3 marketing secrets to selling expensive products on Shopify
Luxury brands are often looked at as difficult to build and even more difficult to sell. It is true that many customers prefer a more affordable product, but with the right marketing tactics in place, any independent e-commerce retailer can position themselves and their product as high-value and luxurious, without turning off potential customers. These 3 marketing secrets allow store owners to increase their profit margins and start making sales in a less saturated market.
Be flexible when it comes to potential customers
The first step in any marketing strategy is developing a target persona, however, independent e-commerce retailers should avoid making their target audience too narrow. Luxury brands and products do tend to market to a certain type of person, socio-economic status, and geographic location, but they never ‘exclude’ anyone who doesn’t fit that persona. Imagine a potential customer who may be on the fringes of your target socio-economic status. While they are less likely to become loyal, lifelong customers, that doesn’t mean they won’t interact with your business in some way. The great aspect of selling luxury products is that they are often seen as rewards. Whether someone earns a new promotion or receives a holiday bonus, your luxury product may be the exact thing they want to reward themselves with. This is even the case for children. Kids don’t normally dream of the $1 toy at the local convenient store. They dream of the high-end, expensive toy that comes with a lot of bells and whistles. This is where the luxury brand comes in. Position your brand as the ‘next-level’ in your industry, and watch as customers who don’t fit your target persona begin to save up for your product and become new customers.
Understand how to upsell
As mentioned above, your product will serve as the dream solution to a potential customer’s need, want, or problem. Once you understand your marketing strategy from this viewpoint, discovering the power of upselling will not be difficult. To simplify things, imagine your product as a dream vacation. Your customer decides to book a trip to their favorite vacation spot through your company. Once the trip is booked, does the sale end? Of course not. Now is your opportunity to offer additional packages and add-ons to the customer. A discounted flight upgrade, a free night at a 5-star hotel, or even a sale on scuba diving lessons will sweeten the deal for a customer you’ve already converted. Applying this scenario to your luxury brand is seamless. Once a visitor is right at the edge of being converted into a sale, ramp up their experience by offering a chance at free shipping with an additional purchase, a discount on their current purchase if they refer a friend, or upgrading their purchase to expedited shipping if they add another item to their cart. When you understand upselling from this perspective, you will find that sales improve and you’ll convert more visitors in the long-run.
You’re a luxury brand, so position yourself as such
At times, it may be tempting to offer large discounts to bring in new customers, but be wary. Lower prices often result in customers thinking lower quality, especially when it comes to luxury products. We’ve all seen the $1 diamond necklaces on eBay, or the “completely free, all you pay for is shipping” products. These sales tactics only hurt stores that sell luxury products. It devalues not only the product, but the brand itself as well. Understand that discounts and holiday savings are acceptable, but within reason. It’s best to set a MSRP for yourself and hold to that standard, in order to maintain the expectation visitors will have for your store.