Masterclass: How To Sell Your Product
Summary
TLDRIn this engaging transcript, the focus is on effective marketing strategies for luxury brands, drawing parallels between high-end car manufacturers like Aston Martin and Rolls-Royce and their unique approaches to reaching affluent consumers. The script emphasizes the importance of understanding the target audience and tailoring brand messaging to resonate with their desires for exclusivity and quality. It also highlights the power of influencer partnerships and the strategic use of limited editions to create a sense of urgency and exclusivity in the market.
Takeaways
- 💍 The importance of understanding the problem you are solving is emphasized, as it shapes the way you market your product or service.
- 🏎 Aston Martin uses the association with James Bond to market their product, highlighting the brand's unique selling proposition through storytelling.
- 💰 Offering discounts to customers who are willing to pay a premium can be counterproductive, as it may leave money on the table and misalign with their value perception.
- 🛋️ The example of a furniture business in Kenya illustrates targeting affluent consumers who seek bespoke, timeless pieces for their homes.
- 👥 Understanding your target consumer demographic is crucial, including their age, gender, profession, and lifestyle to tailor your marketing approach.
- 📈 The advice to leverage influencers for marketing is highlighted, suggesting co-designing products with them and offering a revenue share on sales as an effective strategy.
- 🌐 The potential of the diaspora market is underscored, encouraging businesses to think beyond local retailers and reach out to a global customer base.
- 📊 The necessity for business growth to delegate tasks is discussed, noting that the inability to delegate can inhibit scaling and client intake.
- 🎓 The value of masterclasses for entrepreneurs is mentioned, providing insights that would otherwise require costly consultant fees and time.
- 🚁 The script suggests that high-end brands like Rolls-Royce and Lamborghini have specific marketing channels and events that cater to their exclusive clientele.
- 🎬 The role of exclusivity in branding is highlighted, using the example of how Lamborghini controls access to its events to create a sense of prestige and aspiration.
Q & A
What is the main problem that the speaker is addressing in the context of the furniture business?
-The main problem is that there is a consumer base in Kenya, specifically affluent consumers, who want bespoke, timeless, and good-quality furniture pieces and are willing to pay for them. The business is not solving a money problem but is instead providing a solution for this specific market need.
What is the advice given by Damaris, the managing director of Greenhaven properties and Mimshack homes, regarding marketing?
-Damaris advises to use influencers for marketing because they have a voice in the country and can help get products known. She suggests co-designing signature pieces with influencers and offering them a percentage of sales as a form of partnership.
How does the speaker suggest leveraging influencers for product promotion?
-The speaker suggests offering influencers a partnership where they co-design a limited edition piece with the company, and in return, they receive 30% of the sales from that product. This encourages influencers to showcase and promote the product to their audience.
What is the importance of the 'elevator pitch' in the context of the script?
-The elevator pitch is important as it is the first impression and summary of the business proposition. The speaker advises reworking the pitch to clearly articulate the problem being solved and the unique value proposition of the business.
How does the speaker describe the target demographic for the furniture business?
-The target demographic is described as affluent consumers, likely females, between the ages of 25 and 45, who are driven, possibly owning their own businesses or holding middle to executive-level positions in corporate, and for whom their home is a source of pride.
What is the speaker's view on the importance of understanding the customer's needs for a brand?
-The speaker emphasizes that understanding the customer's needs is crucial as the brand is an extension of what the customers want to communicate. The brand should enable customers to express their identity and aspirations effectively.
How does the speaker relate the marketing strategies of luxury car brands to the furniture business?
-The speaker uses luxury car brands like Aston Martin, Rolls-Royce, and Lamborghini as examples to illustrate that marketing should be targeted and exclusive, reaching the right audience through appropriate channels and creating a sense of exclusivity.
What is the significance of the James Bond association with Aston Martin according to the script?
-The association with James Bond signifies the brand's character as being sophisticated, understated, and suitable for those who prefer a more refined and elegant image, which is different from the ostentatious appeal of other luxury brands.
What advice does the speaker give regarding the selection of retail partners for the furniture business?
-The speaker advises against selling the furniture in budget supermarkets like Naivas, as it may not align with the brand's luxury and bespoke positioning. Instead, the focus should be on reaching the right market area where potential customers are likely to be.
How does the speaker address the issue of delegating tasks in a business?
-The speaker emphasizes the importance of delegation for business growth and scalability. They suggest that if an entrepreneur is unable to delegate, they will face bottlenecks in scaling their business and may end up working excessive hours without the necessary growth.
