How big brands sell with high prices?
Business is pretty much like a love relationship, you’re not the only candidate but you need to win the consumer’s heart. In this day and age, it is pretty difficult to stand out in this overcrowded digital sphere. First, the internet is constantly evolving so it is very easy to loose track of new practices. Also, people’s attention span is getting shorter and shorter every day which makes things even harder. Because of all that, consumers are more demanding with online businesses. That doesn’t give any small business a chance to just eyeball their marketing strategy. Everything needs to planned and organized in order to captivate potential buyers. We stole 4 ideas from big brands that can help you stand out among your competitors, without lowering your prices.
1. Specialize in one area
Don’t try to do too many things at the same time. Focus on being a specialist in one particular area. This will create a safe environment for your future clients, by showing that you are an expert in your field. Also, it will help you identify a niche that might be interested in buying your products. Once you have identified your niche, begin to adapt your marketing strategy to them.
- “What are their needs?
- “How can I reach them?
These are the questions you should ask yourself while trying to sell your product to them. A great example of excellent niche targeting is “GoPro”. The action camera brand managed to sell millions of cameras by specifically marketing them to athletes. Although the brand targeted one specific group, the brand was successful in reaching globally, while never changing their marketing target.
2. Be a storyteller
Don’t just sell a product, sell a story, like big brands do. Consumers don’t want to be considered as numbers on a list, they want to be part of a story. Make sure you make interesting content that will help make your product stand out from the rest. Use clever advertisement, testimonies and reviews to humanize your products and generate more leads. Think about this, there are thousands of companies that sells luxury jewelry but why so many people want to buy from Tiffany&Co? The company decided to focus on how their diamond rings are essential to make a perfect love story.
3. Raise your prices
Yes, you read well. Raising or maintaining high prices can be the way to create a story on how and why you are different. This will help promoting the value of your brand and make it a premium offer as opposed to low-cost one. The only thing is, you need to make sure that you are providing quality products to justify your prices. If you offer useful, high quality products/services, soon or later they WILL sell. Look at Apple for example, seeing their competitors undercutting them in prices did not discourage them. To differentiate themselves they raised their prices as well as the quality of their product. It is why customers are willing to pay the equivalent of a rent on big brands, just to have a quality smartphone.
4. Be innovative
You have to bring something new to the table if you want to stand out from your competitors just like big brands. If there is nothing that makes you stand from your competitors, you need to invent something. If we look at Starbucks, it is not different from any other coffee but people are willing to pay more for this brand because they are innovative. Not only they always try to come up with new drinks, but they also decided to launch a new payment app that makes it easy for customers to reload their account balances easily. When they get to the register, all they need to do is scan a bar code through the app on their phone. The app also enable customers to complete their checkout before they get in the store.