Selling a high-priced product can be challenging, especially when there are less expensive options. However, you don’t need to lower your price if your product is priced well for what you offer. Here are some tips to increase your conversions for expensive products.

Emphasize the Daily or Weekly Payment Amount When Advertising

When advertising, emphasizing the daily or weekly payment amount, instead of the monthly or yearly amount, can help to sell the product. For example, you can sell a subscription as a monthly or yearly payment but advertise it as costing only $1 a day.

Also, if you are selling a course, you can sell it as a monthly membership of $297 per month, for example, instead of as a high upfront, one-time payment.

Compare Your Product

To help sell your product, you can compare your product price to the price of something unnecessary. For example, you can say that your product price is less than the price of a cup of coffee a day. You can also compare the prices and benefits of your product to the competition.

Increase the Perceived Value of Your Product Using the Value Prism Technique

The “value prism” technique can help to explain the high cost of a product to a customer so that they will see all of its value and be more likely to accept the higher cost. To use this technique, make a list of all of the things that make the product have value or all of the things that went into creating the product.

For example, you can list the skills, education, and teams that were needed to create the product, including designers, writers, and engineers. You can also describe the time it took to create it, as well as studies or surveys that were done, patents that were obtained, and innovation that was created. Next, talk about the results that all of these elements produced for the customer.

List All of the Benefits of Your Product

Another option for increasing the perceived value of your product is to list all of the things that the customer will get when they buy your product. This technique can work especially well for products that don’t have a lot of utility, such as luxury items.

Use the Contrast Effect

You can use the contrast effect when you want to make the price of a product appear smaller and more reasonable. To do this technique, place the product next to a higher priced product. For example, if the product you want to sell is $297, if you place a product next to it that is $427, the product that is $297 won’t appear to be so expensive anymore when compared to the $427 product.

Create Price Anchoring

When you list pricing options for your product, listing the options in order from the most expensive to the least expensive is the most effective strategy. This is because after seeing the most expensive price first, the less expensive price options that follow don’t seem so bad to the customer. However, if you start with the lowest price and gradually show higher prices, the customer can feel like your prices are too expensive by the time they look at the last price.

A coach can give you more information and guidance on increasing your sales for high-priced products.