What is the speaker's perspective on the role of exclusivity in branding?
-The speaker believes that creating a sense of exclusivity is powerful, especially for aspirational brands. By limiting access and creating queues, brands can increase their appeal and perceived value, which is important for luxury items.
Outlines
💍 Marketing Luxury Brands and Tailored Solutions
The speaker emphasizes the importance of understanding the target market and tailoring marketing strategies accordingly. They discuss the Aston Martin brand's association with James Bond and the premium market positioning. The focus is on offering bespoke products that resonate with affluent consumers who value quality and uniqueness. The speaker also provides actionable advice on refining an elevator pitch, understanding the consumer base in Kenya, and the importance of creating a community around the brand. Additionally, there's a call to action for the audience to engage with the material and apply the lessons learned.
📢 Influencer Marketing and Business Growth Strategies
This paragraph delves into the power of influencer marketing, advocating for a partnership approach where influencers co-design products and receive a percentage of sales. It discusses the effectiveness of this method in gaining new customers and promoting products without upfront costs. The speaker also addresses the importance of expanding business reach beyond local markets, leveraging diaspora communities and online presence. There's a Q&A segment where the speaker provides insights on organization, delegation, and scaling a business, highlighting the necessity of stepping out of one's comfort zone for brand growth.
🚗 Positioning High-End Brands for the Right Market
The speaker provides insights into how luxury car brands like Rolls-Royce and Lamborghini market their products, focusing on exclusive events and targeted marketing strategies. They discuss the importance of placing products where the target audience is likely to be found, using the analogy of selling a Rolls-Royce at an air show. The speaker also touches on the competitive landscape, mentioning a competitor to the furniture business and the significance of understanding the market before entering it.
🏎️ The Story and Marketing of Luxury Automobiles
This section explores the history and marketing strategies of luxury car brands, specifically Lamborghini and Aston Martin. The story of Lamborghini's origin is recounted, highlighting the brand's focus on quality and exclusivity. The speaker discusses how Aston Martin uses the James Bond franchise to market its vehicles, associating the brand with sophistication and discretion. The importance of brand character and how it aligns with customer aspirations is emphasized, along with the strategy of creating a sense of exclusivity around products.
🏎️ Limited Editions and Exclusivity in Brand Marketing
The final paragraph discusses the concept of limited editions in luxury branding, using Lamborghini's model lineup as an example. It highlights the importance of creating a sense of exclusivity and desire for the brand. The speaker also touches on the importance of understanding where and how to market luxury items effectively, emphasizing the need to reach the right audience through targeted events and platforms. The paragraph concludes with a plug for the VT masterclass, noting its global reach and offering to book the speaker for an event.
Mindmap
Keywords
💡Aston Martin
💡Bespoke
💡Influencer
💡Affluent Consumers
💡Elevator Pitch
💡Discount
💡James Bond
💡Exclusivity
💡Distributor
💡Delegation
💡Masterclass
Highlights
The importance of understanding the problem you are solving in business, specifically targeting affluent consumers in Kenya who desire bespoke, timeless furniture.
The concept of not offering price discounts to customers who are willing to pay a premium for unique items, thus leaving money on the table.
The strategy of using influencers for marketing, as demonstrated by Greenhaven properties during the 2020 pandemic, which led to increased sales.
The advice on leveraging influencers by co-designing signature pieces and offering them a percentage of sales, creating a partnership rather than a traditional payment model.
The emphasis on the importance of reaching the right market for your product, using the analogy of selling a Rolls-Royce in the appropriate setting.
The unique marketing approach of Aston Martin through its association with the James Bond film franchise, creating a strong brand identity.
The differentiation between the brand personalities of Aston Martin and Lamborghini, highlighting how each targets a different consumer mindset.
The discussion on the exclusivity of Lamborghini events and the importance of creating a sense of exclusivity for a brand.
The strategy of limited edition products to build brand value and create demand, as illustrated by the example of Lamborghini's various models.
The power of masterclasses in facilitating valuable conversations among entrepreneurs, providing insights that would otherwise cost thousands and take months to acquire.
The advice on being cognizant of time and the importance of delegating tasks to scale a business effectively.
The commentary on the importance of branding and how it should reflect the aspirations and identity of the customers.
The discussion on the importance of the location where you conduct your business, especially for reaching a global market like the diaspora.
