In the age of technology, it has become harder and harder to market expensive products. Technology has given consumers access to a wider selection of products than ever before. In many ways, this allows you to sell your product to more consumers all throughout the world. However, it also gives them access to look up and research products to find one at the right price for them.
Consumers are always looking for the best price using their smartphones to compare prices across multiple websites. Studies have shown that most pricey items are being bought in store rather than online. Consumers want to be able to touch what they could possibly be spending big money on before they purchase the product. The best way to give consumers the option to see your product in-person is to give information of retail stores in their areas that hold your product. Consumers like to have an idea of what they are going to be paying so much for so an in-person inspection allows them to feel more confident about their expensive purchase.
Another reason that marketing an expensive product is difficult to market is “sticker shock”. Sticker shock is when a consumer dismisses a product just on the price alone because it is out of their usual price range. They feel that their dismissal is justified due to the high price of a quality product. Without the allure of sale discount, there is no hope that a consumer with sticker shock will purchase an expensive product. There is no reason that any business should drop the price of a product below the integrity of their brand. A good alternative is to have surprise promotions and sales that can draw in usually sticker shocked consumers to checkout and buy. They will see the discounted price as more reasonable and once they use your product they will be more eager to pay at your regular price.
Marketing an expensive product on its own is endeavor but marketing an expensive product as a small business is twice as hard. Consumers are more likely to choose a big brand name they recognize as a “safer” option. As a small business, you are like a stranger to them making a promise to the quality of your expensive product. To gain their trust, you will need to provide guarantees of refunds and warrants that will provide them a safety net to land on. Reviews from real customers will make them feel more comfortable with their purchase and ensures a quality level. Some consumers need to talk to a representative to through emails, calls, or live chatting to help answer any questions they have about the small business or product.
The obstacles of marketing an expensive product will continue to grow as technology and websites develop for products. Consumers will always have the option to find cheaper versions of your product at the tips of their fingers. The only way to sell your product is to adapt to their needs and comfort their doubts. Marketing an expensive product is difficult but not impossible.