If I told you I had all the answers to help you push past your sales goals, would you take note? Well get your post-its ready cause I’m spillin’ allllll the tea on PREMIUM PRODUCTS and how most creative entrepreneurs are misplacing them in their product and/or service collections.
I used to always get asked by photographers, “Amanda, why can I not sell past my bottom collection?!? It’s SO FRUSTRATING!” My follow up question would always be “Well… what’s in your bottom collection?” And before they could finish their answer, I’d stop them within their first sentence. Wanna know why?
Because they would ALWAYS answer, “Some digitals, some prints…” and I’d never let them finish. I didn’t need to. I knew the issue with those first two words: SOME DIGITALS.
Before we can discuss premium product pain points, placement, and pricing, we first need to understand what a premium product is. It’s not what you think… most creatives think that a premium product is something THEY love and want to sell. NOPE. It’s actually what your CLIENTS LOVE & will spend the most money on. This requires you to be really in touch with your sales & understand the psychology of your clients. Is there one or two products that EVERY ONE OF YOUR CLIENTS is choosing at their sales appointments? How about a service that you offer that they’re going crazy over? THESE are premium products!!!
USING PREMIUM PRODUCTS TO REDUCE & CREATE PAIN POINTS:
1. You should NEVER allow easy access to premium products or services! They should not “come with x product,” or in the bottom offering (or even the second from bottom offering, if I’m being honest). They should be hard to get. Premium products & services warrant premium pricing.
2. Try not to pair premium products with freedom of choice unless at the top of your offerings. This means that at the top, your client can not only get the premium product, but the choice of the rest of their collection as well. These two factors pack a punch for high-end sales motivation and you should use them as such.
3. A great way to encourage high sales is to make your premium products customizable. Everyone loves a customizable product or service that fits their lives!
PLACEMENT OF PREMIUM PRODUCTS:
Believe it or not, where you place your premium products in your offerings can MAKE or BREAK a sale!
1. Your premium products should never be at the BOTTOM of your offerings. We want these to be a top tier motivator.
2. NEVER EVER place a premium product in your a la carte menu. You want these to only be accessible when they hit a certain financial point from one of your collection offerings.
3. You want to place your premium products AT OR ABOVE what you want your average sales goal to be. This will help push you towards your sales goals.
PRICING PREMIUM PRODUCTS:
1. When you give a premium product premium pricing, you automatically push your sales towards a higher goal. You cannot get a Platinum SUV with leather seats and a DVD player at the base SUV rate, right? Why would you allow the same for your business offerings?
2. Never give away your premium product for free. Doing so leaves so much money on the sales table and really takes the momentum out of your sale.
3. Make sure your premium products/services are some of the highest priced products/services that you offer. This will help them set a standard for your sales & price anchor the rest of your offerings.
So there you have it! Do you see any issues in you premium product offerings now that you know the correct way to use them in your collections? If so, start updating your offerings TODAY! Don’t you dare leave money on the table longer than necessary. The more you know!
NEED HELP DECIDING HOW TO USE YOUR PREMIUM PRODUCTS AS PSYCHOLOGICAL MOTIVATORS?
Check out my Pricing for Profit course!