The question from the online audience about organizing work and the response emphasizing the necessity of preparation and possibly reading to manage multiple responsibilities.
The advice on leveraging taxation strategies for businesses operating globally, though the speaker declines to provide specific advice on this topic.
The importance of coming out of your shell to build a brand, emphasizing personal engagement and ownership of the brand identity.
The final note on the reach of the VT masterclass, highlighting its global impact on entrepreneurs and providing a call to action for booking future sessions.
Transcripts
comfortable quality I love you princess
marry me
that's the problem that you saw you're
not solving a money problem
that's the problem that you're solving
Aston Martin
how does Aston Martin Market their
product
[Music]
James Bond
the name's Bond
James Bond
[Music]
foreign
[Music]
and you're probably willing to pay a
premium for The Unique item
money is not the consideration which now
immediately means you are offering a
price discount for a customer that
doesn't want it
not only are you offering them what they
don't want you're leaving money on the
table
complex
it's a comfortable
comfortable quality I love you
marry me
I'm telling you let's do it after this
after this let's do it you wanted to say
something
wow oh there we go there we go
[Applause]
right thank you so when you're leaving
here you've got three pieces of homework
the first piece of homework is you need
to rework your elevator pitch okay okay
first start with the problem that you're
solving the problem that you're solving
is there is a consumer base in Kenya
of affluent
um consumers what we call middle
affluent consumers right
who want bespoke pieces of furniture
that are timeless
good quality
and they're willing to pay for them
that's the problem that you saw you're
not solving a money problem
that's the problem that you're solving
and around this proposition
you have a community of who these
consumers are
so let me tell you a bit about these
consumers
as it appears for me just reading the
sample in this room none of them are
male
so they're all female
as it appears to me based on the sample
in this room they're between the ages of
25 maybe 27 and 45.
um they're clearly very driven that's
why they're here
the other owned their own businesses or
their middle management to executive
level in corporate
yeah
their home is their pride and joy
so what they're looking for is a way for
their home to be unique
without being loud
and so for this
enters Glam interior
so when you go see
the company she's going to connect you
with
you're not going to say quality
you're not going to say lifetime
you're not going to say affordable
what you're going to say is timeless
comfortable bespoke
affluent
that's the conversation
thank you and you can see thank you
thank you for your help to Anne by the
way on cognizant of time I think let's
take two more I want to I want to make a
comment yes I want to ask a question why
do you want to go to naivas
that's question number one
yeah why not because a good number of us
do not know about this product
so why not sorry naivas you've heard
about it that is retail I'm just asking
and number two
um is there uh you is not coming to the
ultimate solution to your problem
okay
now what happens
sorry
the reason why I would want to go to
hi everyone
I'm I'm Damaris I'm the managing
director of Greenhaven properties and
the mimshack homes
I like to advise her on how in 2020
during the corona year
um in Feb I opened an office and then in
March
the government closed the country but
this is what I'll say it's in 2020 that
I made the most sales
reason being I didn't go to I went to
influencers
and that's the advice I want to give her
in this country influencers have a voice
and for you to get your products known
Supermarket is good but go to
influencers I'm sure right now everyone
knows about Greenhaven properties in
diani
and I can tell you we sold a lot of
properties to Diaspora people because we
gave them our trust they trusted us
so
use use the influencers akinoa Jesus I
say to those people their voice in this
country
thank you thank you thank you that's
really really good advice and by the way
the best way to pay an influence is no
um one of the ways
to pay influences is by offering them
free product
the other far more effective way to pay
an influencer is by offering them
partnership
so here's what you do
you have a range of 12 products
you go to Five influences and you say to
them each let's co-design a piece
signature piece for you one that you
think represents you
and you co-design that piece
and then you say we're going to make a
limited production run of 25 of these
pieces
bespoke rare right
and to the influencer all the sales that
you make they get 30 percent
and all they have to do is to showcase
the product
so you get marketing new customers
share of wallet share a voice
and you get a person who's going to be
promoting for you and really all you
have to pay them is 30 percent of new
sales not money from your actual
business you have to get creative but
the influence idea is a brilliant
brilliant idea it's a very effective way
of getting customers to buy okay so all
of us here will help you by sending an
to the retailers you want to talk to
you're going to get some influences and
the next time I see you you'd better be
doing a hundred thousand dollars a month
