There is always room to innovate, even when consumers see your product or service as a commodity.
Often times, there is even room for a high end premium priced product or service in the same market…
If you aren’t offering a high end premium priced product or service to your market, you may be leaving money on the table.
Today’s video is a little bit different than previous episodes… Oh and it features Rihanna and Jay Z?
Today we need to talk about a very serious topic…
Something near and dear to my heart… and that is… SOOOOOOOOCKS!
Yes that’s right… Stance Socks… this sock company was Cofounded by the CEO of Skullcandy who you may have heard of… they make earbuds and consumer audio products.
And the reason we are talking about them, is because these socks have defined a new higher end category in the sock market…
I cant believe I just said sock market…. But bare with me…
15 bucks 1 pair instead of 20 pairs of boring white socks at your friendly neighborhood target.
So… why are they so expensive… well they are unique because of their Crazy designs, very comfortable and well-built. They last a long time… most of all… there are styles for everyone…
Maybe you’re a patriot
Maybe your Rastafarian
Maybe you love punk
Maybe you’re a middle aged man that still hangs onto his teenage skate board punk rock years
Whatever the case, There is a pair that captures your personality.
Many of their socks match while not matching…
This is a pair… this is another pair…
So why am I talking about socks…
Well, it illustrates… that there is always room to innovate even in seemingly boring industries.
This the first brand to make freaky socks a thing.
Previously you have companies all white, all brown, black blue, maybe some argyle.
Yet now one had gone this far yet… and know several companies have since started copying them…
Look at your product offering. Look at the services your offer.
How can innovate in your market? What can you do differently?
They have real Personality… how can you bring personality into your business?
It is so powerful when consumers can connect with your company and what you sell. Apple is great at this too.
Jay z is Raping about the brand on the radio.
You have Rihanna wearing them half naked in a magazine.
consumers love companies and products that have personality, that are unique, that are fun and easy to do business with.
As a service provider they are still hiring you and your people at the end of the day not your logo.
That doesn’t necessarily mean you have to get on video like I do to promote your brand, but it many many cases I recommend that you do. The personality of your team can come through the market in other ways as well.
In How you communicate with your market.
In Your marketing message – Your imagery and your text express your attitude and personality.
And finally… what High end offering can you sell to your market?
Always have premium priced offering. not just one plan or product that serves everyone.
in many cases 3 levels of service work well.
So, If your offering lawn treatments. Do just have one plan? If you do, you should Have multiple levels with different service At different price points.
If your offering lawn care maintenance have a premium maintence package that includes refreshing the mulch, seasonal installs of plants. Something more that just cutting. What premium priced packaged offering will your market be interested in.
If you apply the 80-20 rule to your service or product offering there is always a percentage of your customer base that will purchase a premium priced offering.
Determine what yours is and offer it to the market.
Get to it.