Few days ago, I bought a Chanel handbag for my ex-girlfriend (Who is now my wife) : )
I brought her the bag as a wedding present and I wanted to surprise her with it.
The look on her face was priceless when I presented her with it.
It’s understandable since the handbag cost me $5,000.
Pampering my loved ones aside, Chanel is a very well-established brand that has many women around the world clamouring for its luxury products.
Its quality is definitely not to be disputed, but that’s not the reason why people want them in the first place.
Chanel is a prestigious brand. That is precisely what people go for.
Class and prestige are amongst the few things that money can’t buy.
When people own a Chanel product, they naturally feel better about themselves, because they identify with the prestige.
That identification is enough to make people willingly open their wallets and purses and let loose freely.
In a world where our global economy is going through a transitional phase, people are still buying these luxury products.
That is why these companies are not going bust yet. Which brings me to my next point.
Chanel is so successful because they identify themselves with prestige, which is what people want.
If a business wants to succeed, that’s all it needs to do – know what its customers want.
Your customer’s profile should be the most important thing to you.
If you don’t even know who your customer is, how are you going to sell to them successfully?
You can have the best product in the world, but if your demographics are completely wrong, then you’re going to end up with zero sales.
If you spend some time to research this step properly, it is going to save you so much time and effort in the future.
It’s like laying the foundations of a building. The longevity of a business always go back to its basics.
Therefore, find out what attracts your customers before you start on the product. Know specifically what they want, and what you can give them.
Be generous with your giving. It’s part of your value-adding service.
Find out for yourself what other perks can you offer, other than your main product.
At the end of the day, customers are very simple. They just want to get the most value out of their money.
If you are able to give them that, they will readily pay.
That is why building a relationship with them is so important. They want to know that someone actually cares, and not just trying to make a profit out of it.
There are so many other businesses out there that are similar to yours.
Your customers have options.
They do not have to go to you.
But if you make yourself indispensable to them, they will always come back. That is the secret to a successful business.
