Better Question: How much does your customer love something?
How often do we overlook potential markets for our business because we discount the love people have for their pets, leisure time, their children, social popularity, shoes, whatever.
Pfizer has identified an enormous market for Slentrol their doggie obesity pill. Slentrol cost $1-2 per day, it's given orally and is only for dogs. Treatments can last from 1 to 12 months. Imagine selling that to pet owners who love their dog and cant say "no" when they get a sad look from the dinner table. It may be the same reason we have fat kids, it is easier to show love with a quick fix.
Pfizer expects to generate billions in new sales because they will convince a dog lover to spend a buck or two a day. There is a lesson here.
Every business has customers who value what you offer more than most. They have a deeper appreciation and need for financial security, they want the very best table in your restaurant, they covet the newest style, they desire the hardest to find rare book. For a myriad of reasons they place a much higher value on your offering and are willing to spend much more in the form of multiple purchases or a larger ticket price.
Entertainers have begun to recognize this and are scalping their own tickets to fan that will pay a multiple of the ticket price to have premium seating. While some argue they are taking advantage of their best fans, they are really just capturing the additional profits generated by fans who are willing and capable to spend extra to get a better experience (by whatever measure they choose).
So, What are you doing to satisfy this client and feed their love?
The first step, identify those clients and engage them in a conversation to understand what they value most about what you provide. It is critical to get deeper than a surface response to understand the real motivation behind your best customers, so be willing to dig.
Clients and customers may not realize how much they are wiling to pay for something that will deepen their experience of something they truly love. That represents your opportunity.
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