How to Develop a High End Product or Service
Developing a high end product or service might seem difficult, but if done correctly, it can be very rewarding. High end products are usually more expensive and harder to create than regular items. However, developing a high end product is important for business growth and can help you make money.
What makes a product or service high end?
A high end product or service is often of superior quality. High end products are generally expensive to make and are generally sold at higher prices than regular items. Additionally, a lot of time must be spent developing these products. It can take years to create a high end product or service, but the effort is well worth it.
An eyewear brand I love is Ray-Ban. They are known for being a high end brand so people with money, or who seek quality, tend to purchase from them. They are, however, quite affordable. It’s the quality of their offerings that has given them a reputation, which makes them seem expensive.
Regular people can’t afford to buy high end products. People of certain taste and money normally indulge in high end products. Business owners who want to stand out must think like high end customers. Thinking like the masses will hinder a business owners’ creativity to develop high end items.
3 ways to upgrade your product or service to become high end
Creating a high end product can be done in less time, with less money with the 3 tips I’m sharing with you. My example is a cheap $10 Cover for smart devices. I’m sharing with you how you can turn this $10 product into a $100+ high end product.
1. Add features
Businesses can grow if they create high end products or services for their clients. To make your product or service more desirable, you should add high end features. For example, a high end car has leather seats, tinted windows and automatic steering. All these features make the car more luxurious and allow the driver to feel more comfortable while using it. Clients will pay extra for these additional features- even if they’re already buying the highest quality items they can afford.
2. Personalize it
Most people have different high end product needs, so you should tailor your work to each person’s needs. Clients will pay extra if your work meets their specific needs instead of just being more expensive. For example, businesses often need customized solutions for transporting goods safely and efficiently. Therefore, adding such a feature makes your work more suitable for commercial purposes instead of just for personal use.
3. Safety first
If you’re not able to personalize your product or service and you cannot think of any features to add, think about making it safer. Adding safety features can give your product an automatic upgrade. Some customers will pay premium for safety features, while others won’t. But having that option means that those willing to pay for premium see value in your offering.
How can your Covers for smart devices go from $10 to $100+? Follow my 3 step guide.
- Add features: Covers for smart devices- with powering bank and more ^^ $15-$25 per basic feature
- Personalize it: Covers for smart devices- Customizable with text, bling, graphics, photos, etc..^^$20 and up
- Safety first: Covers for smart devices- Hard shell case feature that’s waterproof ^^ $25-$50 per safety feature
In conclusion: Developing a high end product or service is not about being the next big name brand, it’s being a memorable brand. Your product will be more desirable if you add high end features, which allow you to cater it towards specific client needs. Plus, including these features will help you develop your product faster and lower production costs. Ultimately, developing a high end product or service is worth the effort when it increases business growth!
Next I will be publishing how to develop a low end product.