Business

Wrong Price Strategy Will RUIN Your Business (Lesson for Entrepreneurs)

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I believe 100% in treating prospects with honesty and respect.

So I’m curious to know what you think about this…

It’s one of the worst mistakes in the history of modern retail.

Back in 2012, JCPenney’s CEO Ron Johnson decided to eliminate coupons from the department store’s business.  

Up until that point, Penney put coupons in newspapers, credit card statements in the mail and online. They were a major driver of sales.

Johnson slashed prices 20-25% on most products companywide to make up the difference. He figured customers would appreciate the built-in savings.

If you’ve studied marketing you can guess what happened — which means you’re more insightful than at least one Fortune 500 CEO.

The strategy flopped hard.

Sales dropped almost 25% ($4.3 billion) and Johnson left the company to “look for other opportunities.”

I remember it like it was yesterday.

At the time, I worked in the stockroom at JCPenney, unloading trucks full of clothing at 3am (I haven’t always been able to survive purely on copywriting income).

My stockroom job got whole lot easier because we sold through much less product.

I also remember JCPenney hiring a mob of temporary employees to remove the price tags from all the merchandise in the stores…

Marking prices BACK UP to their pre-Johnson levels…

And starting to send out coupons again.

Revenue popped. Customers came back, happier. And the company tried to forget what happened.

Lots of Lessons. But here’s the main point

Decision-making is not a rational process.

In this instance, customers preferred cutting out a coupon to save $20 on a $60 sweater over walking into a store and picking up the same sweater for $40.

They were happier because they FELT the savings.

So they bought more frequently. And JCPenney raked in more cash.

Everyone wins.

This is not me telling you to add coupons to your business (I’ve found that credits often work better than coupons, anyway) or lower your prices.

I’m suggesting that skillful, effective marketing figures out why your people make their emotional decisions…

And works to elicit the right motivating emotions with respect, honesty and in your buyer’s best interest.

A Backwards Way to Celebrate 9-Figures

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If you know me, you know I’m not usually one for bragging.

But I crossed the $100 million in sales (in my career, not in a year) in late September — and I allowed the spirit of pride to rise up in me…

And I started plotting a way to casually mention it to… everyone. 

The timing couldn’t have been much worse, though.

Because at that exact same time, all the folks who’d earned a plaque at the Funnel Hacking Live event started posting their pictures.

Copywriter Donnie holding piece of paper with Clickfunnel logo

I figured my plaque-lacking self would look goofy bragging about my achievement from my office chair…

While so many other people celebrated on stage at one of the year’s biggest marketing conferences.

(This is why you gotta stay humble!)

Is there a point to this story? YES. Two actually.

1. Celebrate your wins, big and small. Don’t wait 2 months to do it like I did. And don’t wait until you get props from Russell Brunson or anyone else — no shade to the Two Comma Club.

2. Whenever you’re feeling down or thinking about giving up… remember those wins.

Think about how far you’ve come. It’s amazing, right?

Truth is, you’re not like most people.

You took a chance (or you’re about to take it) and bet on yourself. You’ve mustered up the courage to go after your dreams and build something that can impact your corner of the world.

That’s not easy. Your courage and contribution deserves to be celebrated.

The celebration starts with you.

No copywriting lesson today (unless your takeaway is that bragging about your wins is good for credibility).

Just encouragement to make sure you’re adequately celebrating you.

Responsibilities of a Large Human

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A couple years ago, a good friend of mine named Mark and I were standing at a crosswalk in downtown Chicago.

We’d just left a great workshop and we were still energized.

But while we stood there, a nearby conversation invaded our bubble of positivity.

It was a man and woman arguing.

Have you ever heard a conversation and thought, “ooh, someone’s about to get body slammed”?

This was one of those convos.

Everyone around seemed to be trying to mind their own business. Last thing anyone wants to do was get pulled into a boxing match between bickering lovers.

