Masterclass: How To Sell Your Product

Summary

In 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

00:00

💍 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.

05:01

📢 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.

10:03

🚗 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.

15:03

🏎️ 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.

20:05

🏎️ 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.

Keywords

💡Aston Martin

Aston Martin is a luxury British automobile brand known for its high-performance grand tourers. In the script, it is used as an example of a brand that markets its product through association with the James Bond film franchise, creating a unique and aspirational brand image. The mention of Aston Martin helps to illustrate the concept of marketing luxury items through targeted and exclusive channels.

💡Bespoke

Bespoke refers to custom-made products or services tailored to the specific needs and preferences of the customer. In the video, the term is used to describe the type of furniture that the business is offering, which is unique and timeless, appealing to a niche market of affluent consumers who value individuality and quality over mass-produced items.

💡Influencer

An influencer is an individual who has the power to affect the purchasing decisions of others because of their authority, knowledge, position, or relationship with their audience. The script discusses the strategy of leveraging influencers to promote products, suggesting that they can be an effective marketing tool by offering co-design opportunities and sales commissions, as opposed to traditional payment methods.

💡Affluent Consumers

Affluent consumers are individuals with significant financial resources who are willing to pay a premium for high-quality, unique products. The script identifies this demographic as the target market for the bespoke furniture business, emphasizing the importance of understanding and catering to their preferences for luxury and exclusivity.

💡Elevator Pitch

An elevator pitch is a short, persuasive speech that effectively summarizes why an idea, product, or service is worth attention. The script mentions the need to rework an elevator pitch to clearly articulate the problem the business is solving, which in this case is providing bespoke, high-quality furniture to affluent consumers.

💡Discount

A discount is a reduction in the usual price of a product or service. The script warns against offering price discounts to customers who are not seeking them, as it can devalue the premium nature of the product and leave potential profit on the table. This highlights the importance of understanding customer motivations and not undervaluing unique offerings.

💡James Bond

James Bond is a fictional British Secret Service agent character created by Ian Fleming. In the context of the script, James Bond is associated with Aston Martin, symbolizing the brand's marketing strategy of aligning with the suave and sophisticated image of the character to appeal to a specific audience segment.

💡Exclusivity

Exclusivity refers to the state of being exclusive or restricted to a particular group or individual. The script discusses the power of creating a sense of exclusivity for a brand, as seen with Lamborghini's private events and Rolls-Royce's presence at air shows, to make the brand more desirable and aspirational.

💡Distributor

A distributor is a person or company that supplies goods or services to retailers or directly to consumers. The script touches on the idea of considering where to distribute products, suggesting that the right distribution channel can significantly impact the success of a product, especially for luxury items.

💡Delegation

Delegation is the act of entrusting tasks or authority to another person or group. The script addresses the importance of delegation in business, particularly for client handling, and suggests that an inability to delegate can limit business growth and scalability.

💡Masterclass

A masterclass is an event or course led by an expert in a particular field, designed to teach advanced skills or knowledge. The script refers to the VT masterclass, which has reached a wide audience of entrepreneurs, indicating the value of such platforms for learning and networking.

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

email

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