Latest / Ambitious Podcast / EP.103: The 3 Brand Tiers That Control Your Pricing, Sales, & Clients: Mass, Premium or Luxury | The Ambitious Podcast

Transcript

EP.103: The 3 Brand Tiers That Control Your Pricing, Sales, & Clients: Mass, Premium or Luxury | The Ambitious Podcast · Ambitious Podcast

• 0:00
  You're attracting the wrong clients that you don't want to
• 0:02
  be working with. Your sales probably feel harder
• 0:04
  than they should be. You're trying to convince people
• 0:07
  to convert. Do you feel like you are
• 0:09
  offering an incredible service, but for some reason the person
• 0:12
  you're speaking to doesn't quite seem to see it in the same way
• 0:14
  in which you do? You say premium, but then when I
• 0:17
  get to your price tag, nothing about your price tags or your
• 0:20
  packages actually feels premium. It's one of the fastest ways to
• 0:24
  kill your sales. If you do not have brand
• 0:26
  clarity, you're going to have people who don't value for work
• 0:30
  at the level that you do. If you don't know what you're
• 0:32
  selling, then how can you know how to market that thing?
• 0:36
  Hello and welcome back to Ambitious.
• 0:38
  Today we are diving into the three tiers of brands and this
• 0:43
  episode we're going to be really, I would say kind of
• 0:45
  almost in the structure of like a full on master class, if I'm
• 0:48
  going to be honest. Now I want to preface, if you
• 0:51
  are someone who is a strategy nerd like me when it comes to
• 0:55
  business, this might be an episode that you want to take
• 0:57
  out a piece of paper pen notes. But also as you listen to this
• 1:02
  or watch this, if you are also working right now, you're on a
• 1:06
  walk, you're in your car. This is also something that
• 1:08
  absolutely you can just take in and absorb because one of the
• 1:13
  things that I know from this topic when I do this with
• 1:16
  clients is that this is something that even just hearing
• 1:20
  me talk about it, you're going to already start to sort and
• 1:24
  identify and organize the information I'm telling you in
• 1:28
  very real time while listening. So why I wanted to talk about
• 1:33
  this today and why honestly I think as a business it's so
• 1:37
  important that we do have this conversation is because I see a
• 1:41
  lot of businesses that are trying to solve a lot of
• 1:44
  problems or situations that are coming up inside their business
• 1:48
  that are the root of a brand issue or a lack of brand clarity
• 1:53
  issue. And you know, these can be the,
• 1:57
  the understanding of brand can be something that impacts
• 2:00
  literally every area of your business.
• 2:01
  It impacts the way that you price your services.
• 2:03
  It impacts the way that you market.
• 2:05
  It impacts the way that you sell your actual offer or your
• 2:08
  service. It also greatly impacts the
• 2:12
  actual people that you are attracting to your business and
• 2:15
  to your offer. And also I think the most
• 2:18
  important thing that I've seen is that it really does impact
• 2:22
  what people expect of you and what a customer expects of you,
• 2:26
  what one of your clients expects of you.
• 2:29
  And there's almost this like planting of seeds that happens
• 2:32
  all the way up until you start working with a client that all
• 2:35
  is a result of brand. And so sometimes people will
• 2:37
  have situations that happen inside the business and they
• 2:41
  think why is this happening? That is because there's been a
• 2:45
  priming that's happened before they ever became a client that
• 2:49
  was a result of brand. So one of the things that I will
• 2:52
  say is when you don't understand your brand category, when you
• 2:56
  don't understand your brand positioning, it means that you
• 2:59
  actually could be creating unintentionally, not
• 3:02
  consciously, but unintentionally.
• 3:04
  You may be creating friction within your business without
• 3:08
  even knowing it. And that could cause some of the
• 3:11
  issues that you might be experiencing today.
• 3:21
  So I first wanted to kind of share what are some things that
• 3:26
  might be happening within your business?
• 3:28
  What are some things that might be happening within your brand
• 3:31
  that are an indicator that maybe you do lack some clarity around
• 3:35
  your brand category? So first thing that I would say,
• 3:39
  I think is the most obvious is that people will have their
• 3:44
  marketing show up as one thing or one way, but their actual
• 3:49
  price says another. So one of the things that I
• 3:52
  think, you know, you may be sitting with or that you may be
• 3:55
  trying to do is to say like, I really want to have a premium
• 3:58
  service, right? I hear this all the time.
• 4:00
  I really want to have a premium service.
• 4:02
  I want to attract high level clients.
• 4:04
  I want to attract clients that invest, but you're saying that
• 4:09
  you want to attract premium clients.
• 4:10
  You're saying that you want to attract these high level buyers,
• 4:15
  but then I'm seeing you have massive discounts on your
• 4:19
  pricing or I'm seeing you have massive promotions where you're
• 4:22
  like, you know, get this, this and this and this, all these
• 4:25
  bonuses that are really a way for you to frankly verify or
• 4:31
  validate your price point. And so there becomes this
• 4:35
  friction because you say premium, you tell yourself
• 4:39
  you're going to market premium, but then when I get to your
• 4:42
  price tag, nothing about your price tags or your packages
• 4:45
  actually feels premium. And that really for the buyer
• 4:49
  creates a lot of confusion. The way that I want you to think
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  about this is almost like if you walked into a Chanel and you
• 4:56
  have this like, wow, I can imagine everything in here is
• 4:59
  probably very, a very high investment or very expensive.
• 5:03
  But then you walk in and you're like, oh, it's $200 or oh, it's
• 5:06
  $150.00. There's this this discrepancy
• 5:09
  between what we saw within the marketing versus what we
• 5:12
  actually received. And so we want to first look at,
• 5:16
  is there any kind of gap between the way that you're marketing
• 5:20
  and the way that you're actually establishing your prices and
• 5:22
  establishing your offers? The other way that we see this,
• 5:25
  which is a big, big indicator in most businesses, is that you're
• 5:30
  attracting the wrong clients that you don't want to be
• 5:33
  working with. And this is not to say, by the
• 5:35
  way, that they're people who don't have the problem you
• 5:38
  solve. And I think this is a really,
• 5:39
  really important distinction when you let's just, I gave this
• 5:43
  analogy to a client recently and I said, you know, let's take
• 5:46
  Person A and Person B Person A wants to buy a purse, OK?
• 5:51
  And Person B also wants to buy a purse.
• 5:55
  Person A is a Target customer. OK?
• 5:58
  So they are literally going to go to a Target and they're
• 6:00
  looking for a bag, I would probably say in the bucket of
• 6:03
  anywhere between 2999 to probably $60.00, right?
• 6:06
  So there's somewhere in that bucket they're going to look to
• 6:08
  go buy a purse. Now, in the contrast, you've got
• 6:12
  person B who also, technically speaking, needs a purse, but
• 6:17
  they're going to go to a Chanel or they're going to go to a
• 6:20
  Louis Vuitton to buy a purse, or they're going to go to AYSL to
• 6:24
  buy a purse. And in that they may be
• 6:27
  investing in the bucket of $3000 to $15,000 for a purse.
• 6:33
  Now, the reason I show this example is because both of these
• 6:36
  people are looking to buy a bag. So This is why when we think
• 6:41
  about, you know, this is someone who has the problem that I
• 6:44
  solve. Yes.
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  But another analogy would also be the person who buys a coffee.
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  If you buy a coffee, like I wouldn't got coffee this
• 6:51
  morning, one of my favorite coffee shops.
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  It definitely is considered a more premium or luxe coffee
• 6:56
  shop. And that's because it's not
• 6:58
  really about the coffee. If I needed a caffeine, I could
• 7:01
  get, you know, a Dunkin' Donuts equivalent, a Tim Horton's if
• 7:04
  you're Canadian. But I went and got like this
• 7:07
  like nice experience coffee. My coffee was 750 this morning,
• 7:10
  which is quite literally insane, but it was 750 this morning.
• 7:14
  And so person A needs a coffee. Person B needs a coffee.
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  Well, Person A buys their coffee for $2.00 at a Tim horton's or a
• 7:23
  Dunkin' Donuts. And then there's me today, who
• 7:25
  bought a coffee at $7.00. Both of us wanted a coffee this
• 7:29
  morning, but we bought it at different places.
• 7:30
  Why is that brand? Brand is the difference of not
• 7:36
  just the fact that you've the the problem that people solve
• 7:39
  and you're the solution for it, but also who are we bringing in?
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  We want to be clear that we're not just looking for the person
• 7:46
  who needs a bag. We're not just looking for the
• 7:48
  person who needs a coffee. We want to know what kind of
• 7:51
  coffee are they looking to buy? What kind of experience do they
• 7:54
  want to have when they buy that coffee?
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  What kind of purse are they looking for?
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  What does the purse represent to them and why are they buying
• 8:00
  this purse? These are something that we need
• 8:03
  to know because otherwise you will say, OK, well, I just don't
• 8:07
  get it. I'm having people come in who
• 8:09
  want to buy a coffee, but as soon as they realize it's $7.00,
• 8:12
  they're leaving. Yes, because you're not just
• 8:14
  looking to have anyone looking to buy a coffee in your quote UN
• 8:17
  quote shop. You're looking to have the right
• 8:20
  people who want coffee in your shop.
• 8:22
  So this means that if you do not have brand clarity, you're going
• 8:27
  to have people who don't value your work at the level that you
• 8:30
  do or the type of work that you do.
• 8:32
  You don't have people that are primed for your price.
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  So you have a lot of people that are having massive price shock
• 8:38
  because they're like, Oh my gosh, that's not what I thought
• 8:40
  this was going to be, that this is going to cost or that this is
• 8:42
  what it would be asked of me. And you're going to find at
• 8:45
  times that you kind of, especially in the sales process,
• 8:48
  might find yourself getting into like convincing mode where
• 8:51
  you're trying to convince people to convert.
• 8:54
  And for most people, this process is very frustrating
• 8:57
  because you feel like you are offering an incredible service,
• 9:00
  you've got great value, but for some reason the person you're
• 9:03
  speaking to doesn't quite seem to see it in the same way in
• 9:05
  which you do. And even with that, you find
• 9:09
  that maybe even in the event that someone does connect to
• 9:13
  your marketing and that they do convert you in the actual
• 9:16
  service, find some resistance. You find that there's definitely
• 9:19
  a piece that just doesn't resonate, that this person is
• 9:21
  just flat out not aligned. And you know, with this, it
• 9:26
  really starts to seep into every area of your business.