But my buddy Mark handled it differently. He kept a close eye on the situation… just in case it looked like the dude was getting ready to hit the woman.

Fortunately for everyone, the argument calmed down quickly… right on time for the light to turn so we could cross the street.

The timing was so perfect, it almost felt like a scene from a TV show.

As we started walking, Mark explained himself to me like this:

“As a large human being, I have a responsibility . If someone smaller is getting bullied, I consider it my job to step in and help.”

(And Mark IS large. He used to be a competitive bodybuilder.)

Now, Mark didn’t mean this as a lesson.

He was just sharing his personal philosophy.

But today, I want to encourage you to think more like Mark in your business.

Because…

YOU Are A Large Human Being, Too

You have skills, knowledge and experience that’s insanely valuable to others.

You have a product or service that changes other people’s lives in a unique way — even if it’s just for a moment.

Whether you know it or not, you are LARGE, my friend.

You have a responsibility to step in and help people who need what you have to offer.

You have a responsibility to promote yourself in a way that tells should-be customers exactly how to get your solution to their problems.

And you have a responsibility to understand and expand your largeness… to keep building those muscles so you can be even more helpful to the people you work with.

Does that sound like a lot of work? Maybe it is.

But you’re on this planet for a purpose. Operating in that purpose is the most rewarding life you can ask for.

Now, in the cleaned up words of C.T. Fletcher, “It’s your set!”

Science of Copywriting: Blab with Lamar Tyler

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Copywriting Blab with Lamar Tyler

For me, Lamar Tyler is one of my top answers to the question “If you could spend an hour with one person/celebrity, who would it be?” I have a TON of respect and admiration for Lamar’s business acumen, leadership and brilliance. Plus, he’s one of the coolest guys you’d ever want to meet.

Last weekend, I got my hour with The Man.

Lamar hosted the inaugural Traffic, Sales and Profit Lunch and Learn series on Blab, and I had the honor of being his guest. We discussed a lot of topics close to my heart, like:

  • What is a unique selling proposition (USP)?
  • How do I make people want what I sell?
  • The differences in writing emails, landing pages, general web copy, etc.
  • The most painful mistakes people make when writing copy
  • When it’s time to hire a professional copywriter
  • “Why can’t I find a good copywriter?”
  • and plenty more.

I also revealed the most powerful characteristics of email copywriting — and why some people should NOT hire a copywriter to write their emails for them. (I’ve told potential clients on multiple occasions I couldn’t do better than what they’re doing.)

Check it out: The Science of Copy Lunch & Learn

An Important Point I Didn’t Get to Make in the Interview

I realized after the Blab that I forgot an significant point when we talked about why it’s sometimes difficult to find a good copywriter. If you’re expecting a stranger to instantly create a miraculous transformation of your business, you might be expecting too much.

Your copywriter isn’t (necessarily) weak just because he can’t make your boring offer exciting…or make a dead mailing list suddenly spring to life.

I’ve often quipped that I do work miracles, just not on demand. (Yes, I’ve said it to potential clients.) Even copy that seems brilliant doesn’t work 100% of the time. Believe me, I know from embarrassing experience. All of the pros have. For optimal results, you have to make the right offer to the right audience at the right time.

On the other hand, a great offer or a hot list can make even a pedestrian copywriter look like a superstar…

Resources mentioned during the conversation:

Lamar’s Traffic, Sales and Profits private Facebook Group

Bencivenga Bullets

The Gary Halbert Letter

How Do I Land My First Copywriting Client? Aspiring Minds Want to Know

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Steps to get copywriting clients

“I’m an aspiring copywriter; How do I land my first client?”

This is a question I’m asked on a pretty regular basis. I’ve typed out responses more times than I can count, and I’ve even addressed this topic in a previous post. But since I’ve been approached 4 or 5 times over the past month or so, maybe it’s time to revisit.

