This article is another in our series of advice for small business retailers. While we are a POS software company, we are retailers too. Often, we are asked for advice from retailer colleagues. Here is an example of advice we provide:
That won’t sell in my shop, it is too expensive for my customers.
Before you say something will not sell because it is too expensive, consider the actions you can take that could make the product work.
It could be that you are a factor in something not selling as in your placement, visual merchandising, business marketing and more you set the price expectation.
When you think something will not sell because it is expensive, consider that it might sell in another business. What does that business look like? Is there an opportunity for you to connect with shoppers who might shop at that business?
Here is how you influence higher price acceptable of an item or group of items in your business.
- Display to the target shopper. Treat the product as special, something of quality, away from the usual cheaper products on the shelves. Respect the higher price, the higher quality.
- Do not place the higher price items with cheap products. Location is everything. Set aside a location that reflects the difference of these products.
- Price / product signs. Make them. Handwritten. Explain the product. Reflect quality.
- Use lighting, or darkness, to draw attention.
- Know the product. It is more expensive for a reason – quality, source location, rarity. Know the reason and ensure all staff can speak to it.
- Don’t be scared of the price.
- Remember you are not your customer.
- Know if if you don’t sell this someone else nearby might or at least products in the same price bracket. Beat them.
- Treat the higher priced product with respect, through your actions show that the price is worth it.
Here is why you would do this: new traffic plain and simple.
Every new item that appeals beyond the usual, the average, for your business is an opportunity to attract a new shopper.
Attracting new shoppers is, in our view, the single most important business activity for you every day.