We’re all looking for that magical method to increase sales without lifting a finger, but we’re also realistic enough to know that it doesn’t exist. You can only increase sales by changing something about your typical sales process.
One of the best changes you can make to increase sales is changing your focus from price to value.
When it comes to price, there’s only so low you can before you’re hurting your business. But when customers often base purchases on price, what can you do without breaking the bank? The answer, in short, is to offer your customers more value instead of lowering your prices.
Focus on value, not price, to increase sales
Many case studies have shown that price decreases only lead to modest, temporary increases in sales. Why? Aren’t customers looking for the cheapest prices when they shop for products or services?
Cheap prices are tempting for consumers, but they also signal that something is potentially amiss. Who hasn’t been shopping online, seen a product they’d like to have, but declined to purchase it because it was priced unbelievably cheaply?
When someone sees that your prices are much lower than industry standards, they usually think one of two things:
a) It’s worse than the other products, so it’s priced lower
b) It’s the same quality as the other products, but I’m getting a great deal
While you hope and pray that it’s B, most of the time, consumers go with A. If you don’t want to make your product or service look like a cheap imitation of your competitors, you must stay within the average industry price. But if your products are priced like your competitors’, how can you differentiate from them and show consumers that you offer the best deal?
By increasing the value of their purchase, of course!
Sample ways to increase value without lowering prices
While it’s true to an extent for B2C companies, it’s especially true for B2B – customers are looking for the option that provides them with the most value, the most “bang for their buck.” Here are some sample ways to increase the value of a purchase for your customers without lowering the price, which will in turn increase sales for your business.
- Include a free maintenance service (free repair for one year, 30 days of antivirus included, etc.)
- Offer volume discounts or automatic reorder discounts
- Create packages or bundles of your services
- Offer a free gift or membership with purchase
- Create free, downloadable guides for your products and services
- Offer free expedited shipping to orders over a certain amount
If you plan to increase sales, you must be willing to change something. If your prices are on point and you don’t want to lower them, try focusing on value instead of price to give your customers an added reason to choose your company. Rattle your competition by offering the best value in the industry – even if your prices are a little higher than others’.