More Reasons Customers Will Pay More

More Reasons Customers Will Pay More

In a blog post last week, we detailed research that indicates customers are willing to pay more for a product or service if they receive better, more convenient service, and if your product or service is slightly better than those offered by your competitors. Here are a few more reasons why you should be spending more money developing your products and services, and charging your customers more, as opposed to focusing on decreasing the cost to your clients.

• Consider the cost of ownership for your product or service. If you are offering software solutions for business, apparel ERP, or digital printing software, and your customers have to pay for updates every month, they are going to quickly become frustrated and switch to a more expensive system where the updates are included. Having to pay for updates constantly is like paying to stay in an expensive hotel room, and then being charged $15 for the water bottle in the mini bar — it’s annoying and feels cheap. Charge more, up front, so your customers have less frustration, down the road — and they will be happier.

• Make sure your customer service is incredibly friendly. Many people like Apple, over Windows, simply because they can take their broken iPhone to any Apple store and walk out with a replacement an hour later. They are willing to pay more for the customer service and convenience.

• Build a personal relationship with customers, whenever possible, even if that relationship only lasts for the duration of the transaction. People are more likely to pay more to purchase something from someone they like and with whom they feel a connection.

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