Are you one of those business's where a premium product just wouldn't work? I hear it all the time - but I challenge you to think differently and see for yourself the benefit in terms of extra sales.
The facts speak for themselves, a clear percentage of your customers will pay extra for added value, if you let them.
A premium offer essentially gives your customer a high level of added value, disproportionate to the additional cost. And, for the business, the additional value is not costly to provide. Essentially a high-margin extra where both sides benefit.
This is reasonably commonplace and easy to deploy in most B to C sectors. Different levels of membership to just about anything. Spa day packages. Hampers to send as Christmas gifts. Set menus in a restaurant. Delivery levels when you buy online. Types of barbecue in any given range. Lambswool versus cashmere sweaters. Laptops with a super processor and software bundle versus the standard set up. And so on. And so on.
Yet, despite this, many businesses simply don't offer these options and are simply leaving money on the table.
'Time for money' businesses can sell premium products too
But businesses in the 'B to B' and other 'time for money' sectors sometimes struggle to see how they can deploy premium products; business consultants, coaches of all types and therapists generally fall into this category.
Not only do premium products add valuable extra income but they can be a great differentiator too. Rather than just selling what you do by the hour, how about creating consulting packages?
Packages that include one-to-one contact time, email support, telephone catch up, access to exclusive Webinars, information based products (your Ebook, or library of resources), self-taught coaching sessions and so forth. Apart from your time, the extras are all cost free but the value of the intellectual content is high - and hence the value to your client is high too.
And of course you can sell these at 'small, medium and large' levels, or 'gold, silver and bronze' - whatever sounds right in your business. You can sell them for lump sum fees, or create simple payment plans using PayPal - you don't even need complex ecomms to make it work.
And there are other options too - a book keeper who charges a premium for working on-site with clients. A commercial loans broker who now charges a premium fee for managing the loan drawdown process and all the legal shenanigans that go with it. A chiropractor who charges more to see the business owner, and more for early, lunchtime and late appointments.
So ask yourself, how a premium package could work in your business? How could you convert existing one-off customers into regular payment plan members using your packaged services? You may have to put some hard work in up front but the results will be worth it for sure.
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