Host Ken Courtright asks the question “Coffee or Bordeaux?”. If we were currently in a business or profession, and suddenly we are asked to answer which one to sell of the two, what would you go for? Listen to this episode as Ken discusses the difference between selling an inexpensive and popular product and selling a more expensive and niche product.
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Coffee or Bordeaux
Would you rather sell coffee or Bordeaux? Let me change the question. What if you had to add to your company a new product line? You’re doing whatever you’re doing now. You could be in furniture repair. You could be in selling used cars. You could be a life coach. You could be a self-improvement life coach, psychologist, doctor or dentist, whatever. What if I told you that you had to begin selling somewhere online or in a store, coffee or Bordeaux? If you had to choose one of the two, which one would you choose? It’s interesting because coffee, no matter what you’re already selling, would force you to look deep into a massive ocean of potential buyers.
The amount of demographic information you could pull from a coffee drinker is amazing. It’s an inexpensive product. A lot of people can afford it. There are coffee drinkers worldwide. There are thousands of manufacturers and distributors of coffee and you’ve got the whole play between wholesale and retail. There are many moves that could be made. It would open your eyes so much to two different pieces of learning. First of all, it would force you to look at the absolute market size. You’re learning and knowledge of the market that you might or might not already be participating in would be just ominous.Coffee, no matter what you're already selling, would force you to look really deep into a massive ocean of potential buyers. Click To Tweet
Number two, on top of your market learning, your marketing learning would expand rapidly. How to market coffee? There are many different ways you could market coffee. It’s limitless. It would open your eyes so wide no matter whatever you’re currently selling. What if you had to sell Left Bank Bordeaux, really deep, rich, tannic and dry, your tongue sticks to the roof of your mouth $480 bottles of Bordeaux? What would you have to know to sell it? What if you could get your hands on it and you were the exclusive distributor of one of the world’s greatest kept secrets that’s now able to be sold in America? What if you’ve got the license to sell this $500 bottle of Bordeaux? What would you have to know?
Here’s what you have to know. You better understand the type of client you would be marketing to. It could be a coffee drinker, but the odds are very strong that the person that is buying a $500 bottle of Bordeaux has very specific needs. They have very specific perceptions and expectations. It would force you to understand terms like Lean and Six Sigma in a way you’ve never understood before. Unlike coffee, there can be no mistakes. You don’t have a second chance to make a first impression. There are far fewer buyers or clients of a $500 specific bottle of Left Bank Bordeaux than there is coffee. You have to hit a home run every time. It would force such a deep understanding of a client’s needs and a client’s desires.
Here’s the cool thing. What if you had to do this exercise? Maybe you didn’t have to follow through with it, but what if you’re currently selling electronical apparatus to hospitals or microphones or umbrellas for taking pictures to photographers. All of a sudden somebody said to you, “You got six months to start moving 1,000 bags of coffee a week.” You’d be like, “What? Where would I start?” You would figure it out. You would do the demographic profiling. You do look alike campaigns on Facebook. You would do whatever you could find in Google or on this show. What if I said, “You’ve got six months. You got to move 100 cases of Bordeaux?” I don’t know if you’re going to Facebook for that. You’re definitely might Google how to market expensive wine.
My point is your approach would be completely different. What’s the point of this episode? Here’s the point. If your approach would be completely different for a mass audience inexpensive product than a tightly niched, high-end, expensive product, isn’t it possible that right now with whatever you are selling, you might be missing marketing angles? It is possible and probable. You might want to take the current product you sell. Everybody sells a product. Whether it’s a service or tangible physical product, everybody sells something. You’re selling yourself of anything. Ask yourself, “What if what you were selling was ten times cheaper and there were ten times bigger audience? What would you do differently? What if what you were selling was ten times more expensive and there were 1/10 of the buyers? What would you do differently?”
You need to map these out because you better come up with 10 to 20 things on each side. It’s ten times cheaper, ten times more expensive, ten times bigger audience, a tenth of the audience. The marketing techniques you would use in this exercise are so different. They would be very compellingly different. What you have to do is sit down with a team, hopefully with a couple of mentors and coaches and say, “Look at the data I just came up with. Look at the potential marketing angles we have never thought of before.” I would definitely do the coffee and Bordeaux approach too because it might cause you to think of marketing angles that you never dreamed of. You might bump into tools and apps and stuff that wasn’t even around a year ago, but because of this exercise, it forced you to give it a shot. This is Episode 452, Coffee or Bordeaux, what would you rather sell? I’d rather sell Bordeaux. Take care.
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