What marketing strategy can I use to sell a higher quality but more expensive product?
Filed in Marketing Strategy on Nov.07, 2009
I need to set up a marketing strategy to sell a very durable and reliable desk drawer slide for $8.75 when there is a competitor selling a cheaper less reliable version for only $1.75– obviously my product is better, but how do I stress that to customers and get them to pay this high price?
November 7th, 2009 at 11:34 pm
To market in terms of quality rather than price, and in order to differentiate accordingly, you need to follow the standard format of the 4 P’s marketing plan. That is, Price, Product, Place and Promotion – obviously you know the main attributes of the product, and the price, but for ‘place’ you should think about the type of people who are willing to pay over 4x price of competing product – whereas the cheap option may be sold where emphasis is on cost, your product will be suited to places/distributors where the customers will be willing to pay for quality. Promotion needs to concentrate on the unique selling point / differentiator of the product you are selling, so this would be promotion through media (the choice of which depends on place – ie internet, leaflets, direct sales force, tv etc etc) with a strong emphasis on the reliability, durability and quality of the desk drawer slide – heavily focussing on the life of the product compared to cheaper ones; a ‘lifespan’ comparison could show the cheaper one to be a false economy both in cost and effort of replacement, so this could communicate it quite well.
Hope this helps
November 8th, 2009 at 12:27 am
I would say that you should use videos and audio to show your product and build rapport. You can always charge more if you are a better marketer. Remember to focus on WIFM (what’s in it for them) in your videos and audios.
Make sure you have a drip marketing system in place to bring people along in the buying process. Offer them something to get them to give you their email address so you can drip on them until they buy.
November 8th, 2009 at 12:35 am
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November 8th, 2009 at 1:24 am
1. You have no competitor. If you acknowledge them as a competitor than your product becomes a commodity. Commodity wars are won on lowest price.
2. What does your product do that no other product does? Why is this important to a buyer? Position around this.
3. Become the expert. You must be the recognized leader in your industry. People will pay more for the items the expert/leader sells.
4. Market, market, market!
Good luck!
November 8th, 2009 at 1:48 am
I would suggest doing content marketing, let me explain…
You can get a video professionally created for around $47.00 – 97.00 (30-60 seconds) showing your quality desk drawer slide. You can even prove how easy it is to destruct your competitors and blast it around over 100 internet video sites for as little as $5.00 per site to be done manualy!
You can get keyword research done for you professionally, identifying the keyword phrases that will get you a decent amount of search volum, yes with lower competing pages.
With those keyword phrases identified …say for example choosing 3 at a time then you can get 6 articles done for you and optimized, two articles per keyword, that would cost around $90 for all 6
These articles can be given to someone to be spun (changes slightly in terminology, working etc to make each article unique, and spun into around 10 versions of each, you now have 60 articles which can be distributed to over 60 sites giving you extremely high ranking backlinks. Article marketing is extremely powerful used this way. That would cost around $150 to have the articles re written and distributed. A further $150 would get them again spun a little and added to some very high ranking web 2 properties like hub pages, propeler, squidoo etc. and these would link to your other articles submitted to the directories and to your main site (very powerful, your site will start ranking higher almost immediately with this)
Next your video can be distributed to over 50 video sites for around $150 and can be with several optimized descriptions targeting your 3 keyword phrases, the video sites are also high page rank and offer great exposure to your potential customers.
Get yourself put on google local by a professional who knows how and what to do and when people search for local business they will find you on the front page, that costs around $100 and your video can be put on there too.
Create 6 press releases targeting your 3 keyword phrases, these can be distributed to over 30 sites, one or two charge an extra few bucks, around $20 but rank very highly, the press releases can be done and optimized for around $50 each.
For under $1000 you have created some very powerful backlinks to your site, exposure on some very high page rank sites with your content. you would have a professional video done. Proper keyword research done and hundreds orf articles, press relases, videos etc all over the internet waiting for people to search those keyword phrases.
Dont forget that you should also have your email marketing system in place, you should have a lead capture or autoresponder on your site.
If you dont have a site you can get a wordpress site done and hosted for very little money …around $250 gets you a customized professional wordpress site and google loves the wordpress structure and it ranks those sites very well.
There are some very good internet marketing experts out there helping small businesses and for very reasonable costs.
Prices may start at around $360 per month but you get value and there isnt an SEO out there offering to work for 10 bucks. Professional help is transparent, measureable and guaranteed for pre agreed targeted results. You get what you pay for.
It can cut down your offline marketing costs too if you get it done properly.
Finding someone who not only does SEO but does the content creation and distribution for you as well as keyword research, updating content on your website and blog, having professionaly written press releases at low prices as mentioned above is what suits many small business owners and yet there are many who try to do it themselves, they get stuck as they dont have the knowledge or the technical skills to do it quickly and they give up.
If you can pay for example someone to set up a blog for you, with cuistomsed headers etc and it is with content, keyword research and a plan to follow month by month, all content created for you as well as described above for $1000 and its done in a few days, but you decide to di it yourself, you cant get the right look, you run into difficulties and a few weeks later you are still floundering, hopelessly frustrated and calculate your time you might find your own time was worth 2-3 bucks an hour for the effortyou made.
Its better to get it done for you, pay the money, have it delivered with guarantees and start planning the next assualt on your competitors.
Hope this helps, i wish someone had given me this advice a few years ago, my life would have been much different much earlier if they had and i know i would bhave accepted the advice if i knew this type of service was available.
I personaly use http://www.local-internet-marketers.com and i have a discussion with them every month, they go and create new content, they do everything for me and i have cut my marketing costs down but getting much more impact. In fact now that i have seen the impact they have made for me i will increase
April 29th, 2010 at 3:00 am
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