FPF – Week 7
The phrase “Things of great value aren’t advertised cheaply” was first introduced to me by a pastor that had been invited to speak at my high school during a senior year assembly. His talk focused on one’s personal branding – to not sell one’s self short, as we went off into this new chapter of our lives.
By this time, I had already been running a successful DJ business for a few years and the talk wound up taking on a different meaning for me. I drew parallels between how much I could charge at that moment in my business, compared to when I had just started out. When I first started doing gigs, I was happy to get any party I could and for whatever amount that someone was willing to pay me. As I honed my craft and became more well known, I learned that my time was worth far more than it once was – as people were willing to pay more for it. With this bump in pay came another observation: the more someone was paying for me to DJ their party, the more they respected me and my time.
Marketing initiatives that once worked (to get “just any gig”) were quickly retired as I then had the reputation and the chops to land better jobs without additional advertising. Again, “Things of great value aren’t advertised cheaply“.
Have you ever seen a commercial on network television for Ferrari? Nope. Why? Because things of great value aren’t advertised cheaply. They know their customer well enough that if you have the money to buy a Ferrari you know they exist and where to go to obtain one. All too often however, we as business owners run the risk of devaluing the products and services we offer to our clients by the way in which we present them to the masses.
Do you sell Rolex and Cartier watches at your high-end jewelry shop? Do you want to attract those who can buy Rolex and Cartier watches? Then why the heck would you try and do it using the method pictured above? (Yes, there is actually a business doing this in Sarasota).
Putting it Into Practice
Here are a few bullets to help advertise your product or service without devaluing your offering:
- Do Your Research – Ensure that your product or service really is the best in its class and charge what it’s really worth.
- Believe in What You’re Offering – If you don’t, good luck getting someone else to, let alone getting them to pay for it.
- Think About Your Audience – If your target client/customer is looking for a Ferrari, don’t advertise to them like they’re about to buy a Pinto.
Be “Best In Class”
I encourage you to take a closer look at how you are currently marketing your products. With some minor (or major) tweaks I think you will find that you sell more, for better prices, with better overall customer/client engagements. Now get to it!
What topics would you like to learn about next? Feel free to respond to this message or send an inquiry through our new Fist Pump question page. I look forward to hearing from you and hope you have an awesome weekend!
Jim @ Captivation