The Surprising Benefits of Having an Expensive Product

Essentially buying expensive things gives you pleasure, so we can apply some basic principles to our products in business as well. In short there are surprising benefits to having an expensive product in your suite of core products.

In this episode I talk about:

• The blind taste test of two bottles of wine - essentially scientists switched the labels on two similar bottles of wine and the most expensive still came out on top both times
• Apply Pareto's 80/20 principle to your suite of core products - focuses on increasing profits by removing the 20% of products producing the lowest profit
• Also 80/20 your clientbase by removing the 20% of clients who contribute the least profit to your business to increase profits and create more time for yourself
• Sometimes you can leverage high-priced products that don’t sell very often:
  • Mobile phones (iPhone, 128gb @£949, 512gb @£1249, 1tb @£1449)
  • Cars
  • Coffee
• Communicate expertise, Costco sells a $600,000 diamond
• Prestige - Think Jack Daniels Black Label versus Single Barrel ($50 a bottle), Silver Select ($120 a bottle) or even Sinatra Century ($600 a bottle)
• Use Expensive Products as a Gimmick to Create Free Publicity - the £8,000 haircut in the Guiness Book of Records

Why most business don’t have a super expensive offer:

• Because they don’t think anyone will buy it
• But because it’s not on the shelf nobody EVER WILL BUY IT!
• Frank Kern talk about “putting offers out there”

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