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  The other way that we see this come up when people lack the
• 9:31
  clarity of brand is that you will actually be focusing on
• 9:34
  building the wrong thing inside of your business that depending
• 9:37
  on what kind of customer you have, you shouldn't be focusing
• 9:40
  on. So I'm going to give you an
• 9:41
  example. Luxury brands, high level brands
• 9:45
  are all about client experience. They're all about the actual
• 9:49
  resonance that the client has going through your business and
• 9:53
  going through the experience of your service.
• 9:55
  Whereas when you are more of a mass market brand, which by the
• 9:58
  way, we're going to get into all the details of the different
• 10:00
  brand categories. But when you are a mass market
• 10:03
  brand, you're really focused on simplicity and you're focused on
• 10:07
  volume. And so if you are somebody who
• 10:11
  doesn't know what kind of brand you are, there's also a high
• 10:14
  possibility that you are literally focusing on building
• 10:16
  the wrong things inside your business.
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  Meaning you are spending time and energy on a really, really
• 10:23
  high level experience and a really high level, you know,
• 10:26
  process or journey for your customer when really you're a
• 10:30
  mass market brand. Or on the contrast, maybe you're
• 10:33
  someone who is a luxury brand, but you're all focused in your
• 10:37
  business right now on volume. Those two things do not go
• 10:41
  together. And This is why, again, clarity
• 10:43
  is going to help you to really establish what am I focusing on?
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  Why am I focusing on this and who am I really trying to be
• 10:49
  working with and what can I build for them specifically?
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  Now, the other thing that I would also say is just the flat
• 10:56
  out feeling you may have of like something just feels off, Like
• 10:59
  something in your business feels off.
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  And I was just literally making a note before pressing record
• 11:03
  today of what some of these were that I see with clients.
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  Number one, you are putting content out and it is just not
• 11:08
  hitting. So like you find that you're
• 11:11
  producing things that you are getting content that's going
• 11:13
  out, but like it's not activating the people you want
• 11:16
  or it's just not activating in general.
• 11:18
  Your sales probably feel harder than they should be.
• 11:20
  So even if you do get sales opportunities, they're kind of
• 11:22
  feeling like again, you're needing to drag them a little
• 11:25
  bit in order to convert. And your growth within your
• 11:28
  business may even feel like it's plateaued or stagnant or
• 11:31
  potentially just in general inconsistent.
• 11:34
  And so with that, these are things that I want you to know
• 11:37
  can be resolved with having clarity of your brand category.
• 11:42
  So I'm going to go into the three different categories of
• 11:46
  brand and in each one, I'm going to break down a couple different
• 11:48
  things. Number one, what is it?
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  So what does it mean to be in this category?
• 11:52
  2, what does this mean when it comes to your pricing and to
• 11:55
  your products? So if you do resonate with this
• 11:57
  brand category, here's what we'll probably be seen within
• 12:00
  your pricing, within your products.
• 12:02
  I'm also going to talk a little bit about messaging and
• 12:04
  marketing of what that looks like for that category.
• 12:08
  And also I'm gonna give you some examples and some analogies for
• 12:11
  you to anchor into that will help you to really easily as I'm
• 12:14
  talking start to categorize to yourself, OK?
• 12:17
  I think that that actually is the brand that I am.
• 12:19
  I think that that is the category that I resonate with.
• 12:22
  OK. So we're going to be breaking
• 12:24
  down 3 today, which is #1A mass market brand. 2, we're going to
• 12:29
  be breaking down a premium brand.
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  And 3rd, we're going to be breaking down a luxury brand.
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  OK. I would say that nine times out
• 12:37
  of 10, most of the business owners that I talked to you, by
• 12:39
  the way, are not aware of what these are.
• 12:41
  So if you're listening to this for the first time or you're
• 12:43
  watching this and you think I did not even know that there was
• 12:46
  3 primary categories, you're not alone.
• 12:49
  OK, So I want to first say it, is this new information for you
• 12:52
  or this is something you've never heard of before?
• 12:54
  This is not something that you were alone in.
• 12:56
  Many brands and businesses that come to me do not have clarity
• 12:59
  of this. And this is just one of the
• 13:02
  different areas that we look at to help somebody to understand
• 13:05
  their brand strategy. So if you're somebody who does
• 13:08
  not have a brand strategy, if you have no idea what that is,
• 13:10
  this is one of the aspects that you would want to have clarity
• 13:13
  of because it does help you to know what brand you're building
• 13:16
  and why. So first, we want to start off
• 13:19
  with the mass market brand. And I literally want you to
• 13:22
  think about this as like a triangle, OK?
• 13:25
  So the bottom of the triangle is the widest, and that is the mass
• 13:29
  market brand. There is a reason that this is
• 13:31
  the widest point, and that is because this is meant to be
• 13:33
  applicable to the most of society, the most amount of
• 13:36
  people, OK? So mass market brands are all
• 13:39
  about being accessible. They are all about being
• 13:41
  affordable and they are all about being available to
• 13:45
  everyone everywhere. OK, so accessible, affordable
• 13:50
  and available to everyone. So mass market brands, I want
• 13:55
  to, as we go in today, give you some examples as I talk through
• 13:59
  this because it will start to kind of connect the dots for
• 14:01
  you. Easy examples of mass market
• 14:03
  brands would be Target, Walmart, McDonald's, Old Navy.
• 14:09
  These are stores and companies and brands that you can
• 14:13
  literally find anywhere if I need.
• 14:15
  I think there's like more McDonald's than any other brand
• 14:18
  or business in the world and they are literally within every
• 14:23
  X proximity of one another, there's another McDonald's.
• 14:26
  And that's something that again really speaks to that aspect of
• 14:29
  always available. It's very accessible.
• 14:32
  And obviously, as you know, McDonald's is very affordable in
• 14:36
  the sense of the price points are somewhat probably the lowest
• 14:39
  that you will find when it comes to food.
• 14:42
  So one of the things that we want to know with a mass market
• 14:46
  brand is that a mass market brand is looking to strictly
• 14:50
  grow on the basis of volume, OK? So think about the amount of
• 14:54
  volume that goes through a Target or a Walmart or a
• 14:58
  McDonald's. This is really all built off of
• 15:00
  tons of quantity of customers that are coming in and out of
• 15:04
  their doors. They win as a mass market brand
• 15:09
  by serving as many people as humanly possible.
• 15:11
  So this is something that I also want you to think about for
• 15:15
  yourself, which is not just a matter of which brand am I right
• 15:19
  now, but also as a business. What kind of business are you
• 15:22
  looking to build? Because even as I say, you want
• 15:25
  to serve people that it's accessible, affordable and
• 15:29
  available to everybody. And it's a model that is built
• 15:32
  off of volume. Well, if as I'm saying that you
• 15:34
  think to yourself, Oh well, I don't, I don't want a volume
• 15:37
  business, right? Like I don't want hundreds of
• 15:39
  customers. I don't want thousands of
• 15:41
  customers. I want, you know, let's just say
• 15:44
  20 customers, 50 customers at a time.
• 15:47
  And I feel like if I had that, that's what would make me feel
• 15:50
  fulfilled. Well, this is where these
• 15:52
  questions start to come in to say, what kind of business are
• 15:55
  you really building and does the brand that you've put out really
• 15:59
  match that? And I want to mention something
• 16:01
  because I had this conversation with a private client literally
• 16:04
  on this topic of brands like a week or so ago.
• 16:07
  And she said, you know, but Katie, I struggle because I want
• 16:10
  to have impact. And I think the thing that is
• 16:13
  important for us to also acknowledge, and I first of all
• 16:17
  want to say, if you're a brand that also feels like you want to
• 16:19
  have impact, that's good. I would never want you to tell
• 16:22
  me. I don't care about impact.
• 16:23
  I'm just about the revenue. The goal, though, is to also ask
• 16:27
  yourself where the impact comes from because I had a great
• 16:31
  mentor once say to me, because I had the same thing, I said if I
• 16:34
  increase my prices because I would say for myself, I fall
• 16:37
  into category 2, which we'll get into in a second.
• 16:40
  I remember saying to him, you know, if I could increase my
• 16:42
  prices or if I end up in this bucket when it comes to pricing,
• 16:44
  my biggest concern is that I will price myself out of people
• 16:47
  who I could really help. And he said to me, well, who
• 16:51
  said that your impact and your help could only come from your
• 16:56
  service? Or who said that the only way
• 16:59
  you could impact people is if they invest with you?
• 17:02
  And that really shifted my perspective because it made me
• 17:05
  realize that I was so focused on the correlation between, oh, I
• 17:09
  only impact those who invest with me.
• 17:11
  Well, you know, this podcast can impact somebody.
• 17:13
  My content can impact somebody. I could write a book that
• 17:17
  impacts people and it is $20 versus $20,000.
• 17:21
  So I also want to plant that as a seed that as you listen, you
• 17:24
  think, well, Oh well, maybe I'm a mass market brand because I
• 17:26
  want to impact everybody. It doesn't mean that by being a
• 17:29
  different brand category, you can't have massive impact.
• 17:32
  It just will change the way in which you actually facilitate
• 17:36
  that impact. OK.
• 17:37
  So I just want to plant that as a seed because I know for many
• 17:39
  people who are heart centered entrepreneurs like yourself, you
• 17:43
  want to impact a lot of people. You have this solution that
• 17:46
  you're like, I know this could help so many people if they had
• 17:48
  access to it. But the important piece for us
• 17:50
  is not just that you're creating impact, but asking yourself as
• 17:53
  well how you're going to do that.
• 17:55
  So to a mass market brand, I want to talk a little bit about
• 17:59
  price point, because price points generally speaking are
• 18:02
  considered to be in the low to the mid range.
• 18:04
  And the price is a big selling factor of why people go with
• 18:09
  that brand. So if you as a service are
• 18:13
  saying to yourself, what maybe I want to be a mass market brand,
• 18:16
  it means that you can actually be competitive on price.
• 18:20
  Meaning that if you are someone who has a pretty decent product
• 18:24
  or service and you are considered when someone looks at
• 18:27
  six proposals and you're one of the lowest within that you can
• 18:32
  actually be competitive and you can leverage your lower price or
• 18:36
  your mid price in comparison to your competitors.
