Revenue Streams - Premium Brand - Part 3

Module 2

Transcript

1. Premium Brand 42
2. 43 Here's What You'll Learn In This Module • Why you NEVER want to compete on price • How to use “brand models” to instantly elevate your perceived value in the marketplace • How to position yourself from day one to command premium prices (even if you’re just starting out) • How your Buddy Factor instantly influences your perceived value and how to use it to jump to the top of your field
3. 44 “ The more you charge, the more people respect you. If you do things on the cheap, people tend to find fault with what you do. ” - STUART WILDE
4. 45 Why You Never Want to Compete on Price • Think about the mentality of “price shoppers” - zero loyalty and a royal pain in the ass • Competing on price is the fastest way to kill yourself, your profits and your business • Someone will always come in cheaper and you’ll continue to work harder & harder for the same or declining profit • Like it or not PRICE makes a statement about credibility “you get what you pay for...” • There will always be a segment of every market who will not purchase if the price is too low - these are the BEST customers!
5. 46 How to use "Brand Models" to Elevate Your Business • Choose up to three brands you admire (various industries) • Look for an excellent reputation, track record, vibe and perceived value in the marketplace • Find commonalities in those brands - what emotions and feelings come to mind? What exactly do you admire about them? • What exactly do you like about their marketing? Service? Sales process? Look and feel?
6. 47 EXAMPLE: Like a Celebrity Brand Models Creative * Global * Fun * Edgy * Cheeky Service Oriented * Loving * Hip * Modern Profit-driven * Socially Conscious
7. 48 How to Position for Premium Pricing From Day 1 • Get that people will pay whatever you ask for something they really want • Find the BIGGEST pain points of your ideal customers and solve those problems. Then you can charge premium prices • If you sell luxury products, work on your design and branding so it’s in alignment with your high pricing • Get creative: make doing business an experience (look to brand models for inspiration & ideas!) • Go the extra mile in customer service, honesty & integrity • Get a set. Premium pricing is 90% confidence and cajones
8. FACT: Your reputation, and to a large degree your perceived value in the marketplace, is determined and maintained by the people you associate with. 49
9. Use The Buddy Factor To Increase Your Perceived Value 50 • Get positive association by aligning yourself with the best people in your industry • Make a list of people you want to be associated with and use social media, blogs, email, letters - whateva - to start real relationships (we’ll cover this more in depth in another module) • Be cool. Don’t stalk. Be a positive, supportive, consistent presence who actually cares about the human being you want to associate with • The best people aren’t always the most well-known, don’t forget up-and- comers! • NOTE: Always be straight up about your associations, don't make stuff up
10. Key Points To Remember 51 • Don’t be afraid to charge premium prices - especially if your stuff is worth it • Never sell anything you're not prepared to deliver impeccably • Association is powerful for brand positioning. Consciously cultivate your Buddy Factor
11. Take Action Now • Download your PDF • Complete the exercise immediately • Report your breakthroughs, challenges + questions to SUPERNOVA@LikeaCelebNYC.com 52 UP NEXT: ELIMINATE COMPETITION