In the world of social media & the easy reachability with the end-users, it has become very easy for marketers to reach out to their prospective audience & market their goods. However, a lot goes into the process. The audience looks into a lot of elements when making a decision of whether to buy a product or not. One such element is 'PRICING'.
Pricing is one of the most important aspects your audience looks at when making a purchase. With so many alternatives available in the market today for every single product amid a range of prices, it is extremely difficult for a brand with a high AOV (Average Order Value) to make a mark & sell its product.
But it is also said that anything can be sold with an extremely good marketing campaign. Some of the best practices & hacks are given below:
1. Your Ad Should Justify its Price:
Currently, on the internet, we have n number of alternatives available for every single product. It is very important to highlight why your product stands out. You should consider adding the USP of your product in your ad-text & ad copies. If texts can not do justice, maybe voice can. You should consider creating Video Ads demonstrating your product & let the audience know why it has a higher value.
If your ad is unable to justify the price it possesses, you can not expect a performance coming out of it.
USE CASE: One of the clients associated with AdYogi had coffee-making machines on their website & he was advertising those using the 'carousel' ad format. However, just the picture of the machine alone was not sufficient for the audience to spend 10 to 20 thousand rupees on it. Hence, these ads didn't work for the client.
Next, he tried with 'Single Video' ad format where there was a detailed demo of the machine, steps to use the same, & the n number of benefits of it. Within 2 weeks of running this ad, the client started to get conversion from this ad. And hence, it proves that the audience will only buy the high-value product if the ad is justifying the price.
2. Spend a Good Budget:
If you're spending less, Facebook will limit the number of advertisements each user sees. Since Facebook Ad works on an Auction, & advertisers bid against each other to secure an advertising placement here. Whoever bids the highest gets to show their ad. Hence, when you're spending a decent amount on an everyday basis, you're more likely to win the auction against other ads frequently. And thus, this will help in placing your brand above others. The more impressions & reach it serves, the more & more conversions you'll be getting.
3. Targeting the Right People:
Considering the fact that close to 70% of India's population lives in poverty, that rules out the likeability to target these users with ads that are of high value. The brand has to be extremely conscious of who they are targeting with their ads. Personas like High Value, Designer Sarees, Couture, etc are the right choice when you're a High-end Indian Apparel brand. In the same way, targeting the top 10% of Indians by their Income is yet another best targeting to follow in such cases.
In Google Campaigns, one gets an option to target the ads on the basis of 'Household Income'. This can be a very helpful thing for brands with high AOV as they can target the top income groups for better chances of getting conversions.
4. Run Brand Awareness Posts:
Brand Awareness campaigns play a very important role in promoting the new product or reviving the older brands. Your Brand Awareness Campaign should highlight what makes you different from your competitor's brand. You can make people see what goes behind the making of your product & why is the price so high.
USE CASE: One of the Table-decor brands associated with AdYogi had high-value products on their website. They used to post 'Behind the Scene' posts on their social media handles where they used to highlight the fact that every product is tailor-made by the rural craftsmen & it takes a lot of time in creating one single product. And hence, the high price. The brand went on to record some really amazing sales on a frequent basis.
5. Proof not Promise:
Customers would like to see proof if a product is of high value before they make a purchase. They can not just rely on your 'promise' that the goods are of good quality & will meet their need. To prove them, you can capitalize highly on 'Customer Reviews & 'Testimonials'. It is always the best idea to let the prospective audience hear the review of a product from a past customer.
You can actively work on seeking 'reviews' & 'testimonials' from your customers & start using them as a marketing strategy to target future customers.
6. Online Presence:
Today when the audience decides to buy something from a particular brand, the first thing they do is 'RESEARCH'. When it comes to a high-value product, the intensity of research is also high. Imagine searching about a brand & finding very little to no information about it. It will affect your purchasing decision & you'll end up not buying the product at all.
Whereas, if you have a good social media presence and up-to-date website, the users will feel confident in buying your product.
7. Store Presence (If possible):
According to a recent report published by Economic Times, shoppers prefer to buy with brands that have both: Online & Offline presence. This not only ensures a seamless flow across all channels, Digital & Physical but also boost the confidence of the audience in a brand.
While this is definitely not possible to start an offline store in a jiffy but it should definitely be in your bucket on your road to scale-up.
The rule is simple: If you are charging more, You should be delivering the best. If this criterion doesn't meet, the business will not see the performance. If you are promising that a particular product, say a Banarasi Silk Saree is made up of 100% silk & is handmade by local craftsmen, you have to make sure it is true & reflecting in your product.
9. Customer Service:
A good customer service is one of the most important aspects of your business. And when you deal with high-value products, you get more responsibility on your shoulder to provide the best service possible to your customers. If the customer is trusting you with their hard-earned money (that too, a lot), you have to make sure that they are not disappointed with the service. Or else, it will harm the brand's reputation & it will not be good in the long run.
10. Luxury Packaging of Goods:
A good packaging creates a sense of excitement & surprise. There is also a trend on social media currently where brands show you how they package their goods along with complimentary gifts, notes, cards, etc. A luxury packaging for high-value products will give customers a sense of pride in owning that product. One can see the example of Sabyasachi, Manyavar Mohey, Manish Malhotra, Label Ritu Kumar, etc & see the kind of packaging they do for their goods.
While this may sound like something very little but it can make a huge impact on your brand.
11. Enable Partial Payment Option on the Checkout Page:
For a brand dealing with high-value products, it is always a challenge for them to decide on an appropriate mode of payment. If they focus primarily on 'Prepaid Orders', the prospective buyer will feel a sense of discomfort in giving so much money beforehand. And on the other hand, if the brand shifts to COD, it may happen that the RTO will increase & thus not feasible for the brand.
This is where the partial payment comes into help. There can be an option that customers can pay half the price when ordering the product on the website & the other half can be paid when the order gets delivered successfully.
12. Delivery Time to be Short (4-5 working days at maximum):
When users buy a high-value product, the excitement & anxiety kicks in different until they finally receive the product. The more we make the customer wait, the more anxious & frustrate they will become. And hence, it is always advisable to deliver the product to the prospective buyer within a short span. The recommended time should be 4-5 working days. It will not only keep the clients satisfied but will also help in reducing the RTO greatly.