• 18:39
  And that will be the reason that people go with you.
• 18:41
  They will say like this is very affordable, right?
• 18:44
  So even if we think back to our coffee analogy, there will be
• 18:48
  I'm not looking for a bougie coffee, I just need caffeine in
• 18:51
  my veins. And that's when you go to a
• 18:54
  Dunkin' Donuts or you go to a Tim horton's.
• 18:56
  The reason we do that is because we're just looking for coffee.
• 18:59
  So we go to something because we know we're not looking to spend
• 19:01
  a fortune on it. We just need something.
• 19:04
  So there's also ways to be competitive in being the lower
• 19:08
  price option with a specific category.
• 19:11
  The other thing that is also very frequent as a mass market
• 19:14
  brand is that you can really play with discounts and bonuses
• 19:19
  and things of that nature. You can really play within that
• 19:22
  because again, your price is a big factor of why people invest
• 19:26
  with you. It's a big factor of why people
• 19:28
  spend with your brand in particular.
• 19:31
  And again, back to the aspect of being accessible and being
• 19:35
  affordable. The other thing is too is
• 19:38
  there's also an aspect of convenience, right?
• 19:40
  So there's a lens of people wanting to spend with you
• 19:44
  because again, it's easy to do so they can get the problem that
• 19:47
  they need solved at a very low affordable, accessible rate.
• 19:51
  So again, back to our coffee. This is the the convenience of
• 19:54
  me needing caffeine. It's accessible, it's
• 19:57
  convenient, it's affordable, and it's something that will get the
• 20:01
  problem solved, which is my need for caffeine, right?
• 20:04
  So in all those buckets, I'm not looking to evaluate it off of
• 20:08
  anything else other than the product and the price.
• 20:11
  OK, So this is not to say, by the way, that you don't need to
• 20:13
  have a good product. I want to make that very clear.
• 20:15
  You should still have a good product with any of these
• 20:17
  categories. But it is important that we note
• 20:20
  that, you know, the experience, for example, of opening a
• 20:23
  McDonald's bag is not the reason that we buy McDonald's.
• 20:27
  We buy McDonald's because it's 2:00 in the morning.
• 20:29
  After going out for drinks with friends and you need some food
• 20:32
  and nothing else is open, right? So again, convenience,
• 20:35
  affordable, accessible. So when we think about
• 20:38
  marketing, there's also some correlations here as well, which
• 20:41
  is that marketing doesn't need to overcomplicate why someone is
• 20:45
  spending. What we want to think about is
• 20:47
  that we have very clear and simple messaging, right?
• 20:51
  So you'll even think about, you know, a McDonald's commercial as
• 20:55
  very clear understanding of not this big experience connected to
• 20:59
  it. It's like you're going out and
• 21:00
  you're getting, you know, a burger and fries with friends or
• 21:03
  you're going out and you're getting a Coke on the way to go
• 21:06
  do something in the car and on a road trip, right?
• 21:09
  They understand and they market to the real reasons why someone
• 21:14
  even ends up in the McDonald's drive through.
• 21:16
  They play to the true problem that they're solving and why
• 21:19
  they end up at McDonald's in the first place.
• 21:22
  This is a little bit different than if you think about the
• 21:24
  contrast of like, you know, the perfume commercials where like,
• 21:28
  she'll spray the perfume and then she's like running through
• 21:30
  the streets of Paris. You're not going to find that on
• 21:33
  a mass market brand. And that's because McDonald's
• 21:36
  doesn't need to frolic in the streets of Paris in order to
• 21:40
  show you the problem that they're solving with their
• 21:43
  product. So again, This is why it's
• 21:45
  really important that you understand which category your
• 21:48
  brand belongs to and how to market to that category
• 21:52
  effectively. So the goal within marketing is
• 21:55
  that you're not looking to speak to a niche audience.
• 21:58
  This is about the fact that you really do want to try to have
• 22:01
  your marketing appeal to as many people as possible, which is why
• 22:06
  you know, a McDonald's will market to a mom going out for a
• 22:10
  burger with or chicken Nuggets with their kid.
• 22:13
  They'll also market to the teenager who is going after
• 22:17
  school to grab something or on lunch.
• 22:19
  They'll market to the Kidney university who's going after
• 22:22
  drinks with friends, right? Or the family going on a road
• 22:24
  trip. Well, I just covered all
• 22:26
  categories of ages within the same brand.
• 22:30
  So by having different marketing that speaks to those different
• 22:33
  types of people, I'm able to literally, again, have this
• 22:36
  accessible to everybody and my marketing can speak to all of
• 22:40
  those at the same time. Whereas if I think about, for
• 22:43
  example, a again on the contrast like a Chanel that is not going
• 22:49
  to resonate with every single person everywhere, right?
• 22:52
  It's a much more niche audience. So the, the marketing of a mass
• 22:57
  market brand is really all about practicality.
• 23:01
  There's an emphasis on how accessible it is.
• 23:04
  There's an emphasis on the ease of how easy you can use it.
• 23:08
  It's not something where we need to typically market a very big
• 23:12
  feeling, a very big experience or transformation.
• 23:15
  There's not a ton of, I wouldn't say deep, deep depth to why we
• 23:19
  market what we do. It's really about the center of
• 23:23
  the product and the price and how accessible it is.
• 23:26
  So again, examples being Target, Walmart, Old Navy, McDonald's,
• 23:31
  like classic brands that we know are really consumed and
• 23:35
  accessible to absolutely everybody.
• 23:37
  But with us, I wanted to make some mental notes that if you
• 23:39
  are someone who feels like you are a mass market brand or you
• 23:42
  want to be, there's also some things you need to avoid, which
• 23:45
  is number one over customization.
• 23:49
  So when we think about, you know, a Starbucks, even that's a
• 23:54
  much more premium experience. Whereas, you know, if you go to
• 23:58
  a Dunkin' Donuts, there's not like a how hot do you want your
• 24:02
  milk? What syrup do you want?
• 24:03
  How many pumps of that syrup to how many shots would you like
• 24:06
  within your coffee? Do you want room at the top?
• 24:09
  Like how much whip would you like?
• 24:11
  Like that's not something you're going to get asked at a Dunkin'
• 24:14
  Donuts. And that's because they're not
• 24:17
  in the business of customization.
• 24:19
  They're in the business of volume.
• 24:21
  So because of that, they have to recognize that in being in the
• 24:24
  business of volume, they can't have a ton of customization.
• 24:27
  So this also means for you when you're setting up your packages,
• 24:30
  when you're setting up your offers, we are not in the
• 24:33
  business of oh, I can customize this many posts for your
• 24:36
  marketing package or I can customize this many blogs for
• 24:39
  this service. I can customize giving you this
• 24:42
  many calls. We are not in the business of
• 24:44
  custom. It would be, here's our specific
• 24:46
  packages that we offer and with them that they're at accessible
• 24:51
  price points. And behind the scenes, most
• 24:54
  likely the goal would be that you have your systems, you have
• 24:58
  your processes, you maybe even have your team really, really
• 25:01
  dialed that you can take a ton of clients.
• 25:04
  This is why I have some marketing agencies that I coach
• 25:07
  and let's just say their packages are like probably
• 25:10
  around say 1200 or 1500 a month. They are a mass market brand.
• 25:14
  They are somebody that literally are a social media and marketing
• 25:17
  agency that is strictly based off volume.
• 25:20
  On the contrast, I also have marketing agencies that are in
• 25:24
  another category that are not built off volume and their
• 25:27
  packages minimum start at around 3000 to $3500 a month, up to
• 25:32
  $8000 a month for their marketing packages.
• 25:35
  So the difference in the systems, the back end that one
• 25:39
  person needs versus the other, because if we think about both
• 25:42
  these people having a $50,000 month in their business, Client
• 25:46
  A who's got that mass market brand has a ton more clients
• 25:50
  that they need to manage and serve and handle then Person B.
• 25:55
  So this is where, again, getting this clarity is really important
• 25:59
  because the person who has a ton of clients at 1500 needs to
• 26:04
  recognize we need a really streamlined sales process.
• 26:06
  We need a really fast, easy on boarding.
• 26:08
  We need a really easy way to track and support clients and
• 26:11
  offer delivery to them. We need to have a really
• 26:13
  efficient team. There's different things that
• 26:15
  you focus on to be able to handle volume versus if you have
• 26:20
  a smaller quantity of clients but you're working with them on
• 26:22
  a deeper level. So first of all, we do not want
• 26:26
  customization. We don't want custom prices, we
• 26:27
  don't want custom packages, We don't want, you know, customized
• 26:30
  processes. Everything has been pre
• 26:33
  established, pre streamlined that this is what we offer and
• 26:36
  that's that. There's also no overcomplication
• 26:39
  of the offering itself. So the offer should be very,
• 26:42
  very simple, very straightforward and very
• 26:44
  specific as to the problems that they solve.
• 26:47
  And with that, that there's no over explanation needed of what
• 26:51
  it is and what it's going to do for the person who's investing
• 26:54
  with you. You also should not overprice
• 26:58
  for the value. OK, this is one of the most
• 27:02
  important pieces. There are people who say they
• 27:06
  want to be a mass market brand, but they price like their
• 27:09
  premium or luxury and then they wonder what's going on.
• 27:13
  And that's because if all of a sudden tomorrow you went to
• 27:17
  McDonald's and every single meal that you wanted to buy was 3999,
• 27:23
  you would be so confused. And that's because they could
• 27:25
  price themselves out of their category.
• 27:29
  So this is, I would say, if anything, for you to have
• 27:31
  understanding of if you're a mass market brand, you have to
• 27:35
  understand your cap when it comes to pricing because it
• 27:40
  means that at a certain point you're putting yourself into a
• 27:43
  different brand category, which means your sales process should
• 27:46
  be different. Your marketing should be
• 27:48
  different. Your branding, meaning the
• 27:50
  physical representation of your brand should be different.
• 27:53
  So This is why when someone says to me, you know, well, what
• 27:56
  should I price or what should I charge?
• 27:58
  I tell them what depends what kind of brand you are.
• 28:00
  Because again, let's go back to our initial analogy of the
• 28:03
  purse. There's a purse physically that
• 28:06
  you could get for 2999 and there's also a purse or a bag
• 28:11
  from Chanel that you could also get for $7000.
• 28:15
  So when you say what should I price my purse at, it depends.