Below you’ll find the slightly modified/depersonalized body of an email I sent to a new copywriter a few days ago. Forgive me if you’ve heard this before…unless you’ve heard it but haven’t done anything about it.

And remember, this is my personal experience-based advice. I’m not saying this is the one and only way to become a copywriting pro.

—

When I started learning to write copy, I was an assistant manager at Kmart, working 50-80 hours a week and studying copywriting on my lunch breaks and after work…then harassing people who I thought might hire me, until some of them started to.

Step 1, I think, is deciding to make a real go at this. Regardless of what you read anywhere, copywriting is about helping people SEE:

  • See the reality about their current condition
  • See the hidden truth about whatever you’re talking about
  • See what the future holds, both the good and the terrifying
  • See what they have to do now. It’s a skill that has to be developed, but one you’re probably already familiar with as a professional.

Building your business will probably take some time (it does for pretty much all of us), which is why you have to be resolved to put forth the effort.

You’ll probably have to “feel your way around” the copywriting world before you make too many big choices as to niches, mediums, etc.

As a freelancer, you’re going to want to exploit every form of leverage you can get. That includes your formal or informal experience in an industry, contacts you have and stages where you are already recognized. For example, you may be able to leverage your current job expertise and connections to get your foot in the door somewhere. That may be a great way to start finding your rhythm, figuring out how you like to work with clients, and building a portfolio. Oh, and earning some money. Not to say you want to get pigeonholed there, but it’s a start. Or, maybe you’ll love it and find all the business you can handle.

Step 2, Put a website together immediately.

This step took me FOREVER. I didn’t know what to say, and I didn’t feel like I had anything impressive enough to say publicly. Then, once I finally got started, I spent over a year using a free WordPress blog. (HA! It’s still there, 6 years after I abandoned it. https://donniebryant.wordpress.com/)

Believe me, come up with something and just get it up. Something simple will do the trick. The site will take shape and grow as you do. The longer you wait, the more you’ll kick yourself later.

Let Google start getting familiar with you. Start sharing your stories, your perspectives. Share what you’re learning. That will help you develop your skills AND your confidence as a copywriter.

Plus, you need to have someplace to send potential clients to when they’re researching you or after you reach out to them.

Step 2b, While you’re at it, make sure you have a decent LinkedIn profile, too. I don’t love my profile, but you can borrow inspiration from me if you like –> https://www.linkedin.com/in/donniebryantjr. Or, just search “direct response copywriters” and analyze the profiles that rank high.

You’d be surprised how many people are looking for copywriters through LinkedIn. I earned in over $60K in 2015 from a single client who found me on LinkedIn.

Step 3, Start searching for prospects. As I mentioned, you’ll do well to at least try reaching out to people you already know who need to promote themselves, their products or services.

I started out searching the Writing Gigs section on Craigslist. It can be grunt work, but it’ll get you moving. You’ll have to filter out a lot of crap, but may be some good opportunities there. I found a couple great clients there, and I still use one of the sales letters I wrote for a Craigslist client in 2009 as a sample sometimes. I graduated to bugging sellers on Clickbank.

You can also search writing/copywriting job boards (there are quite a few).

Step 4, Connect with other professionals. This has been huge for me, too. Purposefully engage with people who may someday become 1) clients, 2) referral sources, 3) joint venture partners and/or 4) hosts of “shows” you’d like be on. Always be generous and genuine, and the seeds will reap a bountiful harvest over time.

Not every connection will “pay off.” A lot of them will never become relationships. But some of them will. Some could be goldmines in terms of remuneration or camaraderie. Again, one colleague I connected with years ago (via semi-cold email)  has gotten me in the front door of 2 dream clients and several others who were pretty darn good (and one who became like a brother to me). That one connection will end up being worth multiple six-figures to me when it’s all said and done.

Step 4b, Start looking for ways to appear in places of authority as a guest blog writer, podcast guest, expert source, etc.

