10 ways how to sell more, even at a premium

how to sell moreWe all had our share of pains due to the economic recession we faced. The ways we buy have undergone a good amount of change. We have experienced meltdowns, tumbling profits, layoffs, gloomy markets and absurdly high inflation. This has changed our lifestyle. Yes we do still survive but now rather than negotiating the price of a product we buy, we first negotiate with ourselves whether we really require the product!

With such a radical shift can we assume that businesses that produce  necessity products (like food, clothing and shelter) will only be the one to survive? Or will the ones who would really cut their bottom lines survive such a market? Well may be not. So how can we sell more during the meltdown and even post that.

After some deep meditation on this topic here’s what I have. I have compiled a set of quick tips which are made of 2 words that can lead you to rocketing profits.

Ways to sell more even when your price is high.

  1. Quality King. If you can ensure that your product delivers much better quality than the competition the game is yours. It need not mean add all the features that the competition gives. Add enough features so that I buy but the quality should really drive me crazy.
  2. Necessity Mama. Heard Necessity is the mother… I will always pay higher price for food of better quality, rather than buying from hawkers. If your product can become a necessity, the customer will pay a price. If it isn’t, think how can you make it a necessity?
  3. Only one. If you are the only one who provides me that product. Can that be possible, why not? If you have a patent for your technology no one else can sell that. Read the Intellectual Property Right article. If I want to buy a Gillete Mach 3 kind of razor, I don’t really have an option!
  4. Guarantee it. If you give a guarantee and ensure that the customer has nothing to lose, you are half way through the sale. People are afraid. They will only pull out those green bills out of the pocket if you can ensure them that the decision is right.
  5. Right Timing. If you are selling at a time, the customer is desperate to buy. Imagine a train about to leave and you got down to buy a bottle because your kids are thirsty. Will you waste time to bargain on the cost and leave the train? Or will you pay a premium and board? Timing is very important in every negotiation.
  6. Awesome Charisma. Hands down, you are the Steve Jobs of your business. People adore you. Remember, if you can influence the decision maker, the deal is right in your pocket. Try developing charisma, it won’t harm.
  7. Regulatory requirement. It’s mandatory to buy from you. Say if you are a company complying with certain standard and it’s compulsory for me to buy stuff of that particular standard, that grade. The competition gets narrow here.
  8. Great Goodwill. You have been around for some time and people are simply fan of the service you provide. They swear by your fanatic support and simply drag other clients to your stores. Even in this world where a customer is bombarded with tons of ads a day, a simple word of mouth is still preferred.
  9. Right contacts. You know people – who know people – who will buy. In short they can provide you with enough leads that are ready to get converted. They are your torch bearers in the market hence you sell. So if you can’t impress the end customers, amuse these torch bearers.
  10. Complete Flexibility. Remember how the shampoo industry got a boost post they started selling sachets. If you can provide flexibility to choose the right size, right quality, right packaging, right delivery etc, which is not yet an industry standards, there are very good chances to attract more people.

Does the list end here? Well absolutely not. There are many similar thoughts that will keep flowing and there are quite a few smarties sitting on the other side of this screen (That’s you) who can even provide great inputs. I am open to your suggestion, Just think of 2 words idea that when implemented can increase sales of a company.

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If you are not taking care of your customer, your competitor will. – Bob Hooey

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Mike Anderson March 5, 2010 at 1:23 pm

Will all the doom and gloom, it is nice to see some positivity!

Great post, Mike.

Chanda Himanshu March 7, 2010 at 9:09 pm

Thanks Mike, appreciate your comment.
And yes more biz adrenaline coming your way.

Darren Scott Monroe March 7, 2010 at 7:13 pm

Great post Chanda! Number 6 has made me a lot of moeny over the years LOL

Chanda Himanshu March 7, 2010 at 9:07 pm

:) That was a witty one Darren. And yup it seems to be true lookin at ur site and twitter profile.. 😉

Darren Scott Monroe March 9, 2010 at 5:39 pm

Funny part? Seems the wilder I get the more better it works LOL

Ashutosh March 8, 2010 at 7:44 pm

Hi Himanshu what u have said is Right, because where i him working found something similar taste of customer is little choose about the product to buy. because sometime they say never heard the name , how we can deal on this

Bob 'Idea Man' Hooey November 12, 2010 at 3:32 am

Well said… and nice to see my words given a larger audience… thanks for sharing.

Francisca Focks August 2, 2011 at 12:05 pm

I am glad to be a visitor of this staring web blog ! , thanks for this rare info ! .

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