• 28:19
  What are we really selling? Are we selling the purse?
• 28:21
  Are we selling the feeling of the purse?
• 28:22
  Are we selling the status of the purse?
• 28:24
  What actually are we selling when we sell X?
• 28:28
  And I think what ends up happening as businesses as we
• 28:30
  get into this place where we feel like it's all about, you
• 28:33
  know, if we think to our analogy, the stitching or what
• 28:36
  kind of leather it is and all these pieces, which for you is
• 28:39
  like how many calls they get, how many, you know, resources
• 28:42
  they get, how many deliverables they receive.
• 28:45
  But again, you have to understand what are you selling?
• 28:48
  Because when I go into a Chanel, I'm not asking about stitching.
• 28:52
  I'm not buying the label on the bag because of the stitching.
• 28:55
  I'm buying the status that is associated with that label and
• 28:59
  what that brand has created as its reputation.
• 29:02
  So that is something that you need clarity on because when
• 29:06
  someone says price, OK, well what should I price myself?
• 29:09
  It's not just as simple as what will someone pay?
• 29:12
  Because truthfully the answer would be 2999 up to $7000.
• 29:16
  So this is where we need to have clarity of what are we actually
• 29:18
  selling as a brand? What are we truly marketing?
• 29:21
  So understanding you do not want to overprice as a mass market
• 29:25
  brand because you will price yourself out of your category
• 29:28
  otherwise. And also you don't want as a
• 29:32
  mass market brand to try to mimic luxury aesthetic without
• 29:38
  the product or the process to back it up.
• 29:41
  My goodness, this is one of the really big mistakes that people
• 29:45
  make as a mass market brand. There's this belief that if you
• 29:48
  mark it as luxury, that you're going to get people to spend
• 29:53
  easier or more with you. And it couldn't be further from
• 29:56
  the truth because you will recognize that McDonald's is not
• 30:02
  trying to be Starbucks. McDonald's is not trying to be
• 30:07
  Chanel. And that's because they
• 30:09
  understand who they're marketing to.
• 30:11
  And they also understand that the reason people are buying is
• 30:14
  not because of the smooth jazz in the background, like there
• 30:18
  isn't a Starbucks. So they're not going in for the
• 30:22
  mood lighting and like the the coziness of like a winter night
• 30:25
  by the window at a Starbucks having a hot chocolate.
• 30:28
  Like that's not what they're selling.
• 30:29
  They're selling the actual here's a burger, here's a Coke.
• 30:33
  You've got no time. You need food, you need it
• 30:35
  affordable, you need accessible, open, you know, basically every
• 30:38
  hour of the day. They don't take a single hour
• 30:41
  off. That's what McDonald's is,
• 30:43
  right? So they understand what they're
• 30:45
  marketing. So because that they don't try
• 30:47
  to be luxury. And one of the things that
• 30:49
  actually can kill your brand and really create massive friction
• 30:53
  for you as a business is if you are trying to make yourself feel
• 30:57
  luxury or look luxury. When the reality is after I
• 31:01
  purchase from you, even in the event that your luxury marketing
• 31:05
  got me to move or got me activated, I then go into your
• 31:09
  service and I go, nothing about this is luxury.
• 31:12
  Nothing about this feels premium.
• 31:14
  Nothing about this feels like a luxury experience.
• 31:17
  You've created this massive drop in the buyer.
• 31:21
  And so this is something that I think is really, really
• 31:23
  important because if you want to have a high level brand, it's
• 31:28
  not just about your branding. You can have the the most luxury
• 31:33
  fonts, the most luxury colors, the most luxury photography.
• 31:36
  I don't care if your actual brand experience doesn't match
• 31:40
  what you're marketing. You are literally setting
• 31:43
  yourself up for massive issues with clients and massive issues
• 31:47
  in delivery. So this is not to be a premium
• 31:51
  or a luxe brand. This is not just about
• 31:53
  marketing. This is also making sure that
• 31:55
  whatever you market better match what you're actually providing
• 31:58
  because otherwise you are not a luxury brand, you're just
• 32:01
  marketing as one. So it's really important that we
• 32:04
  also have congruency between what is in our marketing and
• 32:07
  what is actually within our service.
• 32:11
  So that leads me to Category 2, which is a premium brand.
• 32:15
  So premium brands are really all about high performance and
• 32:19
  elevated experience and still accessible, maybe not to the
• 32:25
  entire world, but they are still accessible to a majority of
• 32:29
  people, OK. So almost how I want you to
• 32:31
  think about it is again, remember mass markets are the
• 32:33
  bottom of this triangle. Stage 2, we've got premium
• 32:37
  brands. It tightens in the triangle just
• 32:39
  a little bit. So the amount of people, the
• 32:41
  width of how many people it can reach starts to tailor in just a
• 32:45
  bit. OK, so we're still impacting
• 32:48
  more people. We're still impacting most of
• 32:50
  society, but not everybody. This is not like wildly
• 32:53
  accessible to everyone. And I'm going to give you some
• 32:55
  examples as to, you know, some brands that I want you to think
• 32:59
  of as we talk about premium. So one of the premium brands is
• 33:02
  Nike. Another one would be Apple
• 33:05
  Sephora. Even Aritzia would technically
• 33:08
  be a company that would correlate to being a premium
• 33:11
  brand. And what I want to take a second
• 33:15
  with this on, think about those brands.
• 33:17
  OK, let's think about Apple for example.
• 33:19
  Apple does have an impact on a good majority of society.
• 33:23
  So think about how many people even just in your existing
• 33:25
  family or your friends circle have an iPhone or have a MacBook
• 33:30
  or have an iPad, right? You've got kids watching their
• 33:33
  favorite shows on iPads. You might even be listening or
• 33:36
  watching this on an iPhone right now or on a MacBook.
• 33:40
  And so there's a good majority of us who have Apple products in
• 33:45
  some capacity one way or another, but it doesn't mean
• 33:49
  that every single person has the accessibility factor.
• 33:53
  And this, I think to me is the distinction, which is that, yes,
• 33:56
  this product can be used by a majority of people, but I
• 33:59
  wouldn't say it's particularly accessible.
• 34:02
  So, you know, for example, if we go to Sephora, which is also a
• 34:05
  premium brand, the accessible equivalent of that is like a
• 34:09
  Maybelline, which is at, you know, your local drugstore or
• 34:13
  pharmacy, You will find drugstore makeup, which is, you
• 34:17
  know, like a Maybelline, A L'Oreal.
• 34:19
  NYX would also be another, you know, technically mass market
• 34:23
  beauty brand. They're in the drugstore.
• 34:25
  Anybody and everybody buys those products.
• 34:28
  They're technically the lowest level product of makeup that's
• 34:31
  really available for you to purchase.
• 34:33
  So the next tier would be premium, which is walking into a
• 34:37
  Sephora. So you know, can you get a
• 34:40
  lipstick at the drugstore for 799?
• 34:43
  Yes. Can you also then go to Sephora,
• 34:45
  which is the next level up and get a lipstick for say $15?
• 34:49
  Yes. So it's not quite in the luxury
• 34:52
  bucket, meaning you're not buying a $5070 lipstick per SE.
• 34:56
  I mean, there's still options like that in Sephora, but it's
• 34:59
  not necessarily that you have to spend that by going into the
• 35:02
  Sephora store. Sephora is considered a, a
• 35:05
  middle ground between say like again, like a Chanel lipstick
• 35:09
  that might be $70 versus the $7.00 that you'll find the
• 35:12
  drugstore. Sephora has some options in
• 35:15
  there that are, you know, 17 dollars, $24.00 really that mid
• 35:19
  range change between drugstore and Chanel lipstick.
• 35:22
  So this is meant to be that middle tier.
• 35:25
  And so again, it's a it's available to a lot of people.
• 35:29
  When you think about the ideal customer, we've got little,
• 35:33
  which is crazy. It's its own conversation.
• 35:35
  But there's like little kids now.
• 35:37
  I have an incredible woman who helps me at my house here and
• 35:42
  her daughter, I remember had mentioned and said, you know, I
• 35:45
  really want like a cosmetic fridge for Christmas.
• 35:49
  Like it was one of the things that she wanted more than
• 35:50
  anything. She wanted a cosmetic fridge
• 35:52
  because she loves like skin care and all that stuff.
• 35:54
  Probably cuz she sees it all over TikTok, Instagram,
• 35:56
  etcetera. But you've got like her, as you
• 35:59
  know, let's call it like a 10 year old.
• 36:01
  Then you've got someone like myself who's 33, who goes for a
• 36:04
  foundation and things like that. And then you've also got, you
• 36:07
  know, an older generation who's going in as well.
• 36:09
  And so again, think about they are helping a bunch of different
• 36:12
  categories of people, a bunch of different age demographics.
• 36:15
  They're solving a lot of different ranges of prices.
• 36:18
  So you can get a Chanel lipstick in there, but you also can get
• 36:20
  things that are, you know, 2020, five, $30.00.
• 36:24
  So there's really like this ability for anybody really, or I
• 36:29
  would say like 70% of society as women or anyone who enjoys, you
• 36:34
  know, cosmetic products to walk into the store and be served in
• 36:37
  some capacity. And that really is what the
• 36:40
  essence of a premium brand is, is that there really is again,
• 36:44
  the ability to serve a good amount of people, just not every
• 36:47
  single person inside society. So the focus for a premium brand
• 36:52
  is all about the value that they provide as well as the emotional
• 36:59
  appeal of the experience. And I want you to think about,
• 37:02
  just for a second, buying make up in a drug store.
• 37:05
  How does that feel to you? Do you get like excited to walk
• 37:09
  down the aisle to look at the L'Oreal or the Maybelline?
• 37:12
  And like, maybe you do, but I would say most people have a
• 37:15
  different feeling and experience walking around Sephora than they
• 37:19
  do walking around a drugstore. So because of that, the reason
• 37:23
  that is is because of Sephora is trying to sell an experience.
• 37:29
  But I want to be clear, they're not selling exclusivity.
• 37:33
  So it's not so exclusive that it excludes a good amount of
• 37:37
  society. It's still elevated as an
• 37:40
  experience, but it's not so exclusive that it eliminates a
• 37:44
  majority of society. And the other thing that I think
• 37:47
  is also connected to it is in general, there's a better
• 37:51
  product, right? So another example of this is
• 37:54
  Apple. And so Apple, think about the
• 37:56
  experience element, right? So before Apple existed, very
• 38:01
  rarely would we have these experiences of testing out a
• 38:04
  computer. There wasn't really like this
• 38:07
  nice experience of walking into a store.