Step 5, Do your research. You learn as much from watching other pros as you do from just about anything else. They’ll also give you raw materials to create your own content from.

Step 6, Ask for what you want. If you need advice, if you’re looking for introductions, if you want to write for someone else’s website/blog/newsletter, be courageous and ASK.

—

I hope that this is helpful.

In Pursuit of Elephants

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Focus Business Growth

“The hunter in pursuit of an elephant does not stop to throw stones at birds.” ~ Ugandan proverb

The words rocked me when I read them for the first time. The weight of that truth. The multiple layers of application, personal and professional. The visual texture of the metaphor.

It’s amazing how much wisdom can be found on boxes of tea these days…

The ideas of purpose, focus and the proper use of time become increasingly important to me. There are so many demands on my time, energy and resources, it’s critical to figure out which are elephants and which are birds.

The cool (and simultaneously challenging) thing is, by and large, it’s up to you to decide which is which.

What are YOU pursuing?

One of the major components of the business growth model Michael Zipursky shared during last week’s training was defining who your ideal clients are. (FYI, you can see the replay of the 1-hour training here.)

Again, you get to pick who they are. You also get to decide, to a degree that would astonish many people, HOW you will work with them.

I don’t necessarily mean big-money clients when I say “elephants,” although there’s nothing wrong with that. I mean whatever is meaningful to you. Here’s the catch: most of us never define what’s important to us. We kind of just drift through life. Maybe we pat ourselves on the back when we avail ourselves of opportunities as they pass. But how many of those opportunities are “birds” that happen to land in our paths?

What’s important in your life? In your business? Pursue it like a hungry cheetah chases it’s next meal. Ignore as many insignificant things as possible. They’re wasting huge chunks of your time (aka your life)!

That means you have to figure out what your purpose is and focus on it.

A Stimulating Conversation with a From-Scratch Millionaire

Quick story.

On Monday, I had the chance to sit down and chat with one of my clients. His life is one of those true rags-to-riches tales. He showed me a YouTube video of his oldest son, who has also become a millionaire, giving a presentation at a major event.

I (strategically) asked what he attributed his son’s success to. He boiled it down to 3 main factors:

  1. Intelligence
  2. Insane work ethic
  3. Fearlessness

Both my client and his son have earned millions of dollars by choosing their elephants, expending massive amounts of energy pursuing them (working smart AND hard) and ignoring the insidious feeling of fear that would tell them to chase something smaller, less dangerous and easier to catch.

Sounds like good advice.

 

Big Ideas that Impacted Me in 2014

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Big ideas 2014

Boiling 12 months of brain activity down into a few hundred words is an intimidating task. But rather than giving a full-on commencement speech as you “graduate” from this year and move into the next, we might as well get straight to the point.

If I was forced to share the 3 ideas that had the biggest impact on my thinking in 2014, it would be these:

The Immense Importance of Identity in Decision Making

One morning in January 2011, I was standing in a cell phone store when there was breaking news story came on the radio. A mysterious 13th zodiac sign had been discovered — and with Ophiuchus (as the new sign was called) squeezing itself into the calendar, every other sign was shifted. Scorpios became Libras and the world was all out of wack.

Half the people in the store freaked. The man playing with the laptop display searched to find out the new dates, and a small crowd gathered around him, wondering who they were supposed to be now…

(Do you remember that day?)

I share that anecdote to illustrate a point. Astrology falls into the fairy tale category, but people’s reactions were very real. Some people think about their identity largely through the lens of their zodiac signs. They had seen themselves in their horoscopes for years. What happens with that is called into question?

The way we perceive ourselves affects almost everything we do. As a marketer, copywriter or salesperson, you MUST understand the way your ideal customers see themselves. It goes deeper than just features and benefits…even deeper than problems and desires.

This incident happened 4 years ago, but I am coming to understand the power of identity more fully as time goes by and experience mounts.

