How to Sell an Expensive Product or Service

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How to Sell an Expensive Product or Service

There are very few businesses that want to compete on price and no marketer wants their product to be thought of as too cheap or too expensive. The price of the product shouldn’t be the point at all. Rather, the value should stand out more than anything. Clear explainer videos help steer the focus of people watching the video to the value of the item rather than the price. You can use a few price positioning strategies to sell your product and win a few extra conversions.

How to sell your product

  1. Try to introduce a more expensive product before you introduce yours – as the saying goes, to make a house look big, put a tent next to it. However, to make a house look small, put a skyscraper next to it. This can work wonders for your business too especially when selling expensive products or services. To make your price look small or reasonable you should first introduce a more expensive product. Try starting off with the expensive product, this is known as price anchoring at its basic form.
  2. If it is a large price, try breaking it up into monthly or daily prices – this is known as a copy change and is not an actual change in your pricing. There are many explainer videos that may come to mind when you think of this strategy. Even though the person will not be paying the smaller fee, it is good to divide the large fee up to make them see that it isn’t that large after all. In your explainer video start off by introducing an expensive product and then introduce yours. You can then break up the fee into smaller amounts as it would be per day or per month.

Animated explainer video services are offered by many professional companies and explainer videos in general can help to sell expensive products. You need to be able to determine ways to get your message across through these videos. Using the above tips thus far, you can script out your explainer video and begin thinking about the effects to use in them to enhance its message and get it across clearly.

  1. Divide the large fee into smaller fees and compare it to something tangible – much like the previous strategy, divide the large fee into a smaller amount per month or day and compare it with a tangible thing that people likely waste money on. You can compare it to the price of a coffee a week or printer paper that you buy per month. Use an item relevant for your target audience. In your video, show the items that this group of people commonly waste money on.
  2. Increase the value or perceived value of your product – make the audience feel as if they need this product. Show them the benefits of having this product and how it will impact their lives positively. This is known as value prism. Show people all the effort that went into making this product, this will make the product seem more reasonably priced and more valuable. You may also list everything that the customer gets from choosing this product.
  3. Introduce a calculator – in your video, show consumers the long term pay-off when they use your product. Make them feel like your product is quite critical to have and that they shouldn’t be living without it. Show them how much they save from using your product in the long term. For example if you tell them your product saved them $15 000 then the $6 000 price tag attached to the product doesn’t seem large at all.
  4. Remove the $ sign – this is a good trick when showing visual representations in your video. Remove the dollar sign and make the number appear smaller. This gives prospective clients the idea that the figure is not really that much. Since they are seeing these images, they will soon internalise that those figures are small or even affordable.
  5. Make it seem as if everyone is happy with the price – in your video speak about the people that used your product, positive reviews and feedback and happy clients. This will show prospective clients that others paid the same amount for the product and that the price is widely accepted by most people.

Using explainer videos, and a few good techniques, it is quite simple to sell expensive products. Try to think about your script first, before you actually create your video and use as many of the above tips as possible.