You Are the Brand by Mike Kim

Author:Mike Kim [Mike Kim]
Language: eng
Format: epub
Publisher: Morgan James Publishing
Published: 2021-05-15T00:00:00+00:00

A Lesson from London

Not too long ago, I went to London for the first time and got to meet one of the designers for a major fashion brand. As she was showing me around, she told me something about brand positioning that I’ve never forgotten.

While her company was known for selling high-end handbags, overcoats, and their distinctly checkered cashmere scarves, their top money maker was a lower-cost bag that was just a third of their normal prices. Yet the reason the lower-cost bag sold so well was because of the higher-end positioning of their brand. Customers were able to “buy” the status that comes with that designer’s bags without breaking the bank.

When most of us start out in this space, we assume the best thing to do is to deliver high-value work for high-ticket clients— all the time. There’s nothing wrong with this approach, but you can quickly end up in a feast-or-famine type situation where you’re doing so much work for one client that you can’t scale your time and income.

The key is to position yourself as a high-value expert and have high-value pricing but to also leverage your value to create more affordable products at scale.

Over the past several years, I’ve seen several of my colleagues who charge top dollar for private coaching programs follow this exact model by creating (of all things) physical day planners or journals. Michael Hyatt’s Full Focus Planner, John Lee Dumas’ Freedom Journal, and Tony Grebmeier’s Be Fulfilled Journal are all great examples. For some experts, the lower-tier product has become their biggest moneymaker. However, this is only possible because they positioned themselves as a top-tier brand to begin with.

I use the Louis Vuitton/Walmart doctored image to talk about the difference between brands and how their positions are so different in the marketplace. However, there is a caveat to this comparison: Louis Vuitton and Walmart are not direct competitors. They aren’t in the same industry. One is a luxury fashion brand, the other a mass-market retailer. This leads me to my first point about positioning.

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