We’re going to spend a good deal of time fleshing out this idea and applying this concept in my upcoming training/coaching program. In the meantime, you can read about this incident in greater detail in The Ophiuchus Effect.

The Gargantuan Difference Between Prospects and Buyers


This was The Business Growth Question I Couldn’t Get out of My Mind earlier this year. It’s been stuck there for the past 350 days or so.

There is a world of difference between someone who reads your free material but hasn’t sent you any money. I advise you to check out the link to the article, because I’m going to be brief here.

Interestingly, when someone becomes a paying customer, their identity is altered a little bit. As they become accustomed to being a customer, they may come to think of themselves in terms of your product or service. There are Pepsi people. There are Apple people. There are Chicago Bears fans (we’re a depressed bunch these days).

Some of us are as loyal to our preferred products as to our political affiliations.

Do what you can to convert your prospects into buyers. The relationship you build with your buyers is arguably the most valuable asset you have.

The Enormity of Leadership


If this sounds familiar to you, it’s probably because leadership has been one of the Big Ideas that Impacted me in 2012 and 2013. The topic is both important and compelling.

I do not speak of leadership in the superior-subordinate sense. I’m talking about something closer to “I’m taking my flashlight in this direction; who’s headed this way?”

Even if you’re not giving orders, you are a leader if you have an audience. And as a leader, you have a responsibility for the well-being and progress of those walking with you. You have to

  • Teach them. Help them develop a worldview that will serve them well
  • Warn them. You see danger they can’t see yet. You’re aware of pitfalls they need to know about. Have the guts to stand up and protect them to the best of your ability
  • Encourage them.
  • Inspire them. Share your successes and the successes of other members of the group. Never miss out on a chance to give them good news.
  • Exemplify the philosophy you espouse. Walk the walk.

I’ve pontificated on this topic some more at Leadership: Burden and Blessing, if you’re interested.

Happy New Year. May this be your best year yet. Let me know how I can help you achieve that.

P.S. Have you registered to get your copy of Creating Business Growth yet? It’s going to be available for free on Amazon Kindle from January 1-5.

Weighing in at more than 300 pages, this book shares expert insights on
– Google Adwords
– Getting Referrals
– Neurolinguistic Programming
– Networking
– Search Engine Optimization
– Email Marketing
– Public Relations
– Unique Value Propositions
and plenty more.

This will very likely be the most useful book you read all year. What’s more, you’ll get to know nearly 2 dozen of the smartest marketers I know…men and women who have earned my admiration and trust over the past couple years.

Get more details and pre-register to get a free copy on New Year’s Day at http://creatingbusinessgrowth.com/.

All’s Fair When Avoiding Price Wars

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As a soldier, what main characteristic did David possess that allowed him to defeat Goliath, who was bigger, stronger and more heavily armed?

Most people will say that it was his agility or speed. Just moments before the battle, David decided against suiting up with King Saul’s armor to maintain his mobility.

More important than these things, though, was his willingness and ability to choose the terms of the fight. Even though he was very confident in his physical strength (he’d beaten wild lions and bears in the past), he picked up stones and decided to take out the giant from a distance. I’m inclined to believe David would still have been victorious over Goliath in hand-to-hand combat, but there was no need for that.

He took a weapon he was skilled with and slew the Philistine champion before the fight even began.

When your small businesses square off against entrenched competitors… ones that are bigger, stronger, better-known and better-equipped than you… you can learn a few things from the young warrior David.

Setting up Battles Where Your Victory Is Inevitable

There is a strong temptation for look at your potential customer base and think, “If I drop my prices, more people will buy from me. That’s what everyone else is doing.” In most businesses, special offers mean discounted prices. Every conceivable holiday is an excuse to offer a sale. And some of your big competitors spend thousands or even millions of dollars broadcasting these discounts.

How can you compete with that?