• 38:09
  Before that, at least to my memory, we would walk into like
• 38:12
  a Best Buy and we would have the phone that's like connected to
• 38:15
  this like lanyard thing or to the string for security
• 38:19
  purposes. And it wasn't really like a nice
• 38:21
  experience. You were at a major retailer
• 38:23
  typically when you bought a computer, and there wasn't an
• 38:26
  experience associated with buying a laptop or buying a
• 38:29
  phone. But now you walk into an Apple
• 38:32
  store and it's very light and it's bright and it's clean.
• 38:36
  And you've got people who are welcoming you with the door.
• 38:39
  And you have all these counters that are set up with
• 38:42
  opportunities for you to trial the product and to take photos
• 38:45
  on the new iPhone and all of these things.
• 38:48
  What they did is they took what used to be mass market by the
• 38:52
  laptop, by the phone, and they started to create a premium
• 38:55
  category, which was to experience a phone, to
• 38:59
  experience a laptop. The same thing is true when it
• 39:02
  comes to if you've ever seen, you know, Apple will host these
• 39:06
  seminars and these events where they will pre reveal the product
• 39:12
  before it's gone live to influencers, big brands,
• 39:15
  retailers. And so they will literally have
• 39:18
  stadiums of presentations that are an experience of the
• 39:22
  product. Prior to that.
• 39:24
  We had none of that when it came to laptops.
• 39:27
  We had none of that when it came to computers or phones for that
• 39:31
  matter. And that's because what they did
• 39:33
  is they really created an experience, not just the
• 39:36
  product, but again, also the product is expensive.
• 39:39
  Don't get me wrong, I don't think that the Macbooks and the
• 39:42
  iPhones are cheap by any means or an iPad is cheap.
• 39:46
  You can get tablets for cheaper, you can get other computers for
• 39:49
  cheaper. But what they've done is they've
• 39:52
  built brand around experience and they've also truthfully
• 39:54
  created a better product. So I remember, you know, I used
• 39:57
  to have I think it was called a Lenovo, I think is the name of
• 40:01
  it computer. I used to have a Lenovo computer
• 40:04
  and the Lenovo was fine. Like it had the Internet, had
• 40:08
  the ability to answer my emails, like it had the ability to do
• 40:11
  everything but. The thing that was constantly
• 40:14
  the issue with the previous computers is they had so many
• 40:17
  ads and pop ups and you'd have to have these like firewall
• 40:21
  things you would download on your computers and all of this
• 40:24
  stuff. And then Macbooks came out.
• 40:26
  I remember one of the biggest promises or one of the biggest
• 40:29
  appeals of a MacBook is the fact that you won't get viruses.
• 40:33
  You will not get tons of spam and tons of viruses that shut
• 40:37
  down or slowed down your computer.
• 40:38
  It's built into the system to not have them.
• 40:41
  So again, think about the level of the better product.
• 40:43
  They also created a better product in the sense of the
• 40:45
  overall product experience, right?
• 40:47
  We had the phones that didn't have a keyboard like a
• 40:50
  BlackBerry. They were just, you know, one
• 40:53
  single panel of a visual, right? So there's all these aspects
• 40:58
  that when we really think about it, they really did elevate the
• 41:00
  product and they really did elevate the experience.
• 41:02
  And that really is what it looks at when you are a premium brand
• 41:05
  is that you have to recognize the value of the product as well
• 41:09
  as the emotional connection to the experience of that product.
• 41:13
  And so one of the things that they look at is they try to be
• 41:17
  as a premium brand, any premium brand to be mid to high tier in
• 41:22
  investment. So again, is a MacBook the
• 41:23
  cheapest laptop you could find on the market?
• 41:25
  No, there's definitely other computers that you could find
• 41:28
  cheaper, but they are a mid to a high tier and they validate that
• 41:33
  price point. The reason that many of us buy
• 41:36
  into Apple is because they do have a better product that is
• 41:40
  associated with that price tag. So not maybe in every category,
• 41:44
  but in most categories they do have a really great product.
• 41:47
  And so part of the appeal of why we're kind of OK to spend a
• 41:50
  couple extra dollars is because we know that they are a brand
• 41:56
  and a business that does have a really good product to back up
• 41:58
  the ask of their price. So for you, when you're setting
• 42:02
  your prices as a premium brand, like even for myself, I am
• 42:06
  definitely a premium brand. My goal is that I don't want to
• 42:09
  be so high ticket that there's people who go, Oh my God, I
• 42:12
  could never work with her. But I do want to be mid to high
• 42:16
  ticket enough. And what I want to do within
• 42:18
  that is also they'll back that up with a really good quality
• 42:21
  product that I feel like I have really good supports.
• 42:24
  I have good features, I have good information, I have good
• 42:27
  deliverables. That makes sense for why I
• 42:30
  charge what I charge. So am I the cheapest business
• 42:33
  coach you're going to find in the market?
• 42:35
  Absolutely not. Like I am not the cheapest
• 42:37
  person that you could work with, but I also am not the most
• 42:40
  expensive person that you could work with.
• 42:43
  And so I really do. And I'm very conscious of
• 42:45
  playing in that premium category.
• 42:47
  So even back to the aspect of price, one of the things I had
• 42:50
  to be conscious of is that like, I can't just keep increasing and
• 42:53
  increasing and increasing my prices, right?
• 42:55
  So, you know, I had an offer that was, I was talking to my
• 42:58
  business coach at the time and I said, oh, this offer is like,
• 43:01
  you know, $45,000. And he was not at the time very
• 43:05
  into brands. Like I've very, very cognizant
• 43:08
  of brand and building my business for a long time.
• 43:10
  And I really love understanding brands and how they're made and
• 43:14
  you know, the bumper lanes within brands and all of this.
• 43:16
  And I remember him saying to me, you know, just increase your
• 43:18
  price. And I was like, and when does
• 43:20
  that stop? He's like when people stop
• 43:22
  paying it and I realized that it was like, that means that I will
• 43:25
  price myself out of this market and very quickly I will end up
• 43:28
  in the luxury bucket, which I didn't want to do because I
• 43:31
  wanted to sell the actual experience.
• 43:34
  I didn't want to sell it being so exclusive that only 10% of
• 43:37
  business owners could work with me.
• 43:39
  So what this meant when I started to play into premium is
• 43:42
  being conscious of my pricing being mid to high tier.
• 43:45
  I was very conscious that I had to have a good experience, but I
• 43:47
  didn't want it so exclusive that I couldn't work with a bunch of
• 43:49
  people. And also with that I had to be
• 43:52
  very intentional about discounts.
• 43:54
  So one of the things that I would say in our business, we
• 43:56
  really only, I would say discount our services Max, Max,
• 44:00
  Max twice a year. So even with discounts, we're
• 44:04
  more leaning 9 times out of 10 toward bonuses.
• 44:07
  So you'll also see that Apple will do this like if you buy a
• 44:10
  laptop during this time, you'll get a, you know, a pair of Air
• 44:13
  pods as a compliment. If you buy during this moment in
• 44:16
  time for a, a laptop, we basically follow the same type
• 44:20
  of formula. You're not going to go see half
• 44:23
  off discounts or 70% off discounts across all the tables
• 44:26
  at Apple. And that's again, because
• 44:28
  they're not a mass market branch.
• 44:29
  They'd be very intentional about the discounts that they do.
• 44:32
  They'd be very intentional about the added bonuses that they do,
• 44:35
  how often they do them, and when they do them, because they are
• 44:39
  not someone who is completely competitive on price.
• 44:42
  They can still play with pricing by having those bonuses and
• 44:46
  discounts, but that's not the main reason as to why someone
• 44:48
  buys it. People will buy a MacBook
• 44:50
  whether it has a bonus Airpods or not.
• 44:52
  It just creates a little bit of an incentive from time to time
• 44:54
  for an increase in sales for them.
• 44:57
  So the other thing that I think is also a big piece of this is
• 45:00
  that when it comes to marketing, we are selling just as much an
• 45:04
  identity and an aspiration as we are anything else.
• 45:08
  So when you want to market to a premium customer by being a
• 45:12
  premium brand, you have to have good content, you have to have
• 45:16
  good marketing. So you can't have, you know, if
• 45:19
  you think about again, even an Apple, an Apple advertisement,
• 45:21
  right, or an ad for an Apple product on television, you're
• 45:26
  not going to see the same thing there as you would see with any
• 45:30
  other computer or tech brand. And that's because, again, they
• 45:34
  really focus on creating a different kind of marketing to
• 45:37
  create a different type of resonance with the person who
• 45:39
  sees it. And so you have to have crystal
• 45:43
  clear messaging. You have to have crystal clear
• 45:46
  values of who is your customer? Why do they buy your products
• 45:50
  specifically? Why is it worth spending commit
• 45:53
  to the high tier investment compared to the lower price
• 45:55
  option? Those pieces need to be very
• 45:58
  clear within your marketing because otherwise you have
• 46:01
  people saying, well, why is it this much?
• 46:03
  Like what's the benefit of me spending this?
• 46:05
  And so even, you know, for me, I pay a lot of attention to
• 46:10
  design. It's something that, you know,
• 46:12
  even again, if you think about the Apple products that you get,
• 46:15
  like the box that comes in and the experience of taking it out
• 46:18
  of that box, like they think of every last detail, which is why,
• 46:22
  you know, even for me, I am conscious.
• 46:24
  For example, for private clients, as soon as they sign,
• 46:27
  they get connected with a assistant who then sends them
• 46:31
  personalized flowers to their home and all of these pieces.
• 46:34
  I don't have to do that. That's part though of the
• 46:36
  premium experience. The other thing that you can
• 46:39
  also see if you go to my website, the website is
• 46:42
  something that when we did it, it was not meant to just be a
• 46:45
  general website that you could go and find information because
• 46:49
  again, tons of people have websites.
• 46:51
  The goal was to have the website be such a different experience
• 46:55
  than you probably would see on most coaches or consultants
• 46:58
  websites. And that was intentional because
• 47:01
  it meant that when you land on that website, you go, whoa, this
• 47:03
  is interesting. You want that moment of like
• 47:06
  this feels different and that's why we did it is because if I
• 47:10
  just had the same website as everybody else, I very quickly
• 47:13
  would get put in that mass market brand.
