Why is that Starbucks can charge $3-$4 per cup for a beverage that most Americas were used to paying $.50 for, and that many more could drink nearly free at home?
Why does something just seem different
Why can Apple charge thousands for a computer with less impressive hardware than other computers which cost only hundreds?
The chief answer is that each of these brands understands something about making and selling products: What you offer is not nearly as important as how you offer it.
The other day I was re-reading one of my favorite books, StoryBrand by Donald Miller.
Miller contends that one of the ways to bring your customers’ story to a successful ending is by helping them win some form of power or position. That is, to tap into their need to achieve some sort of status.
One way to do this, per Miller, is to offer a premium:
Most companies earn 70 percent or more of their revenue from a small percentage of their clients. Few, though, identify those clients and offer them a title such as “Preferred” or “Diamond Member.” I love being an “Emerald Club” member with National Car Rental because it means I get to bypass the counter, jump in a car, and drive off. We even recommend a status-associated title for the nonprofit brands we work with. People will be much more likely to donate if they know they are an “Anchor Donor” and even more likely if they get special privileges like updates from the founder or access to other anchor donors at fund-raisers.
If you think for a moment on this concept, you can probably identify how brands have done this to you too!
Own a Keurig coffee machine? There are options that cost much less, and do the same thing but don’t carry the brand prestige.
Mercedes owner? I’ll bet my Prius will take me to the same places. And, lest you think I lack self-awareness, old beat-up trucks carry folks along the same roads I travel.
Rest assured, this is not the only way to help your customers feel as though they win power or position by doing business with you. But it is a really good one that is easy to understand and implement.
So, think for a moment: How can you make sure that, in your product and/or services, you are offering a premium experience?
Implementing this one idea into the messaging and design of your produce or service can give you just what you need to stand out in this crowded marketplace.
Not sure how to get a competitive edge for your product or service? I’d love to help you!
I’d love to chat with you about your business and help you stand out.
To your success!
