Strategy October 30, 2020
How to Earn Bigger Profits by Selling More Expensive Items
Wouldn't it be nice if there was one surefire way to increase your revenue on every order? It turns out there is. Learn how to secure greater profits than ever before by selling clients higher price point items. It's easy when you educate clients on the benefits below.
Higher Price, Higher Profit
While this point might seem obvious, its importance can't be understated. The more expensive an item is, the greater profits you'll receive by selling it, all while keeping the same margins. Don't let fear prevent you from increasing profits: Higher price point items aren't any harder to sell than basic promos as long as you're fulfilling a need your clients have.
Richardson Seating, a premium furniture manufacturer for both retail and promo, illustrates this point in the following example. 100-piece orders for branded bar stools are a common occurrence. If the distributor marked up each bar stool by just $20, that's a $2,000 profit from just one order.
Win Business With Big Name Brands
While high-end products might seem expensive for small businesses, big brands won't bat an eye at spending more money up front for quality items that last. Adding higher price point items to your sales repertoire allows you to appeal to a whole new customer base and capture more revenue for yourself at the same time.