Many SMEs want to target luxury consumers, as the prospect of selling offerings at a higher price is something business owners dream of. However, by only targeting this select group, it’s easy to miss out on a huge section of the market.
Budget-friendly options are an excellent way to get a greater share of the market on board with your brand. Along with selling more products overall, there’s the possibility of these people later upgrading to the higher-priced options your business offers.
Online Casino Industry is a Great Model to Follow
The online casino industry is one of the greatest success stories of the internet age, attracting millions of players from a multitude of different demographics around the world. Businesses can learn a lot from the top sites, where there are options to suit a range of different budgets.
One of the best examples of this is https://casino.betfair.com/game/penny-roulette-cptn, a roulette game that allows players to bet on the wheel for small stakes. It means that people with a low risk appetite can enjoy the themes without having to spend much money. It’s also a great option for players who haven’t played roulette before and want an introduction before they stake higher amounts.
The cheaper options at online casinos have a lot of the same features as the other games, giving everyone the chance to get a similar experience. Once players have joined a site, there are plenty of opportunities to encourage them to try other games as well, especially through offers and promotions.
Range of Options Expands Market Reach
SME business owners should understand that offering some budget options is one of the best ways to expand market reach. Outside the online casino industry, there are plenty of other companies that this has worked for.
Apple’s pricing model is one of the best examples of this concept, with the tech giant offering a range of entry points on each of its lines. The iPhone comes with the Pro Max at the top of the range, but the company also offers the SE on each generation as a simple alternative for people who don’t want to spend as much money. According to an article in https://www.digitaltrends.com/mobile, the cheaper model is still a great option that introduces users to many of Apple’s top features.
Enhancing Brand Loyalty and Upselling Opportunities
If your business has a great budget option that gives people a taster of what else they can purchase, it can act as a stepping stone to higher-end-products at a later date. It can help people develop an attachment to your brand, and when they have more money to do so, they may then move on to your more luxurious items.
BMW’s model in the automobile industry is an excellent example of this, with the 1 Series acting as an entry-level line for people with lower incomes. Once they’ve got a BMW and have experienced what it has to offer, these people may then aspire to buy the high-end models like the 7 Series and the M-Series.
As stated in https://www.business-money.com/, there are often various benefits for businesses that offer a cheaper alternative. If your SME doesn’t have this pricing model in place yet, it is well worth considering.
