Watch this video where I talk about how certain brands cracked the code of growing exponentially while maintaining superior quality.
It’s a real magic trick to get your product or service in the hands of mass people without losing the brand image that you are for elitists. This will hinge on the quality of people you hire. People represent the brand image and they are the ones who make decisions in the business to determine what materials to use, what marketing to do, what celebrities to align with. Quality people see quality people and quality materials.
Go into Saks Off Fifth. They have brands that have sold themselves out to get a bulk order. You can do well in mass bunches but you hurt the long term value. Take a look at Louis Vuitton, Chanel, Hermes. They refuse to give discounts. They are around for decades at the same elite level.
This is why Rolex, Breitling, and Patek Philippe will always hold their value. They don’t allow watch dealers to discount more than 15% tops while other brands like Tag and Raymond Weil will discount at 40%-50%.
It takes much longer to build a prestigious image and get people to fork over money for quality, but it’s worth it if you stick through the mud. You have to really set yourself apart as a luxurious item and service. Bentley, Ferrari, Lamborghini, and Rolls Royce have maintained their image as being for elitists. There is nothing really that warrants the price they charge for an automobile, but when you are that exceptional in your niche and you separate yourself from the top brands by going the extra mile and doing what they won’t do, you can charge whatever you want.
It’s why Tony Robbins can charge $1 million and be booked up for 2 years. Who’s competing with him at that level? What psychologist do you know on a mass scale? No one (other than me sometime in the future, lol). He separated himself by being the tallest guy in the crowd by a foot (literally and metaphorically). He did things no one else was willing to do. He called out psychologists on the radio and said “give me your worst patient. I’ll fix them in an hour when you’ve had them for months.” He put himself on the line. He could have been embarrassed. But he did it. You will have to make bold decisions and hold out from the quick buck even when it’s tempting. That means that Tony Robbins had to turn down $100,000 plenty of times to set his price that high. You understand? You must sacrifice the now for the future.
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