How To Sell Anything For 23x More Than The Competition

Summary

In this video, Subie reveals how luxury brands like La Mer use a strategy called the Hero Mechanism to justify their high prices. He explains that the Hero Mechanism is a unique process, ingredient, or system that makes a product seem irreplaceable and transformative. Subie breaks down how businesses can create their own Hero Mechanism by identifying the root cause of their customer's problem, differentiating their product from alternatives, and presenting it as a groundbreaking solution. He also emphasizes the importance of positioning, storytelling, and authority to make the offer irresistible.

Takeaways

• 😀 Hero mechanisms are unique methods, materials, or processes that make a product stand out in the market by solving a problem in a way that competitors don't.
• 😀 Lam Mer's Miracle Broth is an example of a product using a hero mechanism to justify its high price, despite having similar base ingredients to more affordable options.
• 😀 Businesses should identify the root cause of their target market's problem and offer a solution that no existing product can fully solve.
• 😀 Most markets, especially skincare, are crowded with numerous competitors, so businesses need to differentiate by offering a compelling hero mechanism.
• 😀 Key steps to create a hero mechanism: 1) Understand the persistent problem your prospect faces. 2) Identify the existing solutions they've tried. 3) Provide a superior solution that solves the problem in a unique way.
• 😀 Hero mechanisms should be presented as breakthrough solutions that tap into the emotions and desires of the target audience, making them feel like they've discovered something extraordinary.
• 😀 Crafting a catchy, unique name for your hero mechanism (e.g., 'Miracle Broth') is crucial for brand recognition and customer recall.
• 😀 Associating your hero mechanism with an authority figure (like a scientist or dermatologist) boosts credibility and increases trust in your product's effectiveness.
• 😀 If you don’t have access to a well-known expert, you can use a relatable figure, such as an everyday person who stumbled upon a life-changing discovery.
• 😀 The hero mechanism should be marketed with words like 'exclusive', 'patented', or 'breakthrough' to create excitement and urgency around the product.
• 😀 Once you’ve developed your hero mechanism, you can use tools like Kong to generate and test these mechanisms for your business, making it easier to differentiate and grow your brand.

Q & A

What is a Hero Mechanism (Hero Mech) and how is it used in marketing?

A Hero Mechanism (Hero Mech) is a unique method, ingredient, or process that enables a product or service to solve a specific problem better than its competitors. It serves as the key differentiator that explains why a prospect will succeed with your offer. Brands use this tactic to position their products as groundbreaking, premium, and unique, often justifying higher prices.

Why is the skincare brand La Mer able to sell its moisturizer for such a high price?

La Mer justifies the high price of its moisturizer by marketing it with a Hero Mechanism called 'Miracle Broth.' This is portrayed as a proprietary, scientifically advanced formula that undergoes a lengthy fermentation process and is marketed as delivering superior results compared to cheaper alternatives. Despite the high price, it’s revealed that the ingredients are similar to those in more affordable products like Nivea.

What is the 'Miracle Broth' in La Mer products, and how is it marketed?

Miracle Broth is a proprietary formula used in La Mer products, which undergoes 3 to 4 months of fermentation and exposure to light and sound waves. This process supposedly unlocks its renewing properties. It is marketed as a breakthrough ingredient that offers miraculous skincare benefits, justifying the product's high price despite similar ingredients being found in cheaper alternatives.

What are the two key elements a business must have to create a successful Hero Mechanism?

To create a successful Hero Mechanism, a business needs two things: first, a starving market (a market with a strong demand for a solution), and second, a compelling, unique product or service that can meet that demand in a way that competitors cannot.

How can businesses craft their own Hero Mechanism?

To craft a Hero Mechanism, businesses need to understand the persistent problem their prospects face and identify why existing solutions are insufficient. They should then highlight what makes their product or service uniquely able to solve this problem, using compelling language like 'proprietary,' 'breakthrough,' or 'patented.' Additionally, giving the mechanism a catchy name and associating it with a credible authority or relatable figure can increase its appeal.

Why do consumers continue to buy high-priced skincare products despite cheaper alternatives?

Consumers often buy high-priced skincare products because they are marketed with compelling Hero Mechanisms, which make them feel like they are getting a unique, advanced solution. These products are positioned as superior in addressing skincare concerns like aging, which makes consumers believe they will achieve better results than with less expensive alternatives.

What is the significance of 'Red Light Therapy' in skincare, and how is it marketed?

Red Light Therapy is marketed as a skincare treatment that helps reduce fine lines and wrinkles by stimulating the skin with light. It is one example of a Hero Mechanism where the product promises a scientific solution to aging, using innovative technology to appeal to consumers looking for advanced skincare treatments.

How do businesses differentiate themselves using a Hero Mechanism in a saturated market?

In a saturated market, businesses differentiate themselves by creating a Hero Mechanism that addresses the root cause of a problem in a unique way. This could involve using a novel ingredient, a patented process, or a distinct method of delivering results. The goal is to make the product or service appear revolutionary and superior to the competition, even if it isn't drastically different in function.

What role do authority figures play in marketing a Hero Mechanism?

Authority figures, such as scientists, dermatologists, or experts, lend credibility to a Hero Mechanism by endorsing its effectiveness. Their involvement makes the claims about the product seem more believable and trustworthy. If an authority figure isn't available, businesses can use relatable figures or unexpected sources, like a common person with a unique story, to add credibility.

What is the role of storytelling in crafting a Hero Mechanism for a product?

Storytelling plays a crucial role in crafting a Hero Mechanism by creating an emotional connection with consumers. It helps explain why a product or service is uniquely suited to solve a problem and gives the product a sense of mystery, exclusivity, or breakthrough status. This storytelling, combined with a catchy name and a sense of urgency or authority, makes the product seem irresistible.