80% plus of your customers would pay more than you currently charge if you could offer them a higher value proposition. Here are some of the ways to do so:-
- Up-sell at the point of sale. You offer either larger quantities or extended membership, for example. The coffee shops do this with small, medium and large. Over 30% of customers normally upgrade in this way if offered the chance to do so.
- Cross sell at the point of sale. You offer a complimentary or related product such as shoes and polish, laptop and software package. Again the take up is usually over 30%.
- Platinum Silver Gold packages. It’s been proven that if you offer 3 different propostitions, over 80% go for the middle priced offering.
- Segment your customers and charge different prices to these different segments. This is what airlines and train operators do when you get cheaper tickets by ordering in advance.
- This is slightly different, but you could also offer a down-sell. This is a lower value and lower priced offering. The idea is that it’s over 5 times easier and cheaper to sell to existing customers. If you get someone as a customer by offer a down sell you can then nurture them up to one of the categories above.
All of these strategies will increase your average price per transaction and none require you to raise your headline price.