Make no mistake: low prices are attractive. There will always be a market for cheapness. That’s probably the biggest reason why a huge percentage of startups open their doors with plans to become the low-cost provider for the customers they’d like to serve.

But unless you have the buying power of Walmart or its equivalent in your industry, that’s a tough fight to win.

Take a page out of David’s book. Pick your battles strategically. What do you offer that’s better than everyone else who is competing for the customers you want?

Your lunch menu is healthier than McDonald’s.

Your plumbing work is guaranteed for twice as long as anyone else in town.

Your T-shirt brand has been worn by more rock musicians in concert than any other brand this year.

Force The Comparison

In general, you don’t want a potential customer to be able to make an “apples to apples” comparison between your product or service and that of the guy who insists on cutting his prices to the bone. All other things being equal, the customer will buy the less expensive option.

You can’t allow other things to be equal.

It’s essential that you create some differentiator that forces the consumer to make an “apples to orange” comparison.

Your marketing and your sales people force the comparison between your product and the competition at the point of differentiation.

“Look how healthy our lunch menu is!”

“No one guarantees their pipework for as long as we do.”

“If you’ve been to any concerts this year, you’ve noticed how popular our brand is with your favorite rock stars.”

Juxta-position your product in a way that appears unique, especially if your product or service is seen as a commodity.

Create Your Own Category

Have you ever noticed how many different choices are available for chicken eggs at your local grocery store? There are probably dozen options (yes, I thought that was funny).

What’s really interesting is the price difference between some of the choices. For example, your “average” large eggs sell for $1.79/dozen at this particular store. Eggland’s Best Vegetarian eggs normally sell for $3.79/dozen. That’s more than double the price of your “commodity” eggs.

egglands price wars

How does that happen?

Eggland’s Best has capitalized on a key differentiator. This type of egg is in a distinct category: cage-free, vegetarian brown chicken egg.

This destroys the “apples to apples” comparison and forces the customer to consider whether it’s more important for them to save a couple bucks or treat himself to this special kind of egg.

Dutch Farms (the Goliath in this example) probably sells a lot more eggs at the much lower price. But Eggland’s Best (David) is carving out a nice corner of the market to dominate.

Can you think of a way to create a special category for what you sell? 

The Low Cost Leader’s Precarious Position

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Competing on price is almost always a dumb idea. In every case I can think of, it makes more sense to differentiate in ways other than being the cheapest place in town.

I was given the opportunity to share some of my thoughts on the futility and danger of price competition (and the fear that causes business owners to adopt that kind of pricing strategy) over at the One Hour Startup blog. There are 3 articles; I hope you check them out. The feedback has been excellent.

[[ Update: The One Hour Startup blog is being merged with NinjaHobo. These articles are no longer hosted there. ]]

3 Alternatives to Competing on Price – What Dominoes Pizza, Babiators and iPhone lovers can teach us about staying out of the Bermuda Triangle of commoditization, where the only way to win is to be slash prices.

The Wife-Approved Pricing Strategy – If price is the main way to convince a would-be customer to buy, why do people regularly pay premium prices for some products? Here’s an example from my own wife. Oh, and Aston Martin.

Pick Your Battles Strategically, or All’s Fair When Avoiding Price Wars – “…what main characteristic did David possess that allowed him to defeat Goliath, who was bigger, stronger and more heavily armed? Most people will say that it was his agility or speed…More important than these things, though, was his willingness and ability to choose the terms of the fight…When your small businesses square off against entrenched competitors… ones that are bigger, stronger, better-known and better-equipped than you… you can learn a few things from the young warrior David.”

While we’re on the subject, observe Chuck McKay as he destroys the low-cost leader’s argument in 33 seconds:

)

The Wife-Approved Pricing Strategy

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pricing strategy

In an age when customers research practically everything before they buy, when there are mobile apps that point people to retailers with the lowest prices on items, and brand loyalty seems at an all time low, how does a small business stay competitive without sacrificing profits?