• 47:17
  Instead, I wanted the equivalent when someone goes to my site for
• 47:20
  them to actually go into my quote UN quote Apple store.
• 47:23
  I wanted them to realize this doesn't feel like any other
• 47:26
  website that I've been on by the way that the pages scroll or the
• 47:29
  landing page that opens as soon as they hit the website.
• 47:31
  Like all of those pieces are something that I want to feel
• 47:34
  unique, which over time are planting seeds of the feeling
• 47:38
  and experience again of that premium brand.
• 47:41
  So The thing is, you know, you want to think about when you are
• 47:47
  becoming one of these brands that you are not things to avoid
• 47:50
  constantly discounting. You cannot be constantly putting
• 47:54
  your your services half off, 70% off this bonus, this limited
• 47:58
  time, whatever, because it really is diminishing your brand
• 48:01
  every single time that you do it.
• 48:02
  So it's not to say that you can't offer them.
• 48:04
  As I said, I do probably promos twice a year, every six months
• 48:09
  that are bigger with, you know, bonuses and discounts, but it
• 48:11
  can't be the basis from which you actually build your
• 48:13
  business. Also, you don't want to
• 48:17
  overcomplicate what it means to buy your product.
• 48:20
  You don't want to feel like someone has to have all the
• 48:22
  understandings of every single bell whistle and with that going
• 48:25
  super, super, super deep into the features of things.
• 48:28
  You want to have a clarifying of what features you provide, but
• 48:31
  it again, your price and the actual intricacies of your
• 48:34
  product are not the reason that someone's buying it.
• 48:37
  And you also want to have consistency.
• 48:41
  And this is the thing that I think you know, a lot of people
• 48:44
  will chase with an even even marketing, they're like, I want
• 48:47
  to go viral. So I'm going to go do this, I'm
• 48:48
  going to go do this, and they're going to try all these million
• 48:51
  different things, but the reality is we want consistency
• 48:55
  with the premium brand. So you're not seeing Apple
• 48:58
  change their tone or change their, you know, visuals and all
• 49:02
  of that constantly. Yes, they're creating constant
• 49:05
  products, but there's a consistency, there's a
• 49:08
  congruency amongst those products.
• 49:11
  And so we have this aspect that we can rely on Apple for what
• 49:14
  they're going to produce and what comes next, that they are
• 49:17
  centered in innovation. But there's a consistency in a
• 49:20
  through line with all the products that they create.
• 49:23
  And the, I would say simplest thing you can think of with
• 49:27
  being a premium brand is that you're going to have to harness
• 49:32
  your desire to be for everybody. And this is probably one of the
• 49:36
  hardest pieces because people are like, but I, I could serve
• 49:38
  this person if I had a discount, I could help that person.
• 49:41
  Yes. But as a premium brand, you're
• 49:44
  recognizing that. Remember back to the triangle,
• 49:46
  the mass market is the widest part, which means we're helping
• 49:49
  the most, if not everybody of society.
• 49:52
  We tailor in a bit coming into a premium brand.
• 49:55
  So because of that, you have to recognize you can't be for
• 49:58
  everybody. If you're going to be a premium
• 49:59
  brand, there's going to be people that you cannot help.
• 50:03
  And that is simply based off of either your products.
• 50:06
  It could be based off the mid or the high tier price of the
• 50:08
  product. It could be that they don't
• 50:10
  value what you value within the product, but you kind of have to
• 50:13
  be OK with that because you're not so exclusive that you're
• 50:17
  like a Chanel where you're only for the 10% of society or 5% of
• 50:20
  society, but you're also not for the 95% of society.
• 50:24
  I would say maybe you're for like the 60%, the 70% of
• 50:28
  society, which is that there's going to be people who don't
• 50:31
  invest with you as a brand. But your desire to be like, I
• 50:34
  want to be for everybody is killing your ability to really
• 50:38
  succeed as a premium brand. And that's because you won't
• 50:42
  actually put up those boundaries to realize, you know, no, like a
• 50:45
  MacBook cost this much or iPhone cost this much.
• 50:48
  Like this is just how we do things.
• 50:51
  You kind of have to have those values that are really strong
• 50:55
  because if you don't at the first moment of weakness within
• 51:00
  your business, whether that weakness be, you know, you feel
• 51:03
  like your sales are not where you want them to be or your
• 51:06
  marketing is not where you want to be.
• 51:08
  It can be really easy to like we're going to slap a discount
• 51:10
  on this. We're going to put this on sale.
• 51:11
  We're going to put this on promo.
• 51:13
  And while maybe, yeah, it might get you a quick, you know, cash
• 51:16
  influx of a couple sales, it's ultimately long term overtime
• 51:20
  really killing your brand. So it's super, super important
• 51:24
  that you understand with premium, you have to have clear
• 51:26
  understandings like we're talking about today of why you
• 51:29
  exist, what you do and how you're different.
• 51:32
  So remember, you know, asking yourself, do I want to be the
• 51:34
  Nike, the Apple, the Sephora, the Aritzia?
• 51:38
  These are the premium brand category that we're talking
• 51:41
  about, which then leads us to the highest stage 3 of the
• 51:46
  triangle, the top of the triangle.
• 51:48
  And as you can visualize, the smallest peak, the smallest
• 51:51
  part, which is tier 3, which is a luxury brand.
• 51:54
  OK, The luxury brand is built off of scarcity.
• 52:00
  It is built off exclusivity, and it is also built off of identity
• 52:04
  and status. So this one is the easiest
• 52:07
  typically for people to understand because many of us,
• 52:10
  if you think about any luxury brands, there's no shortage of
• 52:13
  them that exist. We've got a Burberry, we've got
• 52:15
  a Chanel, we've got Rolls Royce, we've got like East St.
• 52:20
  Laurent, we've got all kinds of different luxury brands.
• 52:23
  There's no shortage of them. But the interesting thing is
• 52:27
  that these brands, even though there are many of them, are
• 52:29
  really actually meant for a very, very small section of
• 52:32
  society. And one of the things that
• 52:34
  they're actually selling is status and exclusivity as their
• 52:38
  main 2 triggers. And the thing that I think for
• 52:42
  me, I don't love about luxury per SE is that we are selling
• 52:49
  status because really it means that, you know, truthfully, you
• 52:53
  can buy something from a luxury brand and you don't even really
• 52:56
  know what you're buying because you're just buying the feelings
• 52:58
  associated with it. So I want you to think about an
• 53:02
  Eve Saint-laurent bag or a Louis Vuitton bag or Louboutin shoes.
• 53:08
  So a pair of Louboutin shoes. Have you ever seen the shoes
• 53:11
  with the red bottoms on them, which is what I'm Speaking of,
• 53:14
  the Louboutin shoes with the red bottoms.
• 53:16
  If I took out the red bottoms, you'd have no idea that they're
• 53:19
  Louboutin shoes. And that's because that is the
• 53:23
  status symbol. If I took a Chanel bag and I
• 53:27
  took the label off of it and I removed any natural indicators
• 53:31
  that it was Chanel, you wouldn't know it was Chanel.
• 53:34
  There is a reason that people buy bags with these logos on
• 53:38
  them, that they buy bags with these clear distinguishing
• 53:42
  pieces that are only made to this brand.
• 53:45
  The reason someone carries AYSL bag is not because they care
• 53:49
  about per SE the stitching of how it's made.
• 53:52
  It's a status thing, an Air Mez bag, which is probably even
• 53:56
  higher in the luxury category. Some of these bags go for
• 53:59
  300,000 to, you know, 700 thousand, $1,000,000 for these
• 54:03
  bags. You're not buying that because
• 54:06
  of the leather of which it was made, You know what I mean?
• 54:09
  Like you're buying it because there's five of that bag in the
• 54:12
  world that exists and you want to be one of the five people who
• 54:15
  owns one of those bags. It is a status thing through and
• 54:18
  through. So there's nothing wrong with it
• 54:21
  per SE. You just have to understand what
• 54:23
  you're actually selling. So the thing that I think is
• 54:26
  important as a brand for yourself if you want to be
• 54:29
  luxury is you have to first out the gate fully, fully
• 54:32
  acknowledge you're not selling your product.
• 54:34
  You're not selling the stitching, you're not selling
• 54:36
  the color, you're not selling any of that stuff.
• 54:39
  You are selling the experience, you are selling the status, and
• 54:43
  you are selling the identity of what it means to work with you.
• 54:48
  It is all about identity and it is all about status.
• 54:50
  So you have to also though, which is most important, create
• 54:53
  that status, create that identity of someone being like,
• 54:57
  Oh my gosh, you worked with so and so, or Oh my gosh, you know,
• 55:00
  you have this created or designed by X person.
• 55:02
  There has to be a status from which you're even able to sell,
• 55:08
  meaning you can't have Chanel be something of status if being
• 55:12
  having a Chanel bag doesn't mean anything.
• 55:14
  So it really is important for us to understand what are we really
• 55:18
  selling? What is our status?
• 55:19
  What does it mean to work with us?
• 55:21
  And one of the things that you'll notice within a luxury
• 55:23
  brand, I'm going to give you again, let's set up some
• 55:25
  examples. But it could be like Louis
• 55:26
  Vuitton, It could be a Cartier watch, Cartier bracelet, Hermes
• 55:30
  bag, Chanel, Rolex watches are also really definitely a part of
• 55:35
  this. There's a bunch of car brands
• 55:37
  that fall into it. There's no, there's no endless.
• 55:39
  There's no limit on how many luxury brands exist.
• 55:42
  There's many. But the thing that you'll notice
• 55:44
  amongst all these brands is they have an ultra high price point.
• 55:48
  They are ultra high in their price point.
• 55:50
  So they are definitely considered the top, top tier
• 55:52
  when it comes to prices. So for a service, I was saying
• 55:56
  to you earlier, I have a marketing company I work with
• 55:58
  that's you know $1500 a month and I have another one that I
• 56:01
  work with that's $8000 a month. Well the 1500 is mass market.
• 56:05
  The $8000 a month brand they do on average most of their
• 56:09
  packages are 7500 a month to 8000 a month.
