Go big or go home! I am pretty sure you’ve already come across this statement – maybe from a friend or from an online article.
It’s an encouragement for us to go all the way in our endeavors or just back out, stay at home, and be an indolent whiner who has an excuse for every opportunity that comes along the way.
In business, you can take this statement figuratively and literally. Go ahead and give your best in everything that you do and don’t hesitate to take the risk of selling high-ticket items.
I am not telling though, that low-ticket items are worthless. As they say, “Everything has a purpose.” And in business, a low-ticket item can serve as a bridge that can lead your customers to your high-ticket items.
In other words, it’s essential to have low-ticket and high-ticket items if you want to increase sales and build a scalable business.
If you are planning to start your business, or you’ve just started it, you need to consider that high-ticket products or services are inarguably the best way to go.
I’m sure that you’re enthusiastic about doing things to increase your revenue and that’s why you’ve found your way in this article. So, I won’t delay it any further. Let’s dive right into business.
How to Increase Sales Online
Identify Your Target Market
It’s not enough to just hitch your wagon to a star. There are billions of stars out there. You need to know exactly the one that you are aiming for.
It’s the same with business, you have to identify your target market so you can focus your energies in providing their needs, and filling in a hole in such market.
Knowing to whom you are selling to is just the start. Of course, you need to pay attention to your marketing and lead generating strategies. It’s also helpful to know the dwelling place of your target audience.
You can check several Facebook groups, forums, and online marketplace for this purpose.
And you can also make use of Reddit. But you need to hold your horses if you want to advertise your products and/or services on Reddit. Blatant selling on this platform can lead to your expulsion.
If you are an artist, you can check out this guide on how you can properly promote your art on Reddit.
Create Your Business Website
Whether you are running an e-commerce business, offering consultancy services, or accepting commissioned artworks, you need to have your website.
Then again, it is obviously not enough to just have one and do nothing to get the best from it. Hence, you need to launch your site and you have to optimize it for SEO and conversions.
If you are still having second thoughts if putting your works on a website is good for your business or not, just consider which among two artists are more credible: the one who just sells on Facebook or the other one with a highly optimized site?
Besides, if you are an artist, it is more important for you to have your website because it can serve as your digital portfolio.
Are you currently lost as to where to start? You can check this article on how you can choose the right website builder for your art business.
Strengthen Your Social Media Presence
In 2018, there were about 2.65 billion active users of social media, and this number is believed to increase to almost 3.1 billion in 2021.
It may or may not be true that your target market doesn’t use social media. But with that number, you just can’t downplay the importance of social media in driving your business to success. You can’t use your target market’s demographics to conclude that they are not active social media users.
Moreover, you can experience quicker and more massive success in social media if you can focus on only one or two platforms at once.
If you are an artist, you can focus your attention on growing your presence on Instagram, YouTube, and Pinterest, since these channels are more popular for art enthusiasts and creatives.
Generate Relevant Leads
Lead generation is one of the strongest reasons why you need to build your business website.
I am sure you already came across those Facebook ads that offer free eBooks, tutorials, and the like. Once you click the link on their post, it will lead you to a funnel or to their website where they will ask you for your email address so they can send you your free copy.
This is a legitimate and effective way to generate relevant leads. I say it’s relevant because only those people who are interested in what you have to offer will give away their email address in exchange for your eBook.
This is the opposite of just throwing out random giveaways where anyone can join. Because most often, with giveaways, you will just attract free-ballers who will give out their email so they can avail the discount, they can have a raffle entry, or they can enjoy your fleeting offer. And just like your offer, their presence is also transitory.
So, if you are going to think of ways to generate leads, you need to consider those that will help you drive relevant and potential long-term customers.
And just to be fair, some giveaways can help you generate relevant leads for your business. Take a look at this article that talks about exciting giveaway ideas that can help increase your email subscribers.
Use Email Marketing to Your Advantage
Raking in as many relevant leads as possible is one thing; what you will do with these leads is another.
Your email marketing strategies should be as efficient if not more efficient with your lead generating tactics.
You just can’t sit there and read the piles of email addresses in front of you. You’ve got to create effective sales copies, updates, irresistible offers, and valuable content that you can send to your subscribers.
You need to build a trusting and lasting relationship with your subscribers and potential customers by sending them emails regularly.
Check out these tips on how you can create an email marketing for your artwork and how you can run a successful email marketing campaign to attract more attention, get better engagement, increase sales, and increase revenue.
Create a Sense of Urgency
Would you rather grab an offer that says it’s the last product on sale or an offer that simply emphasizes how much you are saving if you are going to buy the product?
I am pretty sure there is a higher chance that you will go with the first one because of the sense of urgency that is incorporated in the offer.
This is certainly not a new technique. And though adding a sense of urgency is not a guarantee that it will lead to a conversion, it is still better to include it in your sales copies.
