I'll keep my fingers crossed for you Linda and wish you every success.
Please remember that if you are doing this on a website you need to be careful and not cannibalize sales of high margin products. For example (a simplified one) you might have a special "Valentine's Day Roses" category/page on your website.
On their you might have three (this is the simplified part, it would probably be more than this) products without disclosing the upgrades. It might look like this:
By clicking a product the customer is effectively streaming themselves according to they way they value your product. Knowing a little more about their personality you now get another chance to make sure you don't leave money on the table by offering the upsells we talked about at the start of this thread.
The price-sensitive customer, who clicked on the $60 option, now has a chance to upgrade to (example) 18 roses for $75 or two dozen roses for $90. This really resonates with a value conscious customer... just a second ago they saw that the "Two Dozen Spectacular" was priced at $200 but they can get two dozen for a whole lot less. That appeals!
Of course the roses and presentation will be different, but this customer is less likely to understand or care about the difference. "Roses" are a commodity to them and more is better.
You could offer upsells on the mid-level option as well, maybe $100 for 18 and $12o for 24, and they appeal for the same reason.
Good luck Linda.
Please remember that if you are doing this on a website you need to be careful and not cannibalize sales of high margin products. For example (a simplified one) you might have a special "Valentine's Day Roses" category/page on your website.
On their you might have three (this is the simplified part, it would probably be more than this) products without disclosing the upgrades. It might look like this:
One Dozen Standard @ $60
You would give it a better name but this is low-priced option, using 40 cm roses, targeted at people who need roses but consider price their primary concern.
One Dozen Premium @ $80
Again you would have a better name and this time better roses (maybe 50-60 cm) as well. This appeals to a big section of any consumer group that don't buy the cheapest. It is something restaurants exploit very effectively - because of the widespread belief that the second cheapest bottle of wine on the list is the best value restaurants also price it so it gives the best margin. Maybe you want to make this one even a little higher.
Two Dozen Valentine's Day Spectacular @ $200
This gives people that really want to spend money on Valentine's Day a chance to do it. You don't want a guy who would have happily paid $200 only paying $80 because he couldn't figure out how to spend more. It also establishes the high value of two dozen roses. You are going with a volume premium here so, overall, it needs to be more than twice as spectacular as the mid-level option, but you are an artist and know how to do that! It should also be named differently - not just "two dozen" because we need to differentiate it from the upgraded versions discussed next.
You would give it a better name but this is low-priced option, using 40 cm roses, targeted at people who need roses but consider price their primary concern.
One Dozen Premium @ $80
Again you would have a better name and this time better roses (maybe 50-60 cm) as well. This appeals to a big section of any consumer group that don't buy the cheapest. It is something restaurants exploit very effectively - because of the widespread belief that the second cheapest bottle of wine on the list is the best value restaurants also price it so it gives the best margin. Maybe you want to make this one even a little higher.
Two Dozen Valentine's Day Spectacular @ $200
This gives people that really want to spend money on Valentine's Day a chance to do it. You don't want a guy who would have happily paid $200 only paying $80 because he couldn't figure out how to spend more. It also establishes the high value of two dozen roses. You are going with a volume premium here so, overall, it needs to be more than twice as spectacular as the mid-level option, but you are an artist and know how to do that! It should also be named differently - not just "two dozen" because we need to differentiate it from the upgraded versions discussed next.
By clicking a product the customer is effectively streaming themselves according to they way they value your product. Knowing a little more about their personality you now get another chance to make sure you don't leave money on the table by offering the upsells we talked about at the start of this thread.
The price-sensitive customer, who clicked on the $60 option, now has a chance to upgrade to (example) 18 roses for $75 or two dozen roses for $90. This really resonates with a value conscious customer... just a second ago they saw that the "Two Dozen Spectacular" was priced at $200 but they can get two dozen for a whole lot less. That appeals!
Of course the roses and presentation will be different, but this customer is less likely to understand or care about the difference. "Roses" are a commodity to them and more is better.
You could offer upsells on the mid-level option as well, maybe $100 for 18 and $12o for 24, and they appeal for the same reason.
Good luck Linda.
