Many companies underestimate the amount of price flexibility they have with their product or service. Without a doubt there is a percentage of your customers who will gladly give your more money for a premium option(s) of what you sell.
Upselling is done everyday. Some great examples—McDonald’s, Burger King, Wendy’s. Then you have Staples and Amazon for good online examples.
But what I am really talking about is something more. Here are some examples of premium products that people buy frequently WITHOUT price being an issue: Evian water, Starbuck’s lattes, Godiva chocolates, Viking stoves, Sub Zero refrigerators. For each one of these products there are less expensive options and in some cases much less expensive options.
The question to you, how can you create premium options in your product offering? Where in your business will your customers gladly give you more money?
Author: Kathy Jiamboi
Owner of Creativedge Marketing, where growth-oriented dentists find dental practice marketing strategies and advice to take their practice to a new and higher level.