You're listening to “The School of Client Attraction.” Marquel Russell is the founder of Client Attraction University, a marketing consultancy helping you attract clients on autopilot and scale your business while working 50% less.
Quick disclaimer: a side effect of listening to the show is more clients, more profits, more freedom, and it's more impact in your business. Now, here's your host, Marquel Russell.
Marquel: Hey, what's up, my friends? Marquel Russell here, the king of client attraction, and welcome to this brand new episode of the School of Client Attraction.
Now, you're probably thinking, okay, $106, but I'm just curious. Would you spend $106 on a burger? Right? And, now, get this. It doesn't even come with fries. The fries are actually extra. Gordon Ramsay, he actually has a restaurant and he's rolling it out. I was reading an article about the other day. He's rolling out a burger that's 106 bucks and you have to pay for fries. Right? [01:00.7]
Most people are like, What? Who was that crazy? How is that even possible? Let me explain how that's possible. You probably know how that's possible, but how does this relate to your business and how can you apply this mindset and the psychology in your business?
Number one, the reason he's able to do it is because he understands this thing called price elasticity, right? Essentially, price elasticity is you can actually charge at a direct correlation to whatever you want to charge for the most part, right? Because here's the thing. I call this thing, the 90-10 pricing strategy.
In whatever market, there's always 10% of the market that's willing to pay extra. Now, Gordon already knows that everybody ain't going to be paying for the $106 burgers, right? However, there's 10% of that market that's willing to pay for premium prices.
For example, when you go on a flight, typically the first class section is smaller because they know most people aren't going to pay for first class. However, there is a percentage of the market that's willing to pay for first class, just like when you go to the club. When you go to the club, most people are standing in line and get in free and all that, but there's a percentage of people that's going to pay whatever they need to pay to walk right in, just like with bottles in the club and just like with pretty much anything. [02:10.3]
Polo. I'm a big fan of Polo, Ralph Lauren, right? You have Polo, Ralph Lauren, and then you have Purple Label and you have Black Label. They already know a certain percentage is going to buy those specific things. So, you want to think about the price of elasticity and your pricing strategy.
Also, Gordon has built a brand where now he has an audience. That's why we always say audience-building, audience-building, audience-building, using content and things of that nature, because when you do that, you become valuable and you become great at what you do because Gordon is known as somebody who's great when it comes to food and cooking food and all that, right? So, now he's known for that, and so now people are like, Okay, interesting. Let me see what this is all about. That's number two.
And number three, understanding your value. Understanding your value because most people deal with their pamphlet experience and all that, but understanding your value and then pricing as it relates to that particular value. I'd never been to his restaurant, but he may have a burger that's cheaper, but he was like, This is the $106 burger, and people are going to fly from all over the world to get that burger. [03:06.6]
You’ve got to understand pricing and understand the 90-10, the 90-10 pricing strategy. You’ve got to understand building an audience and showing your value, and then when you show your value, it comes down to making the offer, which is the last key. You’ve got to make an offer, because when you make the offer, there are people that will buy it.
That's what I mean by the $106 burger and you’ve got to pay for your fries. Implement these mindsets and these strategies into your business, and you'll see how your income will continue to grow and you attract more of your ideal clients.
Thank you so much for checking out this episode. Have a phenomenal day because you absolutely deserve it. Talk to you soon.
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