and remember this
the place that you do business in
should be the place that you do business
from
that's the comment she made about the
diaspora
the Market's massive it's not just the
people down the road so stop thinking
about the retailer that's got that
market think about how can I reach
people in other parts of the world to
buy my product as well
okay yeah how long have you been in
business
since 2014
all right
you're gonna have to come out of your
shell a little bit if you want to build
a brand you're gonna have to come out of
your shell and own that brand okay
let's do one last question one last
question
okay let's be cognizant of our online
audience remember this is a hybrid event
um so there are a couple of questions
that are coming from online audience
there's a lady called Anastasia njuguda
who has two questions for you
um
so here she goes
my the first question is
how do you uh vusi
organize yourself to handle all all
these work on your plate do you read too
much do you prepare for the
presentations and run the businesses
that's the first question and the second
one the answer is yes
Anastasia I hope you're listening answer
is yes second question what would vosi
tell someone who is unable to delegate
client handling to a team running a
consulting firm such that inhibits more
client intake towards scaling
what's this about not being able to
Delegate for an aspiring entrepreneur
who is self-employed
okay so let's let's pause there Patrick
so the question is what would I say to
somebody who doesn't want to delegate
responsibilities of handling clients and
that becomes a a bottleneck in the
business yeah I have no advice for this
if you don't want to delegate don't
delegate but you'll work 25 hours a day
your business won't grow you won't scale
this is uh this doesn't need an
intervention you know there's you know
if that's how you want to run your
business
it's how you run your business hello
family the VT masterclass has now
reached over 5 million unique
entrepreneurs all across the world if
you'd like to book me for one make sure
that you hit the link below cheers
rich and then the Third online question
is
why did you move to Dubai
you have businesses across the world how
do you leverage taxation
this is a big headache to most smes in
Africa yeah uh I can't I can't speak
about tax and I'm not going to talk
about why I moved I don't I don't need
those kind of problems they are
definitely watching this
um
I I love them text people you are great
keep going
then this is
someone is a comment for the lady who
does furniture
yeah um so so Margaret wanzia is saying
naivas is a budget supermarket and not
probably the right place for Timeless
pieces
she may need to reconsider where she
wants to sell the furniture
naivas is the wrong place for Timeless
pieces
and
for your information by the way you have
a competitor have you ever heard about
furniture pal sorry panessa Furniture
right on Mombasa Road
they do bespoke furniture
and they don't advertise they don't go
for expose
and for your information their Furniture
is founded every state house in Africa
wow oh yes
owned by an Indian family they've been
the business for three decades
so
yeah and it takes time
I just want to agree with you um Patrick
and and really just say if you want to
sell a Rolls-Royce
you've got to place it where you're
likely to get a bias if you take
your royce royce to a budget area
um you'll dust it forever and you're
you're not likely to sell it so really
the idea is if you believe that you have
that product then go bespoke
service to the right market area if you
if you don't then you're and I really
hope you understand the value you're
getting here
it would have taken you three months of
bringing a consultant on board
and at least twenty thousand dollars for
them to tell you exactly what you're
hearing here
so by the way this is the power of these
master classes
99 of the time
it's it's nothing more than facilitating
a conversation of the entrepreneurs in
the room helping the entrepreneurs in
the room
but and you made the comment uh
um
share about the the Rolls Royce right
do you guys know where Rolls Royce sells
their cars
obviously not they have dealerships
but where do they I mean have you ever
turned on a TV ad and seen a Rolls-Royce
ad
or flip the newspaper and see now a
Rolls-Royce ad
so where do they sell their cars how do
they do promotion
anyone know
yes sir
say again
yeah from wealthy people but where
question is where not whom where
yes ma'am
not even that you won't find them at the
polo they're not at the polo
if you watch the Grammys
they're not advertising a Rolls-Royce as
you're walking down the red carpet
because a Rolls-Royce owner
isn't at the polo
the guy who who really
let me say differently
the guy who's driving a 2002 Rolls-Royce
might be at the polo
but the person who's on rolls-royce's
list to mail when they're releasing a
new sweptail
for those of us in the room who don't
know about cars
when they're releasing a new Swift Tail
which is not just a Rolls Royce it's not
even a black badge it's a really really
limited edition the guy who's on that
mailing list he's not at the polo
he's not at the polo he's not at the
clubhouse
he's not on the full ball at the golf
day
so where is he
yes
exactly right air shows
so Boeing is showing their latest plane
Golf String is showing the latest
private jet
right next door Rolls-Royce
