3 tips for marketing expensive products

By Matt Doyle, Vice President and Co-Founder of Excel Generators, a truly unique custom home builder, creating homes that make every day easier.

It takes a special touch to market expensive products. This is something I had to learn as a custom home builder.

The people who make up the market for these products are knowledgeable and cautious. They have high standards and expect you to be able to defend your claims.

I have been promoting my own services for years. During this time, I had to learn a lot of lessons on how to reach, reassure, and motivate people to make the final purchase.

Here are my top three tips for reaching these clients on your own.

1. Targeting matters more than exposure.

It usually takes a large marketing budget to sell big ticket items. It is therefore important that you manage your budget effectively. When you market expensive products, targeting matters more than exposure.

You should focus on reaching a specific market segment rather than spending resources on spreading your brand. The reason is simply that only a small portion of the market has the resources to invest in expensive purchases.

What does spending your budget on targeting mean? This means investing in resources such as:

  • Market / consumer research
  • Personality building
  • Private case studies
  • Keyword research

These resources can be expensive. However, they are essential if you want to reliably reach the customers who will convert.

You shouldn’t be afraid of marketing on small or even tiny platforms, such as one-off websites or restricted-interest posts. Look for platforms that appeal to the combination of interests, income, and age group of your preferred customers.

2. Invest in research to prove the claims of your products.

Strong brands and slogans don’t go very far when trying to sell big-ticket items. You should expect your customers to do their research and ask questions that only a real expert could answer.

If you are making serious claims about the qualities or characteristics of your product, you should invest in research that shows it does exactly what you say it does.

As an example, I use high performance building materials. I make specific claims on the lifespan and energy saving powers of these materials. If clients ask me to save these claims, I have studies, lab results, and other evidence to show them.

3. Big sales depend on relationships.

Selling an expensive item is often a process. You shouldn’t judge your conversions by who is buying or not buying immediately. Your attention should be on people who ask for more information, send you questions via email, or sign up for newsletters.

Most people take a long time to think about making a big investment. Starting the conversation with you is how they work their way up to the purchase. You should treat these contacts as if they are already your customers because they are much more likely to convert than general traffic to your site.

In some markets, the relationships you build with these people may represent the majority of your conversions.

Reach the people who want your expensive products

You can generate more sales for expensive products and services by using the right approach. Remember, targeting matters more than mass exposure, so be sure to make the right investments in targeting early on.

After that, be sure to create some research that can prove your claims to savvy buyers. You should expect to be asked to back up your claims anyway, so this is always a good investment.

Finally, you need to remember that the most fertile ground for conversions is with people who contacted before making a sale. Treat these people like your customers to build the trust necessary for most sales.

The opinions expressed here by the columnists of Inc.com are theirs and not those of Inc.com.

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