but with more. Let’s say a customer purchases a product for $59. You can offer your customer the opportunity to purchase another product for $49 or $39. This is a deal for them on a second one. You’ve almost doubled the order value for customers who accept your offer.

10. Get rid of all the hidden fees with a “9”

This is absurd! Research supports it. This study ran multiple tests. One test found that women’s clothing sold for $39 was more popular than the same item, even though it was $35. The average price ending in a “9” was 24% higher than the lower prices.

Surprising, right?

Another test was done for a product that stated, “Was $60. Now it’s only $45.” Other customers saw the same language but for $49 rather than $45.

The sale price of $49.9 was a response from more people. It’s shocking stuff, but it’s science. People are funny. Maximize your profits by ending them with ‘9’s.

Strategy bonus for higher prices

Here’s a bonus strategy to keep with the theme!

It is a smart idea to offer multiple payment options, especially for high-priced items or shopping carts that exceed a certain amount. Buy Now, Pay Later is an excellent tool for these situations. It makes customers feel more comfortable spending money with you because they don’t have the obligation to do so all at once.

BNPL and other payment plans allow you to sell at higher rates than you would otherwise, and in a manner that pleases customers.

Now, get out there and raise your prices to start selling.