Priority: 🔥🔥🔥 | Difficulty: 💪💪💪💪
When was the last time you went to the golden arches and ordered a burger? If you're anything like me, you probably went for the limited edition version that's "only there for a limited time" - and I don't even go that often, so I should probably just get the meal I know I like and haven't had for a while!
Why do we do this? Because that little voice inside us loves to feel like we’re getting something better, something exclusive.
This same principle can work wonders for your e-commerce store. Introducing higher-priced, premium versions of your products isn’t just about making more money, it’s about giving your customers more options, elevating your brand, and yes, increasing your profit.
But fair warning, this isn’t an overnight tactic. You’ll need to put in the time to plan, test, and make sure your customers actually want the premium product you’re offering. That’s why this one scores a little higher on the difficulty scale.
Let’s dive into why it’s worth the effort and how to make it happen.
Why Premium Product Variations Work
1️⃣ They Speak to AspirationsPeople love to feel special. Offering a premium product makes them feel like they’re getting the best of the best. It’s not just a product, it’s an experience, a statement.
2️⃣ They Expand Customer Choice
Not everyone is after the cheapest option. By offering a deluxe or limited-edition version, you’re catering to those willing to pay a little extra for added value.
3️⃣ They Maximize Profit Margins
Let’s face it, higher-priced items often come with better margins. The cost to upgrade might be minimal, but the perceived value to the customer is massive.
How to Introduce Premium Variations
Because this is a bigger undertaking, it’s important to get it right. Here’s how:
📖 Do Your HomeworkStart by researching your customer base. Is there demand for a premium product? Send out surveys, test the waters with smaller launches, and analyse purchasing behavior to make sure you’re meeting real needs.
It’s not enough to slap on a higher price tag. What’s different? Is it better materials, additional features, or exclusive packaging? Spell it out for them.
Nothing triggers FOMO (fear of missing out) like a product that won’t be around forever. A limited-edition premium product can create urgency and drive sales.
When customers see the premium version alongside the standard one, they’re more likely to think the regular option is a bargain—or feel justified in splurging on the deluxe version.
Launch your premium product with fanfare. Use email blasts, social media teasers, and influencer shoutouts. Make your customers feel like they’re getting first access to something special.
Examples of Premium Variations
👉 Limited Edition VersionsCreate a product with exclusive features, materials, or designs, only available for a short time or limited quantity.
👉 Customisable Products
Offer a tailored version where customers can choose colors, finishes, engravings, or other personal touches.
👉 Luxury Packaging
Add premium, reusable, or gift-worthy packaging for an elevated unboxing experience.
👉 Performance Upgrades
Include enhanced features or components, such as higher durability, better performance, or faster operation.
👉 Bundled Experiences
Pair your product with access to exclusive events, online courses, or personalized consultations.
👉 Eco-Friendly Editions
Introduce a sustainable or organic version made with environmentally friendly materials or processes.
👉 Exclusive Access Memberships
Sell a premium product that includes access to a VIP club, early product launches, or dedicated customer service.
👉 Collector’s Editions
Feature a product in special colors, with rare materials, or numbered editions that appeal to collectors.
👉 Enhanced Warranties or Services
Include a premium version with extended warranties, priority support, or maintenance services.
👉 Premium Materials or Craftsmanship
Use rare or high-quality materials, such as leather, gold, or handcrafted components, to distinguish the product.
The Takeaway
Introducing higher-priced variations isn’t about alienating customers or turning your brand into a luxury-only shop. It’s about meeting different needs, creating excitement, and building loyalty through options.
That said, this isn’t a strategy to rush. Take the time to ensure there’s demand for what you’re offering. A premium product no one wants is worse than none at all. But when done right, premium products not only boost your bottom line but also elevate how customers perceive your brand. They’ll see you as offering something for everyone—and delivering value across the board.
So, what’s your “burger upgrade”?
Ready to test this out? Go through your product lineup and start brainstorming what could become your premium hero.
This is just one of the strategies in the Double Your Profit in 90 Days Cheat-Sheet. If you haven’t grabbed your copy yet, download it now to get even more actionable tactics to boost your profits.