I’ve worked with many complex, expensive products and services during my marketing career, and I’m not alone in saying it’s challenging to make prospects understand the value your pricey product offers. Here are five things I’ve learned about marketing and selling an expensive product.
Know your competition
Ask prospects which other solutions or vendors they’re considering. Don’t be shy about asking about competition often in the sales process. Ask questions like, “How far are you in the buying process with vendor x?” This tells you how quickly you must act on this lead. Another good question to ask is, “Who in your company is the biggest proponent of vendor x?” This tells you to whom you should directly reach out to within the company.
Provide customer testimonials who switched from a less expensive option
You probably have a customer who switched to your product or service because a less expensive option let them down. Use these stories to your advantage! These customers will be your best advocates. There’s a lot of marketing and selling power in a well-thought-out customer testimonial.
Sell a solution, not a product
Once you’ve uncovered the problem a prospect has or the goals they want to achieve, it’s your job to solve that problem and give them the tools they need to achieve those goals! Play the role of a therapist – listen to their problems and offer a plan of action to achieve a solution. Each prospect is different, so this isn’t one-size-fits-all therapy; some prospects will care about technical specs, for example, and others won’t.
Make it easy for prospects to understand what you do
The sales cycle will be long; give prospects the information they need to easily digest what exactly it is that your company does and the problems you solve. Setting them up to be educated consumers will ease the sales process and make prospects confident that you’re industry experts and will help them. Ask yourself, “How would a prospect explain what I do to their friends?”
Know what your customer wants to become as a result of doing business with you
Consider Maslow’s Hierarchy of Needs. This theory is represented as a pyramid with basic human needs at the bottom and the need for self-actualization and transcendence at the top. Studies show that the closer a product or service pushes a consumer to the top of the pyramid, the more money they’re likely to spend. With that in mind, ask your prospects what they hope to become, or what they aspire to transform their own company into as a result of doing business with you. This is often more personal than merely offering a solution to a pain point. If you can show prospects you’re willing – and able – to support their transformation journey, you’re in a strong position to earn their trust and close the sale.
Understanding and practicing these five tips during your marketing and sales processes will set you up for success. If you’re having trouble getting consumers to understand the value of your expensive services, try these five things:
- Step back and review your competition
- Talk to customers to get their stories
- Change your messaging to focus on a solution
- Make it easy for them to understand what you do
- Prove you’re a willing piece of their transformation journey.
If you still have trouble implementing those practices, contact us – we can help!