• 56:12
  They are a luxury business so they cannot offer $500 a month
• 56:18
  packages. If they did, it would kill their
• 56:20
  brand because it just, it's not correlated to being a luxury
• 56:23
  brand. So one of the things is that
• 56:25
  they have an ultra high price point.
• 56:27
  Most important, if you are a luxury brand, if you're truly a
• 56:32
  luxury brand, in the third category of being in the luxury
• 56:36
  bucket, you cannot discount your services.
• 56:40
  No matter what the situation in your company, no matter what the
• 56:44
  situation in your business, no matter what your cash flow looks
• 56:46
  like, you cannot discount your services as a luxury brand
• 56:51
  because it is one of the first things that will kill the whole
• 56:55
  essence of what makes your brand luxury in the 1st place.
• 56:58
  So if you want to be in the luxury category, you cannot
• 57:01
  discount your services. You often will actually need to
• 57:05
  have an aspect to create exclusivity.
• 57:09
  So you might want to have an aspect of wait list, for
• 57:12
  example, or you might want to have something that is about
• 57:15
  like a, a private invitation. It could be about the fact that
• 57:19
  you have very low amount of quantity.
• 57:22
  So like a lot of the agencies that I help that are in the
• 57:24
  premium bucket, they'll have like 5 clients that they take on
• 57:27
  at a time. And if you are not one of the
• 57:30
  five clients in that category, like then you got to wait till
• 57:33
  the next time because they do not help tons and tons of
• 57:36
  people. They are not working with 2050
• 57:38
  seventy people at a time. They have very high price points
• 57:41
  and they work with very limited clients at a a certain time.
• 57:44
  So one of these that I'm thinking of is like a a web
• 57:46
  design company and an average website on average is like 60
• 57:52
  thousand $70,000 for a website and branding.
• 57:55
  So if someone is working with five clients that have invested
• 57:59
  $70,000 with them each, that is the bulk of their business that
• 58:02
  is the focus of their company at a specific time.
• 58:05
  Now, they might have other things that they sell, but there
• 58:07
  are these like limited 5 to 10 spots that they do.
• 58:10
  And once those are filled, they're filled.
• 58:11
  So that is something that no matter how much someone wants to
• 58:15
  spend with them, they say, listen, these are our spots,
• 58:17
  they're taken. We can put you on a wait list.
• 58:19
  That wait list, some might think, OK, well it's not going
• 58:22
  to hurt your sales. Not if you're a luxury brand
• 58:25
  because your luxury brand is built to create exclusivity.
• 58:29
  So people are willing to wait, right?
• 58:31
  If you even think about like a Chanel bag, if they release 5 of
• 58:36
  this specific style, people will literally pay to be on wait list
• 58:40
  to be the first in line to be able to buy this bag just so
• 58:43
  that they own one of the five. So with this, there is a big
• 58:48
  aspect of exclusivity. And with that, your price points
• 58:51
  as a result have to match that. You cannot have pricing that
• 58:55
  you're like, oh, that's too high.
• 58:56
  What if people can't afford that?
• 58:58
  Then they're not your customer. That's what it means to be in
• 59:00
  the luxury category. Then they're not your customer
• 59:02
  because these are tailored to people that are willing to spend
• 59:05
  anything and everything for this service.
• 59:08
  Your marketing needs to be luxury as well.
• 59:10
  So one of the things that we also see as a contrast is that
• 59:12
  people have luxury price tags that they want to ask.
• 59:15
  But then I have to humble them very quickly to say like,
• 59:17
  listen, your marketing and your brand, even though you want to
• 59:20
  charge this price tag, meaning you want to charge you the $9000
• 59:25
  a month for your retainer or the 10,000 which I have clients do,
• 59:28
  that's fine. But your branding better match
• 59:31
  that. And so if your brand and your
• 59:32
  marketing doesn't correlate with the price that you're asking,
• 59:36
  your client is not being primed to pay that price.
• 59:39
  So it's not because you don't deserve that, It's not because
• 59:42
  your offer service isn't worth that, It's because your
• 59:45
  marketing doesn't match what you're asking.
• 59:48
  And so until those two things can be consistent and congruent,
• 59:51
  you're not going to have people easily spending $8000 a month on
• 59:56
  your service. So for this agency that I
• 59:58
  helped, she was spending having people spend 7500 to 8000 a
• 1:00:01
  month because they were in the luxury category.
• 1:00:04
  We had to really amp up their their brand and we had to make
• 1:00:07
  it very clear that like from the forward facing outside eye just
• 1:00:11
  consuming their marketing alone, you knew that you were really in
• 1:00:14
  a different category. You knew you were in a different
• 1:00:16
  experience than most. And that was because everything
• 1:00:20
  in their marketing and their forward facing branding gave you
• 1:00:23
  that experience well before you saw any price tag or investment
• 1:00:26
  proposal for something. Now, there's also a lot of
• 1:00:30
  storytelling that happens in luxury brands.
• 1:00:33
  So they're not really selling the product, as I said.
• 1:00:35
  So you're not going to have, you know, a lot of nuts and bolts
• 1:00:39
  details about the product. You're not going to have a lot
• 1:00:42
  of pushing of the features and the deliverables.
• 1:00:45
  Truthfully, almost none of that matters in a luxury brand.
• 1:00:48
  All they're selling is the feeling.
• 1:00:50
  So remember earlier when we were talking about the perfume
• 1:00:52
  commercial? This is a luxury brand.
• 1:00:54
  When you see like a Chanel, you're not seeing the, the
• 1:00:58
  perfume and the, the notes of what it smells like and all
• 1:01:01
  these things. You'll see like a, there's a, a
• 1:01:04
  commercial I remember like vividly.
• 1:01:06
  It was Jidor, I think was the perfume.
• 1:01:08
  And it was a girl who like sprays on herself.
• 1:01:10
  And then she goes in like the streets of Paris and she's like
• 1:01:13
  swinging herself around a light post.
• 1:01:15
  And then she like embraces this guy and kisses him.
• 1:01:18
  And then they're like frolicking through the streets together.
• 1:01:21
  Tell me what that tells me about the perfume.
• 1:01:24
  It tells me nothing. I have no idea what it smells
• 1:01:26
  like. I have no idea anything,
• 1:01:29
  literally anything. But The thing is, that's not
• 1:01:32
  what they're selling. They're selling the romance
• 1:01:36
  that's connected to this perfume.
• 1:01:38
  They're selling the feeling of of just femininity that they try
• 1:01:43
  to transfer in this ad or in this, you know, yeah, in this
• 1:01:47
  marketing. And so her swinging around a
• 1:01:50
  light post in Paris has literally nothing to do with the
• 1:01:53
  perfume. But the reason that that's
• 1:01:55
  effective is because they're tapping into an emotion and an
• 1:01:57
  identity. When you buy that perfume,
• 1:02:00
  you're buying into the emotion, the identity of what that
• 1:02:03
  commercial made you feel. You're not asking what's like,
• 1:02:08
  how much perfume do I get or what's the smell of the perfume,
• 1:02:12
  right? You just you're buying into
• 1:02:14
  like, oh, I mean, I'm enticed by that.
• 1:02:16
  And so again, this is also where the marketing is really
• 1:02:20
  important because you're not looking to over educate on the
• 1:02:23
  deliverables, you're not looking to over educate on features.
• 1:02:26
  You're really doing effective storytelling within your
• 1:02:29
  marketing, which is why people will move.
• 1:02:31
  And the other thing I think is important with luxury, and I
• 1:02:34
  think this is also something where people really miss the
• 1:02:36
  mark is the actual experience of the sale.
• 1:02:39
  So again, if you think about walking into any of these luxury
• 1:02:42
  stores, you know, you're getting like a glass of champagne upon
• 1:02:46
  entering. You're getting like a a personal
• 1:02:49
  assistant that's helping you during your purchase.
• 1:02:51
  You're getting like people putting sometimes white gloves
• 1:02:54
  on before handling your bag. You're getting the personalized
• 1:02:58
  checkout experience and like complimentary chocolates with
• 1:03:00
  their branding on it while you wait for your receipt.
• 1:03:03
  Like there really is such a premium luxury white, literally
• 1:03:09
  white glove, but white glove experience that is happening
• 1:03:11
  when you're buying these products.
• 1:03:14
  So the sales process is not, you know, bring it to the counter,
• 1:03:18
  let me scan it and check out and put the receipt in the bottom of
• 1:03:22
  your bag and hold the two handles up for you and say, hey,
• 1:03:25
  great, have a great, have a great day.
• 1:03:26
  This is a really thought out, personalized, considerate, slow
• 1:03:33
  sales process. And that's because this isn't
• 1:03:36
  about urgency. It's not about a countdown.
• 1:03:39
  It's not about got to do this, got to do that.
• 1:03:41
  And this is also something that I find when, you know, people
• 1:03:45
  are trying to create a luxury service is they'll say, you
• 1:03:47
  know, I sent this person the proposal, they they didn't pay
• 1:03:50
  within 24 seconds kind of thing. And I'm like, this is a luxury
• 1:03:53
  service. This is built in relationships.
• 1:03:55
  This is not built off of pressure.
• 1:03:57
  It's not built off of timers. It's not built off of anything
• 1:04:00
  other than the relationship you had.
• 1:04:02
  So the relationship is the reason that it's going to close.
• 1:04:06
  So your care, your consideration, your
• 1:04:08
  personalization. This is also not, you know,
• 1:04:11
  where you say I have a standardized proposal and I'm
• 1:04:14
  not customizing this proposal for anybody.
• 1:04:16
  This is not the bucket. You're going to do that.
• 1:04:18
  If you have a client that's willing to spend $120,000 with
• 1:04:21
  you, you make the freaking proposal.
• 1:04:23
  Like this is a personalized experience.
• 1:04:25
  It's not about what's the most efficient.
• 1:04:27
  It's not about what's the most productive.
• 1:04:30
  It's about the experience paired with the relationship and
• 1:04:33
  identity that that experience makes that person feel.
• 1:04:36
  And so we have to make sure that experience is always elevated as
• 1:04:39
  personalized as possible. And with this, that the the
• 1:04:44
  salesperson at one of those stores is not really trying to
• 1:04:50
  sell you. They are considered a advocate
• 1:04:54
  of the brand. And I think this is a really
• 1:04:56
  important distinction because you're not trying to convert
• 1:04:59
  people, you're not trying to like sell them and push them and
• 1:05:01
  persuade them. You're trying to just be an
• 1:05:04
  ambassador of the experience, an ambassador of the privilege of
• 1:05:08
  the identity that you're going to step into.
