Fri, 5 July 2019
Keep your profit margins high, sell more and remain cool! Because your products don’t have to be the best or look the best in order to be considered premium.
Do you think that if you are selling the same thing as everyone else, the only way to compete is on price or reviews? NOPE!
Tune in for Ryan’s 3 lessons, 2 bonus lessons and one secret secret lesson.
[1:05] Ryan once paid someone to dress him — you can see the results on cardboard Ryan: have you ever seen someone who looks more like a dad!
[2:52] Ryan shares the story of a Sheer Strength competitor who was outselling them on one product 2 to 1, even when they were higher priced and lower quality.
Lesson 1 [5:40] Branding — and pricing — is all about who you target and how your product is specifically for them.
Lesson 2 [8:35] By making the decision to be a higher price brand, you force yourself to target a different class of person, then match the experience and branding to the price you want to command!
Ryan lays out the Glenlivet/Glenfiddich conundrum… There is a perception of value and quality in price!
Bonus Lesson 0.1 [:] Influencers are not spokespeople!
Influencers recommend products and depending on their level of authority and actual influence in your product niche, garner sales results — spokespeople are famous people paid to endorse a product they may or may not use or even relate to.
Lesson 3 [12:54] The only reason you should ever lower your price is to get your customers to buy your other products — a lost leader of sorts — but your other products need to be high margin products.
Ryan makes his argument byway of the essential oil diffuser as a gateway into a lucrative market.
[23:00] Don’t just sell a product, sell to a person — it’s the only way you can build a line of products and expand your offer and raise your margins.
Bonus Lesson 0.2 [23:54] the way you can have control over your margins is if you are seen as the only solution to a problem — a monopoly of sorts.
Ryan pitches essential oils for cats as an example of a people-oriented niche to exploit.
[27:38] If you don’t know who your person is, you have 2 options:
1. Ask the people already buying your product: why?
2. Choose yourself as an avatar customer!
[31:06] Wrapping up, if you’ve found value in this let Ryan know in the comments!
Oh! Secret, secret bonus lesson 0.3 [31:52] you can have multiple brands that sell the same product and the only difference is the person you are targeting!
Thanks for listening!