High ticket sales present their own unique challenges for sales teams. To conquer this niche you must first know what a high ticket sales item is and who the buyers of these items will be to know how to sell to them and make that close.
A high ticket sales item is any item that costs a bit more to purchase. These items can be either physical products or services. Due to the higher cost, a high ticket sale often means that the decision-maker may conduct more research before closing a sale and be a bit more apprehensive to make a quick decision.
An item that is considered a high ticket can vary by industry, but a good benchmark is a high ticket sales item will often cost more than $1,000.
Then again, in some particular cases or niches, $1,000 is the cheap end of a product or service line. Think of a luxury car, $1,000 is by no means a high ticket sale in this case.
A better benchmark to use for determining if an item is a high ticket or not is if making that sale will cause a significant impact on the company’s bottom line.
High ticket items, products or services, are not often bought by the average Joe or those that may be lower in the company hierarchy.
In a company, key decision-makers will be your focus. This means focusing on possibly C-suite titles or titles that include “Head of …” relative to the product or service’s niche.
For individuals, you will be looking for those that may live in higher-income areas and that will be more apt to have extra funds. This means looking at those that fit within the upper class because your average middle-class buyer often tends to not have the budget for a high ticket item unless it was planned for far in advance.
Selling high ticket items may be challenging but it is far from impossible. There are simply a few standard obstacles that may be encountered while trying to make a sale.
High ticket sales items often have longer sales cycles. This is because those that are deciding if they will choose that product or service often take much more time to ensure that it will be a good choice. While this sale boosts your bottom line, the buyer has to factor in the risk associated with the cost of the sale.
With a longer sales cycle, there are often more questions and objections throughout the process. Again, the buyer wants to feel solid in their decision, so they will ask plenty of questions and try to get down to why they should choose you for their product.
With extra objections, which is totally normal for these situations, it also means it takes much longer to close the sale. But be patient, with high ticket sales it often means that the payoff is worth the wait.
One first tip for selling high ticket sales items is to be confident in yourself, your product or service, and your skillset. You are selling expensive items and your prospect will question you why it is worth them spending their money, so be confident in what you are selling to help give a little push to the potential buyer.
You will also want to focus on the relationship between you and the buyer. Again, they will be doing a heavy amount of research and possibly have a large number of objections to your sales pitch, so focus on giving them an experience and making them feel important and that they matter to you and the company. Having a great customer relationship can help you secure sales and create lifelong relationships.
One last quick tip if you are selling high ticket sales items is to focus on open-ended questions. Open-ended questions allow your prospect to give a bit more information and you will be able to change your pitch to match the needs of that individual prospect rather than having a rigid pitch that is used for each person.
Closing a high ticket sale can be similar to most other sales processes but with a little more “oomph”
Focus on FOMO, fear of missing out, because even though a great deal of research goes into deciding to make this purchase, you will want to be sure to focus on the emotions of your prospect. If you create FOMO they will often have that little extra push they will need to finally make that purchase. Fear of missing out often creates a sense of urgency for buyers. So by framing it that an offer is only available for a limited time or to a certain amount of people, it can nudge people to act a little faster.
You will also want to be sure your brand image and reputation are built up when making these types of sales. If you are going to make a big purchase, you don’t want to go with a company that seems a bit obscure with a sketchy website and next to no online presence. Be sure that you have reviews, maintaining social media profiles, and a user-friendly website that evokes a sense of expertise.