Today’s episode is a presentation Max did on how to increase your pricing by focussing on your ideal customer and serving them the way they are looking to be served.

Tune in to learn about the story building process that works across every single industry, how to push past some of Amazon’s restrictions, and why going from product to people will open up a world of marketing opportunities.

 

Key Takeaways

[4:30] Parental advisory: Max will be poking fun at Amazon despite it being the best place to launch products profitably, acquire cash flow and scale a new business, sensitive ears beware.

 

[6:20] Creating a consistent customer experience and making sure that that every touch point with your customer tells your brand story is the only way to ensure success at the same level as major brands.

 

[8:33] The very first step of any good brand building process is to target and attract your ideal customer, the one that will ensure your future success. And in order to do that you have to get to know everything about them. Everything.

 

[14:15] So you have your archetype human, now you have to understand how they will look at your product: they will put it in a pyramid reminiscent of the Maslow’s pyramid of needs.

 

Pyramid base: Basic product requirements. In every product category there is an ante to be paid, a set of basic requirements your product has to have in order to be considered acceptable as such — wheels and a chassis for a car for example.

 

Pyramid middle: Product features. Once those basic requirements are met, you may add value — product features, customer service, options packages, etc. — keep in mind that this added value is not your brand and you should never build around them: they can be copied.

 

Pyramid top: Brand story. This is where the good stuff is and it’s where the right brand story can take you: higher prices, customer loyalty and positive word of mouth.

 

[17:12] Amazon lets you compete at the product feature level — middle of the pyramid — with keywords. But they keep control over the emotional drive to purchase with ratings and reviews: how your product makes customers feel is the brand. In essence, Amazon lets you sell products that ultimately strengthen their brand, and Jeff Bezos is laughing all the way to the bank with your money.

 

[18:35] Customers use products and brands to tell stories about themselves to others. You need to participate to that in a meaningful way, and at every opportunity: customer relationship are built on consistent experience delivered over time.

 

[21:35] So how do you get to the top of the pyramid?

1. 1. Communicate with your customers any way you can — if you can talk to them it’s great, in person is even better. Get to know who they are as human beings, what their goals and aspirations are. Address their concerns and don’t reduce them to a set of attributes.
2. 2. Establish core values and beliefs as a composite of what your customers care about and want and the promises your product makes in addressing those — it goes without saying you should never make unrealistic promises. Be certain all your products align with these and adjust or get rid of the ones that don’t.
3. 3. Put it everywhere the foundation of your brand experience is your core values and beliefs and for that message to be strong, it needs to happen at every touch point with your customer. Apply it across every channel.
4. [26:45] If you’ve done all this you will be able to increase your prices. Keep in mind some customers may be lost — Deal seekers have a functional relationship with a brand, you wont keep them around — but it shouldn’t affect the overall profit margin.
5. [27:23] Max wraps up his spiel and thanks the audience. Ryan jumps on the opportunity to brag about Max and invites listeners to check out the video of Ryan and Max building Ryan’s personal brand story.
6. Mentioned in this episode
7. Maslow’s Hierarchy of Needs
8. Max and Ryan Video
9. Max Kerwick’s instagram