Tue, 7 May 2019
Today’s episode is a presentation Max did on how to increase your pricing by focussing on your ideal customer and serving them the way they are looking to be served.
Tune in to learn about the story building process that works across every single industry, how to push past some of Amazon’s restrictions, and why going from product to people will open up a world of marketing opportunities.
[4:30] Parental advisory: Max will be poking fun at Amazon despite it being the best place to launch products profitably, acquire cash flow and scale a new business, sensitive ears beware.
[6:20] Creating a consistent customer experience and making sure that that every touch point with your customer tells your brand story is the only way to ensure success at the same level as major brands.
[8:33] The very first step of any good brand building process is to target and attract your ideal customer, the one that will ensure your future success. And in order to do that you have to get to know everything about them. Everything.
[14:15] So you have your archetype human, now you have to understand how they will look at your product: they will put it in a pyramid reminiscent of the Maslow’s pyramid of needs.
Pyramid base: Basic product requirements. In every product category there is an ante to be paid, a set of basic requirements your product has to have in order to be considered acceptable as such — wheels and a chassis for a car for example.
Pyramid middle: Product features. Once those basic requirements are met, you may add value — product features, customer service, options packages, etc. — keep in mind that this added value is not your brand and you should never build around them: they can be copied.
Pyramid top: Brand story. This is where the good stuff is and it’s where the right brand story can take you: higher prices, customer loyalty and positive word of mouth.
[17:12] Amazon lets you compete at the product feature level — middle of the pyramid — with keywords. But they keep control over the emotional drive to purchase with ratings and reviews: how your product makes customers feel is the brand. In essence, Amazon lets you sell products that ultimately strengthen their brand, and Jeff Bezos is laughing all the way to the bank with your money.
[18:35] Customers use products and brands to tell stories about themselves to others. You need to participate to that in a meaningful way, and at every opportunity: customer relationship are built on consistent experience delivered over time.
[21:35] So how do you get to the top of the pyramid?
Direct download: How_To_Charge_Higher_Prices__Attract_Your_Best_Buyers_w_Max_Kerwick_BrandBuilderPodcast_1.mp3
Category:Business -- posted at: 3:00am EDT