How to Sell High Ticket Items in a Dwindling Economy

How to Sell High Ticket Items in a Dwindling Economy

Reader Comments (24)

  1. Damien Hirst just sold $200 million at auction knocking Picasso’s 20 million record off x10 … disposable income is still in someone’s vocabulary. In fact the buyers are all looking for value buys. 😉
    Nice post.

  2. In the final analysis, it all comes down to differentiation and positioning your product to appeal to your customer, regardless of the economic times.

    As they said in the movie “Wall Street”, economy is a zero-sum game; somebone winning means that someone else is losing. Money isn’t evaporating into thin air – as John Reese once explained it, it’s simply changing hands.

    So, I would also argue that the trick to selling luxury products in a collapsing economy is to think outside the box and to find people who are benefitting from the current environment; in other words, people who are winning the zero-sum game in today’s turbulent economic times.

  3. Pointing out the ongoing quality and reputation of the maker, as well as its timeless design v.s. trendy appeal, can help turn a looker into a buyer – be that a car, Picasso or a high ticket basket! Nice post.

    (Brian, how do I replace these name icons with a photo?)

  4. I will like to add on to what’s been said, that we also need to demostrate a good return in investment, a WOW total offer and show some cool social proof of people using the items, not forgeting to add a good guarantee.

  5. I like this post.
    I think it boils down to be the business that solves people’s problems. It’s not about getting people’s money with some catchy copies. Clearly state how the product or service can help the customer. The high-end mattress is a great example of this.

    Personally, I think this economy is there for a good reason. It lets shabby businesses that are all about the owners’ getting money from customers go down. True value stays.

  6. Very good post as it answers a few of the more common rebuttles to a sale.

    I might also focus on a couple more…
    1.) Research – researching your customer (or what else is going on in your industry/niche) BEFORE making an offer is a quick way to see what they expect & what they are willing to pay for your goods or services.

    2.) Having a range of products with a range of pricepoints.
    Think about this – have your high end, expensive product & offer that first. IF the customer can’t do it (for whatever the reason), ask them if they’d be interested in a lower cost product. Apple does this very well with their products. They have the iPhone, but if you don’t want to be tethered to AT&T, there’s the iTouch. But if price is a major barrier there’s the classic iPod.

    Good & relevant topic, Sherice

  7. Thank you all for your comments and insights!

    @George – You’re absolutely right – businesses have to differentiate themselves or be sucked under as another “me too” copycat.

    @Akemi – You hit the nail on the head. All those fly-by-night businesses are crumblilng in an economy where true value, the WOW factor as Grow Your Business said, and really KNOWING your customer is what’s getting some businesses ahead.

    Isn’t it interesting how common sense and good ethics always triumph over rehashed copy and cheap offers in the end?

  8. Sherice has hit on an important variable, time. In some cases the sale relies on not what value/benefit is derived now but what is received in the future. Those looking for a cheap, quick fix aren’t your target market if you are pushing high end and longevity. Those that think they are looking for a “quick fix” may be persuaded by longevity and present value.

    Let the mismatches go and stick to the target.

    Thanks for the perspective Sherice.

  9. Sherice,

    I’d like to add that most people understand it takes more to solve bigger problem. Whether that more is about money, time, etc. So, I can choose either to spend my time with so-so, say, a massage therapist, paying less money but more in terms of my time, or get a better treatment paying more money.

    Common sense wins, but it’s always a good idea to be reminded of it from time to time. Like you did ^_^

  10. This is a really insightful post. You always share things that can be implemented straight away, even on existing websites, with a bit of tweaking. 😉



  11. I agree with the part about value. Everybody wants to know they are making a decent saving.

    And also how your rivals are selling the same thing (if there are any) for more than you are.

    Good article.

  12. Sherice,

    Excellent framing advice for these times. I agree that practicality is much more important know than image in a lot of ways, and it may be time to push durability, quality, precision, etc.

    And it remains true that when it comes to quality, sometimes it’s the cheaper product you can’t afford to go with.

  13. Sherice (et al);

    As it happens, my partners and I are currently establishing a jewelry business. Your article resonates with our thinking. In response to queries from early clients, we’ve found ourselves explaining in quite some detail the workings of our business: how it is that we can deliver quality products at prices much lower than our particular market is used to seeing (we hold no inventory and have no expensive real estate, so we can pass on savings to our clients); how do we source our materials (ethical diamonds, locally-made settings); what about returns (30-day, no-questions).

    In short, we’re very much seeing a focus on genuine quality and support issues. My question for you is this: in writing copy, how much of this material do we include up front? Is it better to have buyers with these questions simply call us, or is it best in this era to spell it all out before the buyer moves on.


    P.S. This site has been a goldmine for us (no pun intended) keep it coming!

  14. If it were me, I’d spell it out. For example, put a link on your website something like “Find out how we can sell top quality jewelry for less than our competitors”. If I were a potential buyer – especially of a high-ticket item, I’d want to know everything I could about my purchase up front.

    Bottom line – don’t make them call you but welcome it if they do. Give them as much critical information they need to make an informed purchase.

    Hope this helps!

  15. > If it were me, I’d spell it out. For example, put a link
    > … I’d want to know everything I could…

    Good. That’s how we’re inclined, as well.

    > Bottom line – don’t make them call you but welcome it
    > if they do. Give them as much critical information they
    > need to make an informed purchase.

    We’ve looked at this as a distinguishing element from the beginning. It costs us little to put the information up front one time while our competitors have to do so face-to-face out of costly retail locations. Thanks for your time!

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