that's where you find them
now why do you not know that
how many of you here have been invited
to the launch of a new private jet
I rest my case
I read that does that make sense I rest
my case that tells you everything you
need to know everything you need to know
everything you need to know
everything you need to know so some of
the things you buy
you buy because of what they buy you
access to
um
yeah I won't say more on this but I've
said enough
so so that's what what's for you that's
where Rolls Royce will exhibit their
products
I'm a petrol head
Lamborghini
how does Lamborghini reach their
consumer
first let's think about the story of
Lamborghini do you guys know the story
of a Lamborghini
Lamborghini the owner the old man used
to make tractors in Italy
he was the number one customer to a
Supercar manufacturer whose name was
Enzo Ferrari
he was Ferrari's number one customer by
volume
and he had I can't remember which
Ferrari it was it kept breaking down and
he went to Enzo and he said why does
this car keep breaking down
and Enzo said to him because you don't
know how to drive supercars
he said oh really
I'll show you how to make a Supercar
that doesn't break down
and he started Lamborghini
so the question I ask
where does Lamborghini reach their
Market
second
Formula One no Ferrari does this
Ferrari's on Formula One McLaren is on
Formula One
not Lambo
any takers
movies was the last time you watched a
movie with a Lamborghini in it
no producer spending that kind of money
to crash a car forget it
it's not happening
anyone
Aston Martin
how does Aston Martin Market their
product
James Bond
the name's Bond
James Bond
now the character James Bond works for
the Aston Martin car
because of the way an Aston Martin
drives
you'd have to drive one to get it but
there's the character of an Aston Martin
is very different to the character of a
Lamborghini you can take a an Aventador
which is a V12 and take a DBS super
legera both v12s they don't drive the
same
the one would be like dating Kim
Kardashian
the other
would be
let's get this right like dating the
queen
they're different
very different
so how does Aston Martin reach their
users
James Bond
it's the guy who wears a suit
it's the undercover agent
the girls
this it's a lot like this single colors
always solid colors and dress
not loud not ostentatious this is why
you've never watched a hip-hop video
within Aston Martin
there is yeah that guy didn't have money
for the Ferrari he didn't know if he had
money for the Ferrari he wouldn't have
put the Aston Martin on it because it
has a different appeal the Aston Martin
owner I think the last time I checked
the uh the stats it said something like
the average Aston Martin owner is about
48 years old
like way above this
right so it when you show but the point
is it communicates something differently
this is important and for you because
your brand is an extension of the
customers need to say something
so you've got to figure out what do your
customers need to say and how do you use
your brand to give them the ability to
say this right
so where do you find a Rolls Royce when
they're launching
um different airplanes at air shows
that's where you'll find a Rolls-Royce
Lamborghini doesn't do events
that's why you couldn't answer that
question
they don't
Lamborghini has Lamborghini events
and for you to get invited to the event
you know you get invited to the event a
Lamborghini owner has to recommend you
foreign
so what do they know
that a Lamborghini owner probably knows
somebody who can afford a Lamborghini
so they're not they're not running ads
on Twitter they're not promoting stuff
they're not doing this
but when they launch
the new Countach which is the the
Montage the homage really of the old one
in the 1980s in my mind the greatest
Lamborghini ever made the Diablo second
to this the Countach
but every time they launch the only way
in is there's somebody in invites you in
they don't care how much money you could
be on the cover of Forbes if you don't
have an invitation from someone in the
circle you're not coming in
creating a sense of exclusivity for your
brand especially if you wanted to be
something aspirational it's very very
powerful denying people the ability to
get in have them waiting in a long queue
that's why I said when you do the
promotion with the influences do a
limited run on purpose
on purpose there are only five of this
available and they will never be
repeated again
and that's how you that's how you build
right
very important to this very very
important very very important to this
right
um very quickly you spoke about limited
editions right so so in the in the 19
you know in the early 2000s in the
Lamborghini had the uh the V12 was the
before they released the Aventador Car
Guys what was the V12 before the
Aventador
not the so we had the Diablo where the
Countach then the Diablo musciologo
right they launched the S which was like
the was the mushilago then the S was
like the limited edition then the SV
when they brought out the new one they
Aventador they had the Aventador then
the S then the SV then the svj
supervillocha jota
s
super SV super Volo
super fast svj super veloce jota super
fast and Light
hello family the VT masterclass has now
reached over 5 million unique
entrepreneurs all across the world if
you'd like to book me for one make sure
that you hit the link below cheers
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