For the record, urgency can be in a form of time-sensitive special offers or limited-edition products and/or services.
Feature Customer Testimonials
If you’ve been in the business for some time, I am sure you already have amassed several satisfied customers under your wings. Don’t just let their satisfaction be between you and them.
Let the world know. And for sure, your satisfied clients won’t mind sharing their wonderful experience with you on your Facebook page, or your website.
Use these positive testimonials to cement your reputation in your field and help potential clients make up their minds to close a deal with you.
In addition to testimonials, you can also make use of trust signals on your website.
Ever wonder what’s the significance of seeing the logos of PayPal, Mastercard, and VISA on the checkout page? Well, the logos don’t just indicate your accepted payment options; they also show a sense of security to your buyers. These are examples of trust signals that you or your customers may not even be aware of.
Provide Several Payment Options
Whether you believe it or not, your payment options can either close the deal for you or your competitors.
Not all shoppers are comfortable in placing their credit card details online, so you need to have alternative payment gateways for them.
On the other hand, not all shoppers have a credit card. So, what other options can your customers use? You can accept payments via PayPal, Bitcoin wallet, bank transfer, money order, money remittance, or even COD (cash on delivery).
Offer a Money-Back Guarantee
Risk aversion or the desire to veer away from a potential loss is one of the leading causes that hinder an eager buyer to complete a purchase.
There are always the “What ifs,” running back and forth inside their minds. You can overcome this buying objection by offering an irresistible money-back guarantee.
On the other hand, this offer doesn’t work all the time. So, you need to assess your situation if it’s applicable for you and it also helps to cite your terms and conditions.
Doing these measures can help you avoid shoppers who will just buy your product to test it or use it for some time, and return it after a couple of days for whatever reasons.
Offer a Free Trial
Offering a free trial is a great way to let your potential loyal customers have first-hand experience with your services. However, this is only applicable if you are offering services.
I haven’t heard of shops selling power banks, gadgets, or clothing that offers a free trial. I guess the equivalent of this to products is a guaranteed one-week product replacement or a one-year warranty.
High Ticket Items – Tips on How to Sell a Product
Selling a high-ticket item and/or service with a hefty price tag is certainly not the same as selling a print-on-demand merchandise, or other cheaper products and services.
One of the most important factors that can help you succeed in selling high ticket items and thereby increase revenue is by developing a long-lasting relationship with your potential clients.
And one of the ways to do this is by engaging with them across your social media accounts, and on online forums.
Another way is by sending them regular emails, updates, and promotions. In addition, below are three other equally vital things that you need to consider to increase your likelihood to succeed in selling high-ticket items and/or services.
Use the Principle of Scarcity
This technique is also similar to creating a sense of urgency. However, with this, you are stirring a client to arrive at a purchasing decision by emphasizing the value of the product or services in the context of its limited supply.
Affluent customers are more interested in buying a product that is not commercially available in large numbers. Take a look at the diamond industry for example or the release of limited edition designs of luxury bags.
Offer Exclusivity
You can make your product or service more exclusive by requiring an application process for all interested prospects.
You can also have them sign up on a waiting list. This is a common tactic used by Ferrari, which certainly helps in intensifying their customers’ urge to buy.
Moreover, you can also require your customers to purchase smaller or cheaper items from your store for them to earn their stripes and qualify in buying your more exclusive and more expensive items.
Hermes does this all the time. And they would also pair it with the principle of scarcity.
An avid Hermes fan can’t just go to a store and buy a Birkin or a Kelly bag. Like what I’ve said, they need to develop a relationship with the brand first by buying its smaller items.
And once they qualify to purchase a Kelly or a Birkin, they can’t just buy a certain size or color that they want. Most of the time, they are presented with only one option which I believe is part of the brand’s technique to establish scarcity in their luxury items.
On the other hand, if you are qualified and you can wait, you can place a custom order at their store, which, by the way, is also another approach of making a product exclusive.
And of course, exclusivity is not new in the world of haute couture. So, whatever industry you are in, there is a way for you to tap on this luxurious sweet spot and enjoy its benefits.
Make Use of Contrast Pricing
Imagine if you’re only selling a $2,000 painting or a $2,000 one-on-one coaching program – your chances of selling it at that price point is lower compared if you offer two other choices.
You can introduce an average $499 product or service, and a premium $7,999 product that you know most people won’t purchase at all.
Once you have these two extreme options, your $2,000 painting or service won’t sound that expensive anymore.
Dan Lok, a world-renowned entrepreneur, calls this method, “The Three Boxes.”
Conclusion
Once again, selling low-ticket and high-ticket items at the same time are helpful if you want to increase sales and increase revenue. But if it goes down to choosing only one – then selling high-ticket items is definitely the way to go.
How about you? Do you think high-ticket items are more important than low-ticket items? Feel free to share your thoughts in the comments below.
