Have you ever wondered how some people can ask a thousand dollars for a product or service, that sells $10 elsewhere?
Why is that Apple charges two, three or four times the amount of other computer manufacturers?
How can a hotel cost a thousand dollars per night?
Don't get freaked out, it's not because they are "that" much better.
Most of them weren't just lucky, or had a lot of money to start with.
Because if you do think this way, you're just placing obstacles in your way.
It does not matter if you are selling tangible products or digital ones, because luxury is in demand.
The luxury market will never collapse, it is never in a recession, it will always continue to exist and grow.
Rich people, or above-average spenders will not be poor anytime soon -- but the opposite in fact.
Which is "why", most of us who are from the "working" class, have an ENORMOUS opportunity right now.
The rich are ever looking for new ways to spend their money and get something unique in return.
If they like your product, service or support, then they will spread the word about you like a wildfire.
My secret method *revealed*
For more than a year, I have been selling a software that I developed.
At a certain point I raised the price for $29.99 to the price of $179 per license.
All my competitors were selling a similar software at a price between $40 and $80.
And let me tell you, in that one year I've probably made more sales than some of my competitors did in their entire product's lifespan.
Was there any difference in the software?
Nope. Most of my competitors had similar features that mine had. I did not have a single competitive advantage technology wise. Matter of fact, I even came in the game two years after they have.
Was it your marketing strategy?
Not at all. I sold to the same audience (market segment) that they were selling to.
Then how come you have those crazy sales?
Because I have created a luxury bundle, not just a mere software for automation.
What I realized was that my competitors were focusing on 'just selling a software'.
Instead, I wanted to give my clients a special treatment, so here is what I did:
As I was just starting, I did these two steps without expecting much.
But I knew these two simple disciplines would get me some extra clients.
I truly never thought it would blow up like it had!
Believe me when I say that it doesn't take much to be amazing. Just a few simple disciplines.
Why the hell did you ask $179 for the software and not $70 to be more competitive?
I've had people telling me that "I'm asking too much", "the price is too high", "too expensive", blah blah blah...
This only means they cannot afford it. And if they want a luxury service, if they want a VIP product, then they better pay good money.
I have never had a single regret for charging that much, and boy it felt good! Most importantly, my clients were extremely happy and were spreading the word about my product / service like crazzzzyyy!!!
The lesson here is that people don't lack money, they only lack motivation to buy.
Of course there are some broke people looking for a cheap fix, but don't focus on them.
If you're passionate and motivated about what you're doing, then have the guts to just be Awesome!
What I learned from the luxury hotel industry...
I was reading an article today from Harvard Business Review (source).
And it explained how a company is helping high-end luxury hotels improve their service using big data.
What caught my attention is that they were using data in a very effective way to increase their sales & improve customer's happiness.
There is a line in that article that says:
"A computer can remind you that it’s a guest’s birthday. It can’t tell you what to do about it."
I found this very fascinating. Because it all comes down to the fact:
It is the small little details that make all the difference in the world.
What interests me is how to apply these same principles in A/B testing and CRO (conversion rate optimization). These are not just about improving visuals, graphics and copy, but really the things most entrepreneurs miss out on. Everyone is so busy trying to get new clients, new ventures, more sales, more money,... that they forget the small little things that matter the most.
If you can make one client happy, they will spread the word to their friends, colleagues & family members. Their word is 100 times more powerful than any ad, banner of spam email you will ever send! If you can get them to recommend you to other people then you have literally started growing your business big time!
--
I hope my post has inspired someone to focus on getting big money, rather than chasing pennies.
Have a great day!
Ilya
Why is that Apple charges two, three or four times the amount of other computer manufacturers?
How can a hotel cost a thousand dollars per night?
Don't get freaked out, it's not because they are "that" much better.
Most of them weren't just lucky, or had a lot of money to start with.
Because if you do think this way, you're just placing obstacles in your way.
It does not matter if you are selling tangible products or digital ones, because luxury is in demand.
The luxury market will never collapse, it is never in a recession, it will always continue to exist and grow.
Rich people, or above-average spenders will not be poor anytime soon -- but the opposite in fact.
Which is "why", most of us who are from the "working" class, have an ENORMOUS opportunity right now.
The rich are ever looking for new ways to spend their money and get something unique in return.
If they like your product, service or support, then they will spread the word about you like a wildfire.
My secret method *revealed*
For more than a year, I have been selling a software that I developed.
At a certain point I raised the price for $29.99 to the price of $179 per license.
All my competitors were selling a similar software at a price between $40 and $80.
And let me tell you, in that one year I've probably made more sales than some of my competitors did in their entire product's lifespan.
Was there any difference in the software?
Nope. Most of my competitors had similar features that mine had. I did not have a single competitive advantage technology wise. Matter of fact, I even came in the game two years after they have.
Was it your marketing strategy?
Not at all. I sold to the same audience (market segment) that they were selling to.
Then how come you have those crazy sales?
Because I have created a luxury bundle, not just a mere software for automation.
What I realized was that my competitors were focusing on 'just selling a software'.
Instead, I wanted to give my clients a special treatment, so here is what I did:
- Provide them the best VIP support they ever had.
I made sure I was available for more than 8 hours every day on Skype. They could ask me questions about the software, about any methods, about my private life, really anything! I wasn't just some "support technician" with a 9-5 attitude. I was really sending out positive vibes, and they felt it.
- Premium content.
Most of my competitors didn't have a knowledge base, a place for the users to learn something new. So I started a blog and locked 90% of the posts so that only those who bought could read. I didn't lock the entire blog post, but only the crucial parts, so that any visitor could read the first few paragraphs and then they would get a message like this one:
As I was just starting, I did these two steps without expecting much.
But I knew these two simple disciplines would get me some extra clients.
I truly never thought it would blow up like it had!
Believe me when I say that it doesn't take much to be amazing. Just a few simple disciplines.
Why the hell did you ask $179 for the software and not $70 to be more competitive?
I've had people telling me that "I'm asking too much", "the price is too high", "too expensive", blah blah blah...
This only means they cannot afford it. And if they want a luxury service, if they want a VIP product, then they better pay good money.
I have never had a single regret for charging that much, and boy it felt good! Most importantly, my clients were extremely happy and were spreading the word about my product / service like crazzzzyyy!!!
The lesson here is that people don't lack money, they only lack motivation to buy.
Of course there are some broke people looking for a cheap fix, but don't focus on them.
If you're passionate and motivated about what you're doing, then have the guts to just be Awesome!
What I learned from the luxury hotel industry...
I was reading an article today from Harvard Business Review (source).
And it explained how a company is helping high-end luxury hotels improve their service using big data.
What caught my attention is that they were using data in a very effective way to increase their sales & improve customer's happiness.
There is a line in that article that says:
"A computer can remind you that it’s a guest’s birthday. It can’t tell you what to do about it."
I found this very fascinating. Because it all comes down to the fact:
It is the small little details that make all the difference in the world.
What interests me is how to apply these same principles in A/B testing and CRO (conversion rate optimization). These are not just about improving visuals, graphics and copy, but really the things most entrepreneurs miss out on. Everyone is so busy trying to get new clients, new ventures, more sales, more money,... that they forget the small little things that matter the most.
If you can make one client happy, they will spread the word to their friends, colleagues & family members. Their word is 100 times more powerful than any ad, banner of spam email you will ever send! If you can get them to recommend you to other people then you have literally started growing your business big time!
--
I hope my post has inspired someone to focus on getting big money, rather than chasing pennies.
Have a great day!
Ilya
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