With the economy what it is today, it's tempting for a business person to think that trying to sell high ticket items is a mistake. This is far from true. If you understand the market, it's possible to make a success of this venture.
The bad economy has drawn a wider line between higher and lower income earners. While those with money continue to gain more, whose without are loosing it. To define your target market, you need to select between these two demographics.
This isn't as simple as it appears. While upper income earners have more money, they're harder to convince into a sale because they like to go with well known brands. Lower income earners do have less money in their pockets but they're still, surprisingly, buying luxury items.
However, it depends on what type of luxury. They're spending on enhancing their image. They're also spending on expensive items that have a function.
This includes gadgets, cars and jewelry. You should be able to vend these kinds of items to lower and medium classes. Next it's important to further narrow your market. Find out how they behave. Also find out about your competitors.
On the shop floor, the client needs to believe your item will enhance his living in some way. Educate your salesmen thoroughly on the inexpensive competitor's product. This information is important to convince the client of what they'll loose if they choose the cheaper option.
Luxury stores require a different sales strategy than cheaper branches. Service needs to be superior but hard selling doesn't work here. Your sales staff needs excellent training to achieve this balance.
Sales staff must develop a conversational tone in their pitch. They should be able to sell without the client having any awareness of this. The client should have the impression that he's receiving excellent, friendly service while the sales person is gently leading him in the direction of a sale.
Services form part of the luxury market too. Some examples are workshops, coaching services and training programs. Because fewer sales are needed to make a high profit, it's more likely that a luxury product or service will make real money than a cheaper one. If you educate your salesmen well, advertise in a targeted way and have a targeted demographic, choosing to sell high ticket items might be the way to attain that amazing luxury sports car you've been eyeing.
The bad economy has drawn a wider line between higher and lower income earners. While those with money continue to gain more, whose without are loosing it. To define your target market, you need to select between these two demographics.
This isn't as simple as it appears. While upper income earners have more money, they're harder to convince into a sale because they like to go with well known brands. Lower income earners do have less money in their pockets but they're still, surprisingly, buying luxury items.
However, it depends on what type of luxury. They're spending on enhancing their image. They're also spending on expensive items that have a function.
This includes gadgets, cars and jewelry. You should be able to vend these kinds of items to lower and medium classes. Next it's important to further narrow your market. Find out how they behave. Also find out about your competitors.
On the shop floor, the client needs to believe your item will enhance his living in some way. Educate your salesmen thoroughly on the inexpensive competitor's product. This information is important to convince the client of what they'll loose if they choose the cheaper option.
Luxury stores require a different sales strategy than cheaper branches. Service needs to be superior but hard selling doesn't work here. Your sales staff needs excellent training to achieve this balance.
Sales staff must develop a conversational tone in their pitch. They should be able to sell without the client having any awareness of this. The client should have the impression that he's receiving excellent, friendly service while the sales person is gently leading him in the direction of a sale.
Services form part of the luxury market too. Some examples are workshops, coaching services and training programs. Because fewer sales are needed to make a high profit, it's more likely that a luxury product or service will make real money than a cheaper one. If you educate your salesmen well, advertise in a targeted way and have a targeted demographic, choosing to sell high ticket items might be the way to attain that amazing luxury sports car you've been eyeing.
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You will find a complete summary of the reasons why you should sell high ticket affiliate products and fantastic tips on how to sell high ticket items successfully in today's economy, now.. This article, How To Sell High Ticket Items Profitably In A Dwindling Market is available for free reprint.
