Survive and Thrive by John Meese

Author:John Meese [John Meese]
Language: eng
Format: epub
ISBN: 9781631953378
Publisher: MorganJames
Published: 2021-09-15T05:00:00+00:00

Develop a Flagship Product

If you have a customer go “all in” with your brand, love your products, and want to experience total transformation, what is the best option available to them?

Is the answer to fill their bags with more of your products? That sounds overwhelming and becomes more of a to-do list than an exciting transformation your target customer can experience.

That is why you need to develop a flagship product. Your flagship product is the epitome of everything you have to offer, the total transformation package, for a single premium price.

For Apple, this is their iPhone, which by itself drives more than 44% of annual revenue and also fuels another 18% of Apple’s annual revenue in the form of apps sold on Apple’s App Store and Apple Music subscriptions.65

For Dollar Shave Club, this is actually built into their name; their core razor is their flagship product—but they sell many complementary products that go along with their razor, such as a Traveler bath bag (and yes, I did buy it).

Cleverly, when I bought the Dollar Shave Club travel bath bag, it came with all these empty pockets and slots for other products I didn’t quite have. It felt satisfying to put my razor in its designated slot, but I had lots of empty space until I bought deodorant, body soap, shaving cream, and aftershave to fill out the rest.

I even bought lip balm and body wash from Dollar Shave Club because they all fit together as part of a single flagship product with all my bathroom self-care needs!

Yes, they solve all your bathroom self-care needs, as they are proud to share that their “One Wipe Charlies” are a popular add-on to your Dollar Shave Club subscription when you’re ready for a full immersion experience of their brand...

Now back to the women’s boutique example. Flagship products are an under-utilized strategy in brick-and-mortar retail and are almost never offered.

A flagship product isn’t just your more expensive product; it’s a total immersion experience (one that, ideally, also promotes related sales of products that all naturally connect).

If you owned a women’s clothing boutique, you could offer a “Working Woman’s Wardrobe” as a flagship product for sale. In this experience, you would book a 90-minute appointment with a stylist to get a personalized fitting and styling session where you walk away with a full wardrobe of a half dozen confident and classy outfits appropriate for the workplace, all for a set fee of $2,500 (this is the example from chapter 3).

Rather than sell dozens of articles of clothing, you would be selling a flagship product of a single, transformative experience that happened to include dozens of articles of clothing and a built-in service fee.

Can you see how a flagship product could double the sales in your business, even with just a few individuals purchasing a flagship product each month?

And for those customers who never purchase the flagship product, they are still paying attention. They may buy more individual products without balking at the price tag simply because they are purchasing mid-tier products, rather than your flagship product at a premium price.

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