Selling Premium-Priced Products on Amazon

How to Sell Premium-Priced Products on Amazon

Guest Author, Channel Key

April 27, 2020

When it comes to selling premium-priced products on Amazon, the market can seem a little daunting. Most Amazon customers are looking for lower prices on items they shop. However, there is a market for high-end products. Customers are willing to pay a higher price for an item that has substantial value and quality craftsmanship.

Brand loyalists play a big part in having success on the Amazon marketplace. Some key questions to answer are: what makes your product stand out from others that are similar but lower cost? Content and marketing will play a large role in premium-priced visibility and conversions. From a content perspective, the content for your premium-priced product should elevate your brand-specific voice, appeal to your current customer base, as well as have the ability to gain and retain new customers.

Enhance Your Content and Communicate Your Brand Story on Amazon

Tell your brand story. There are a myriad of ways to convey the value of a high-end product. Top of the line imaging, and utilizing all image space that Amazon offers on listings. Amazon allows for 7 image slots and a video, customers are inclined towards products with supreme images, and utilizing this space is an easy win. Quality A Plus Content and videos give your product a voice and will help lift your brand and product visibility, and showcase what sets your product apart from more standard fare. Your content should aim to educate potential customers and deliver expected quality to your existing customer base.

Engaging existing and potential customers will be an important piece of having sales success in the marketplace. For luxury and premium products, Channel Key’s content creators use specialized copy and keywords that will appeal to a specific type of customer. When writing content, using a specific voice that appeals to the current customer base but also helps attract new customers.

A customer searching for premium-priced or higher-end products shies away from words like “deal” instead, we want to convey a message as to why it’s a better value to pay a little more for something than buying a lower-quality item that may be similar. Using content that explains the quality of the product, as well as imagery that conveys that message, will go a long way in conversion. Top-notch SEO and keyword research are necessary when creating copy for a premium-priced product.

Another way to stand out from the rest is to develop a sensational brand store. A brand store on Amazon functions as a mini brand website. It’s a chance for customers and potential customers to get to know your brand.

Positive reviews of your premium-priced product can lead to more sales and higher rankings. There are a few different marketing strategies that Channel Key uses to assist with elevating reviews. The Early Reviewer Program and Vine are two of the most popular Marketing levers that can be pulled. The Early Reviewer Program incentivizes customers who have already purchased a product to leave a review. The Amazon Early Reviewer program allows a seller to submit one of their product SKUs to be promoted by Amazon for review by a specific, pre-vetted reviewer. This can be beneficial when launching a high-end or premium-priced product.

The Early Reviewer program is a relevant tool. Good reviews lead to more sales and a higher ranking. Each SKU entered in the Early Reviewer Program will cost the seller $60, this fee is charged beginning with the first review a shopper generated through the program. Amazon will only invite customers for a product review if they have already purchased the product.

Sponsored Product Ads help build brand awareness and help drive sales. Sponsored brand ads feature your brand logo, a custom headline, and up to three products. Sponsored Brand Ads appear in search results, and custom messaging allows you to shape your brand the way you want it to be seen. Sponsored Brand Ads can reach customers who are searching for a specific product or term. Sponsored brand ads should contain a lifestyle image that fits the voice and premium quality of the brand. Your sponsored ads should lead to a highly curated brand store that encourages new and existing customers to engage with your product.

Transition Strategy: Conversion Rates

Improving organic placement and traction for products is critical to having long-term success on Amazon. Our goal is to make it to page one of search organically. Having a higher-priced product on page 1, with similar products that are lower priced can potentially hurt the ability to convert. Shifting our search strategy towards long-tail keywords can help with costs per click, as well as convey a solid message to your customers.

Incorporating the Early Reviewer Program, Sponsored Brand Ads, and first-class content are just a few tools that Channel Key can use to elevate your premium-priced items on Amazon. If you need assistance with your premium-priced strategy contact us today for a free consultation with our Channel Key experts. As a full-service channel management agency, we are dedicated to helping you increase your sales.

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