GordonJ
February 10, 2018, 11:57 AM
I was meeting a couple weeks ago with a top marketer... I won't mention his name, but he's a multi-millionaire many times over...
It was in relation to a project I'm doing (I can't spill too many beans here, unfortunately, as my partner would kill me)...
But this marketer tends to target the "high end" market. That is, his products are on the expensive side, and he likes it that way...
One thing he told me, is he said, he has a principle... "I don't like selling to broke people."
Is that a good attitude to have? Many don't like it...
But, what it boils down to, is that, the better your profit margin is, the more likely your business will succeed and thrive. And higher priced products generally have better profit margins.
When you have razor-thin profit margins, the more likely it is your business will go under...
This marketer prices his products and services high - and tries to make sure the high price is justified (so people will buy them)...
Yeah, it's true that some businesses survive and thrive on thin margins... WalMart, maybe Amazon... But these are businesses where the owner(s) have poured in millions of dollars to make that work. It's difficult to make such businesses work, unless you can do things at scale - which requires money...
Anyway, it's not the only way to do business, but... I just thought I'd share this, for what it's worth...
Best wishes,
Dien
Could you maybe define the "high end" market? Is it the same as the affluent? Or even higher than that?
250k is the magic number tossed around and those people earning more than 250k a year are in the top 4% of Americans.
However, the wealthy, are less than .025 %, which your multi-millionaire would be in.
Also, what are some of the types of products these people buy?
And probably most importantly, what insights do you now have which may help us to begin to tap into this, apparently, very lucrative market? What can we, as 98%ers for the most part, do or offer to those UNbroke people? Any ideas?
Thanks Dien,
Gordon
It was in relation to a project I'm doing (I can't spill too many beans here, unfortunately, as my partner would kill me)...
But this marketer tends to target the "high end" market. That is, his products are on the expensive side, and he likes it that way...
One thing he told me, is he said, he has a principle... "I don't like selling to broke people."
Is that a good attitude to have? Many don't like it...
But, what it boils down to, is that, the better your profit margin is, the more likely your business will succeed and thrive. And higher priced products generally have better profit margins.
When you have razor-thin profit margins, the more likely it is your business will go under...
This marketer prices his products and services high - and tries to make sure the high price is justified (so people will buy them)...
Yeah, it's true that some businesses survive and thrive on thin margins... WalMart, maybe Amazon... But these are businesses where the owner(s) have poured in millions of dollars to make that work. It's difficult to make such businesses work, unless you can do things at scale - which requires money...
Anyway, it's not the only way to do business, but... I just thought I'd share this, for what it's worth...
Best wishes,
Dien
Could you maybe define the "high end" market? Is it the same as the affluent? Or even higher than that?
250k is the magic number tossed around and those people earning more than 250k a year are in the top 4% of Americans.
However, the wealthy, are less than .025 %, which your multi-millionaire would be in.
Also, what are some of the types of products these people buy?
And probably most importantly, what insights do you now have which may help us to begin to tap into this, apparently, very lucrative market? What can we, as 98%ers for the most part, do or offer to those UNbroke people? Any ideas?
Thanks Dien,
Gordon