• 1:05:10
  It's a guide. It's not somebody who is there
• 1:05:13
  to quote UN quote, convert you. And so this is also important in
• 1:05:17
  sales because when people try to do, you know, heavy objection
• 1:05:19
  handling, heavy pressure in luxury brands, it's one of the
• 1:05:23
  fastest ways to kill your sales. And that's because the reason
• 1:05:26
  someone's investing is not, again, because of pressure,
• 1:05:29
  they're doing so based off of the identity that they feel
• 1:05:32
  they're buying into. And if you add pressure, you
• 1:05:35
  take away from that entire experience, which was the reason
• 1:05:37
  they were investing in the 1st place.
• 1:05:39
  So when someone walks into a Chanel and they're checking out
• 1:05:42
  a bunch of different bags and let's just say they're at like
• 1:05:44
  a, a luxury St. in LA and they're going through all these
• 1:05:48
  different stores that are luxury bags to figure out what their
• 1:05:50
  next purchase is going to be. You're not trying to say to
• 1:05:53
  someone, you know, we'll like, like, let's get this to the
• 1:05:55
  cash. Let's get this out for you.
• 1:05:57
  You say, hey, like, come back to us later today.
• 1:05:58
  If there's anything I can help you with, my name is Sam.
• 1:06:00
  I would be happy to help you. And what I will do is I just in
• 1:06:03
  the meantime, will put this bag at the front for you instead.
• 1:06:05
  Of course, if there's anything that you need, this will be
• 1:06:07
  reserved for you for the rest of the day.
• 1:06:09
  The front desk will have your name.
• 1:06:11
  And if you want to check in, we'll, you know, just tell the
• 1:06:14
  guy at the front door your name and we will take care of the
• 1:06:16
  rest for you later this evening. I hope you have an amazing rest
• 1:06:18
  of your day like unattached, unattached to the sale.
• 1:06:24
  It is not about the sale. It is just about the
• 1:06:27
  relationship and it's about how can I give you as much of A
• 1:06:29
  white gloves experience to make sure that you want to come back,
• 1:06:33
  that you want to spend with me. And with this, the thing that I
• 1:06:37
  think is important is that you recognize that someone is buying
• 1:06:42
  into an identity, sometimes before they even have the
• 1:06:45
  identity. So there's a lot of people who
• 1:06:47
  want to go into a Chanel or they want to go into one of these
• 1:06:50
  stores because they want to feel that experience.
• 1:06:53
  They want to feel what it feels like to be the type of person or
• 1:06:56
  the type of identity or the level of status to buy one of
• 1:07:00
  these bags or just tap into one of these experiences.
• 1:07:02
  So when you push because you have your own agenda, you take
• 1:07:06
  away from the essence of why they were there in the first
• 1:07:07
  place, which is then what ultimately erodes a luxury
• 1:07:11
  brand. So what you want to not do if
• 1:07:13
  you're trying to be a luxury brand is that you do not want
• 1:07:16
  to, you know, over overly market your deliverables.
• 1:07:20
  You do not want to ever, ever, ever discount.
• 1:07:22
  This is like the number one rule.
• 1:07:24
  You do not want to discount if you're a luxury brand, you are
• 1:07:27
  not discounting your services and that's it.
• 1:07:29
  Conversation over. You're just not doing it.
• 1:07:31
  The other thing that's also important is that you are not to
• 1:07:34
  be too accessible. You're not supposed to be
• 1:07:36
  accessible as luxury brand. It's the essence of why luxury
• 1:07:39
  brands exist is because they're not accessible.
• 1:07:42
  They're not meant for the masses and you're not trying to be
• 1:07:46
  trendy. This is also very, very
• 1:07:48
  important and you'll notice this with a lot of the bag brands.
• 1:07:51
  Bags are something they're timeless, like you can hold a
• 1:07:55
  Chanel bag or like Ralph Lauren would be another one.
• 1:07:58
  They're not looking to play to trends.
• 1:07:59
  They're aware of what the markets looking for, but they're
• 1:08:01
  not trying to pay play to trends.
• 1:08:03
  It's about heritage. It's about like this is, you
• 1:08:07
  know, a Chanel bag from the 80s that people still to this day
• 1:08:11
  would love to carry and wear. And that's because it's meant to
• 1:08:13
  be timeless. They're not interested in
• 1:08:16
  chasing trends. And so when you're wanting to be
• 1:08:19
  the luxury bucket, you have to really be clear on that.
• 1:08:22
  We are selling identity, we are selling status, and we are
• 1:08:25
  selling what it means to work with us.
• 1:08:27
  We're not selling our product. And so it's just as much a
• 1:08:30
  skill, truthfully, as it is selling the product.
• 1:08:32
  It's just a different thing. You're selling the persona, not
• 1:08:34
  the product. It just is a different strategy,
• 1:08:37
  which is again, why having this clarity for you is so, so, so
• 1:08:40
  important. Because if you don't know what
• 1:08:41
  you're selling, then how can you know how to market that thing?
• 1:08:45
  Your marketing should change depending on what kind of brand
• 1:08:47
  you are. And This is why this clarity is
• 1:08:50
  essential. So I want to kind of highlight
• 1:08:52
  and zoom back, OK? So we went through mass market
• 1:08:54
  brands, premium brands and luxury brands.
• 1:08:57
  And I want to really distill this down to a couple high level
• 1:09:00
  notes for you to really think about these in contrast.
• 1:09:03
  So #1 mass market brands, I want you to think I want volume, OK?
• 1:09:08
  Mass market brands are all about low cost offers, high
• 1:09:10
  visibility, convenient driven buyers.
• 1:09:15
  You win in this category by being easy to buy and you're
• 1:09:18
  everywhere and you have no complexity of what it looks like
• 1:09:21
  to purchase from you. OK, so that's mass market
• 1:09:24
  brands, premium brands. I want you to think your motto
• 1:09:28
  is I want value driven buyers that are willing to pay more for
• 1:09:32
  better services or for better results.
• 1:09:35
  OK, this is mid to high ticket pricing.
• 1:09:38
  You invest for yourself into brand content and customer
• 1:09:42
  experience. So you care about those 3
• 1:09:44
  buckets within your business and you will avoid discount
• 1:09:48
  addiction is how I would put it. So you still can discount, but
• 1:09:51
  you can't overly discount your services or overly promo.
• 1:09:56
  Now luxury is that you are looking to work with people who
• 1:09:59
  want exclusivity and depth over reach.
• 1:10:04
  You're looking to go again. Think of the top of that
• 1:10:05
  triangle with the smallest point of society.
• 1:10:09
  It's the tip of the triangle, but it is obviously the
• 1:10:12
  smallest, which means you're not able to work with as many people
• 1:10:15
  as you might in the other categories.
• 1:10:17
  Super, super high price point, white glove experience, deep
• 1:10:21
  brand identity, and you're not meant to be accessible.
• 1:10:25
  And as a result, you are not going to be overly promotional
• 1:10:29
  about what it is that you're selling.
• 1:10:31
  So the reason, as I said, I wanted to dive into this for you
• 1:10:35
  today is the goal is that you, I hope at this moment or like I
• 1:10:41
  think I know which one I am. And I want to say to put a bow
• 1:10:45
  on today, there is not a better or a worse bucket or category to
• 1:10:49
  be part of. So I want to make it very clear
• 1:10:51
  that I think there's a lot of narratives that say if you're
• 1:10:54
  like a Chanel, you're more successful, or if you're, you
• 1:10:57
  know, an Apple, it's more successful.
• 1:10:59
  It truthfully doesn't matter. They're just all different types
• 1:11:01
  of brands. Walmart is a huge, huge company.
• 1:11:06
  McDonald's is a huge company. So I do not want you to feel
• 1:11:11
  that to scale your business you have to fall into premium or
• 1:11:15
  luxury. And I think it's a massive
• 1:11:16
  misconception that people believe you can't scale a
• 1:11:19
  business by being mass market, and it's literally not.
• 1:11:23
  It couldn't be further from the truth.
• 1:11:24
  You do not need to be in the premium, IE mid range or high
• 1:11:30
  range of a luxury brand in order to be successful in your
• 1:11:33
  scaling. What I want for you today is
• 1:11:36
  that you walk away saying, okay, based off this conversation, I
• 1:11:39
  definitely think I'm a mass market brand.
• 1:11:41
  I definitely think I'm a premium brand.
• 1:11:44
  And with that, just take this as a a level of awareness for
• 1:11:46
  yourself. Look at your marketing, look at
• 1:11:48
  your sales process, look at maybe how much you've discounted
• 1:11:51
  your services in the last year. Think about some of the pieces
• 1:11:54
  we talked about in that category that you resonate with and say
• 1:11:57
  how much do I feel like my current business strategy is
• 1:12:00
  aligning with that approach? Because if it's not, that's the
• 1:12:05
  first opportunity is to 1st have clarity of which category you
• 1:12:08
  are. But then second, start to audit
• 1:12:10
  your marketing, audit your sales, audit your offers, your
• 1:12:13
  pricing even. And say, do I feel like this is
• 1:12:16
  actually correlated to what I say I want to be versus what I'm
• 1:12:19
  doing right now? And if not, that's actually your
• 1:12:22
  first place to start. So as always, I want to say as
• 1:12:25
  I, I know I always do, if you have any questions, if you feel
• 1:12:27
  like today, you're like, my brain is going 1,000,000 miles
• 1:12:30
  an hour. How do I market this?
• 1:12:32
  What should I do with my product suite?
• 1:12:33
  How do I adjust my pricing? You know that my DMS, my inbox
• 1:12:37
  is always open to you if I can answer any questions for you, if
• 1:12:40
  anything feels like an open loop or maybe even if you just have
• 1:12:43
  an aha moment from today. If there's something that handed
• 1:12:45
  for you, if there's something that you're like, I had no idea
• 1:12:47
  that XYZ existed and now I feel like my brand finally makes
• 1:12:51
  sense. Any insights or shares are
• 1:12:53
  always, always welcome as well as any questions.
• 1:12:56
  So I hope today was helpful for you.
• 1:12:57
  I cannot wait to see you on the on the next episode.
• 1:13:00
  And, as always, stay ambitious.