Search
Close this search box.
Blog » Business Tips » 25 Ways to Get Your Customer to Pay You More

25 Ways to Get Your Customer to Pay You More

It’s a simple rule of business- when making a purchase; a customer will always look for the cheaper option, right?

Wrong.

Here are 25 reasons how you can get your customer to pay you more for your service or product…

 

  1. Quality

You get what you pay for; highlight with examples the higher quality of your product/ service. Example:Burger King’s successful, “60% more beef than them,” campaign, pitching themselves head to head with McDonalds.

    2.  Speed of delivery

As the old saying goes “good, cheap, fast – pick two.” Need your product the next day? You’ll pay more. Deliver your product faster than your competitors, they’ll pay the extra.

3.  Customer convenience

No one wants to waste a whole morning buying a pair of swim shorts. Make the process as easy as possible; save them a few clicks of a mouse, and the customer won’t baulk at paying a little more.

      4. ‘Must-have’ features

If you highlight a feature that your competitors lack, you’ll have that edge over the competition. Example: The Apple iPhone6 comes with ‘Optical Image Stabilization.’  Nope, I don’t know what that is either, but it sounds cool and updated, so I was convinced I needed it on my new iPhone.

     5.  Personal relationships

If you’ve established a good relationship with your customer over time, they’ll more than likely stick with your service rather than seek a cheaper alternative. Example: “Herbert & Windsor has been our family tailor for generations.”

6.  Ethical products

The more globally conscientious among us wouldn’t baulk at say, paying a dollar extra for a can of coffee with ‘Fair Trade’ stamped over the logo. Ethically sourced products and environmentally-friendly processes carry a lot of weight in today’s market.

     7.  Ease of use

You provide an easy, stress-free service for your customer. Why should they shop elsewhere?

     8.  Consumer laziness

Some customers simply lack the initiative to seek out cheaper alternatives. Cherish them.

9.  Customer service

Friendly, helpful staff and efficient customer service will have customers choosing you over the cheap store down the road with the grumpy teenager behind the till.

    10.  Brand reputation

The discerning customer will pay the extra for a trusted brand over that of an unknown quality, or a brand with a poor reputation, or a brand dropping in reputation. Example: The decline of General Motors; after years of producing mediocre vehicles and eventually losing customer confidence, then sucking $50 billion of our tax dollars trying to save them as the hit the wall.

    11.  Strategic partnership

A customer will be willing to pay more if your company possesses a business asset that will help the customer’s own business strategy.

    12.  Brand name power

Man is often a superficial creature. A customer will pay extra for the prestigious brand name, over an identical or similar alternative.

13.  Social media

Interacting with customers over social media will increase recognition, personal relationships and loyalty with customers. Be current, be visible. Example: Corporate Facebook pages, offering deals in return for a “like.”

14.  Local produce

We live in a globalised world. If your business operates locally to your customer base, be sure to highlight this fact. The customer feels more comfortable with something a little closer to home over the unknown. Example: “100% British Beef”… “Locally sourced ingredients,” etc.

15.  The power of celebrity

From Michael Jordan contracted to Nike, to Kim Kardashian being papped drinking a Coke, having a celebrity seen using your product is a guaranteed way of making the product have more “glamour factor” than a cheaper alternative.

16.  Charity Involvement

An allegiance with a local charity, a well-regarded charity, or a humanitarian organization can, by association, have only a positive effect on the general public’s perception of your company. Example: Cathay Pacific’s corporate partnership with UNICEF won’t have done them any harm.

17.  Event sponsorship

We all know where the local McDonalds is located, so they don’t need to tell us how to get there, and the McDonalds sponsorship of the Olympic Games may seem ridiculous on many levels, but you can be sure that the McDonalds sponsorship reminded us to get over there and get a Big Mac, especially if we had not had one in a while.

18.  Prizes, competitions

Run a competition with your product – “Win a Holiday!” “Win $10,000!” it’s an instant lure for the hope – and the gambler in all of us.

    19.  Educate your customers

People will always go with the lower priced option if they can’t see any difference, so show them the differences! Seminars, tours, reports, demonstrations, articles in magazines — whatever it takes, get your information out there.

    20.  Label the competition

Without resorting to slander or untruths, point out the weak points of your competition. Example: T-Mobile “slamming” it’s competitors in a series of adverts in 2013.

21.  Flock mentality

If you’re lucky, your product will suddenly become “cool” or “must have” among a more impressionable demographic. In this case, ride it out as long as you can! Example: One Direction’s unfathomable rise to fame, influence, and riches.

    22.  The customer seeks something else

The customer may be seeking an “in” with you, or trying to curry favor with you, possibly the customer may be seeking employment with you, or any manner of secret agendas…that’s okay, they are still your customer.

    23.  Make good on your promise!

It’s simple – live up to your sales pitch. Promise low, deliver high. If the customer has a good experience with you, more often than not they’ll be using your service again.

24.  Adapt and Evolve

If a low cost competitor is putting the squeeze on your business, innovate, develop your product or service to offer something extra or more exclusive. Example: With the rise of the low-cost EasyCruise, P&O shifted its operations away from the lower end of the price market and focused on a more exclusive cruising experience.

25.  Location

Situate yourself in a trendy part of town. I’d pay a premium rate to sit at a coffee shop in Soho, NY sipping latte, watching the world go buy. Not quite the same value or experience sipping that drink at the bus station in Queens.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

TAGS
CEO at Due
John Rampton is an entrepreneur and connector. When he was 23 years old, while attending the University of Utah, he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months, he had several surgeries, stem cell injections and learned how to walk again. During this time, he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine and Finance Expert by Time. He is the Founder and CEO of Due.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More