I began answering this question in my previous post, 3 Ways to Avoid Competing on Price. I mentioned three specific ideas:

1. Making bigger, bolder promises — and backing them up
2. Work on your secret sauce. Do something no one else does or add a unique touch of excellence to the mundane (simply make what everyone takes for granted into an extraordinary experience)

3. Develop a killer value relationship with your customers. (Unique propositions are good; unique relationships are better.)

Smack dab in the middle of this conversation about pricing, my wife spent a good chunk of the day shopping.

And just like you’d expect from a good wife, she illustrated my point, albeit inadvertently, by spending over $100 on makeup. Check out the picture above.

I’m pretty sure Ulta Beauty and Sephora have higher profit margins than the average drug dealer. But, that’s where my wife shops.

She could save more than 50% by buying her cosmetics at the local beauty supply or even Walmart.

But when it comes to makeup, price is nowhere near the top of her priority list. She happily pays premium prices for higher quality and unique color palates.

The difficulty with building loyalty is a good point…in some circumstances.

But is Nike struggling to maintain its customer base? Or Apple? Or Coke? Granted, these are established market leaders and most of us are not.

There’s still something to learn from the big boys.

Inexpensive offers almost always draw attention.

But if your marketing message and positioning speak directly to the customers’ need in a way no one else speaks or solves a problem no one else is addressing, price comparison fades.

Have you ever noticed that Excedrin Extra Strength and Excedrin Migraine have IDENTICAL active ingredients in identical dosages?

But one is marketed as the solution to a specific pain. People will pay more for the confidence that comes with that kind of focus.

It isn’t necessarily an issue of loyalty. It’s Sales and Marketing 101: What’s In It For Me?

If your product or service provides a more satisfying answer to that question, you don’t have to stoop to charging lower prices than everyone else.

If your marketing answers the WIIFM question by taking possession of prime real estate in your target audience’s mind, you don’t need to be the cheapest. You set the standard for your industry.

Harley-Davidson is THE definitive motorcycle; people who buy them generally don’t balk at the price.

Here are some fresh ideas to escape price competition:

Be a safe bet. Peace of mind is more valuable than most people realize. By eliminating the risks involved with purchasing your product, you free up some of your customer’s mental and emotional bandwidth. Knowing that they’re not going to get “burned” is worth paying higher price for. Testimonials, social proof, strong guarantees and proven support after the sale make reduce risk and make it easy to buy from you, even if you’re the more expensive option.

Focus on a tight niche, like Excedrin Migraine.  A specific solution to a specific problem is always perceived as more valuable than a generic solution to a generic problem. The more painful the problem, the more desperate the desire, the more it’s worth paying someone to scratch right where it itches.

Tell a fascinating story about the origins of the product or the company. Many times customers buy your product because of the “why” that drives your business.

Associate your product with a cause bigger than a simple purchase. Breast Cancer Awareness, Boxtops 4 Schools, and even Made in America are all appeals that attract certain types of people. Become an advocate for causes your target market supports and believes in.

Stop trying to sell to price-shoppers. Charge more and be unapologetic about it. Your product or service is for an elite class of clients.  For example, consider the curious case of the Aston Martin Cygnet from Forbes Magazine:

Take, for instance, the tiny European city runabout known as the Aston Martin Cygnet. In its most basic version it sells at more than $45,000. The car is actually made by Toyota and a Toyota version (identical except for some interior accoutrements) can be had for less than $17,000. On an apples-to-apples comparison, Which? (a London-based consumer magazine) reckons the average price discrepancy is more than $31,000. Thus those who prefer Aston Martin’s badge pay an outrageous three times more for exactly the same Toyota engineering!

Is that crazy? Not at all. The social and psychological benefits of owning an Aston Martin outweigh the difference in price for some buyers.

That’s reality. Someone is going to tap into it. Might as well be you.