Increase Conversions by Matching Price and Value
Here at Intent Company, we talk a lot about the customer journey, an approach to marketing that focuses on providing real value to customers every step of the way.
So, it can sound strange when we start talking about ‘incremental higher prices.’
A brand increasing its prices doesn’t sound very customer-centric.
But it actually can be.
We think it’s so important it’s the 12th question of our Customer Journey Assessment. If you haven’t taken it yourself, you can do so by clicking right here.
Question 12: Does your brand have a line up of additional products or services to add more value at incrementally higher prices?
Each customer you have will feel about your brand differently and have a different level and depth of relationship.
Some customers see your brand as a tremendous value. As a result, they want more of you and what you offer.
So many brands miss out on this relationship because they don’t keep offering more goods and services at higher prices.
Remember, higher prices aren’t inherently negative for your customers, especially these customers. As long as the product or service has value to match the price point, it’s not a problem to charge more.
You’re simply allowing more customers to grow deeper relationships with your brand.
Many people don’t like the idea of incrementally increasing prices, fearing it’s dishonest.
It only becomes dishonest when the price point no longer matches the value.
Offer a way for your customers to get more value from your brand and attach a price tag to it.
Brands that only offer one good or service might think they can’t really add value and thus can’t add price.
Let’s say you sold only one type of financial service.
A value you can add is how that service is provided. Maybe you can have different levels of service, more hands-on and done for the customer the more expensive it is.
The value is there. The more this customer pays, the faster or easier the service is completed.
Another way you, in this example, could expand your value range is by writing a book about financial services or offerings a video series.
It’s a cheaper way for more people to access your services more often.
Customers that enter this way work their way up to your more expensive services, netting you a valuable customer you wouldn’t have otherwise attracted.
Having a range of goods and services at incrementally higher prices gives more opportunities for customers to find the value that best matches their needs and wallets.
The better this first experience goes, the more likely the customer will buy from you repeatedly. And that will be easier as you have a variety of options to offer.
Developing a customer journey approach to marketing is vital for brands in today’s modern business world.
The hardest part is knowing where to start.
That’s why we made the Customer Journey Assessment, a quick diagnostic look at your brand’s current marketing efforts, revealing your existing strengths and weaknesses and guiding you on where to go next.
Take the Customer Journey Assessment by clicking right here. It’s free, only takes a few minutes, and can be the spark your marketing needs and your customers want.