Your Most Expensive Product 🥇
What is the most positive transformation you will allow your customers to experience?
Put another way, if you have a customer go “all in” with your brand, love your products, and want to experience total transformation, what is the best option available to them?
Is the answer to fill their bags with more of your products or schedule more consults?
That gets overwhelming and becomes more of a to-do list than a transformation experience. There's a better way.
Dramatically grow your revenue by offering a Flagship Product which represents the total transformation your business offers for a single premium price. Some customers will buy it, but many more will aspire to it and buy more alternative products at a lower price, until they're ready.
Develop a Flagship Product
Your flagship product is the epitome of everything you have to offer—the total transformation package—for a single premium price.
For Apple, this is their iPhone, which by itself drives more than 44% of annual revenue and also fuels another 18% of Apple’s annual revenue in the form of apps sold on Apple’s App Store and Apple Music subscriptions.
For my business this is our Thrive.CEO Experience—a hands-on strategic planning exercise that is both an effective and enjoyable way to create an annual achievement plan for your business to THRIVE by working directly with me and my executive team.
A flagship product isn’t just your more expensive product, it’s a total immersion experience (one that, ideally, also promotes related sales of products that all naturally connect).
In retail, flagship products are an under-utilized strategy that are almost never offered, but could reshape the industry with a creative approach.
If you owned a women’s clothing boutique, for example, you could offer a “Working Woman’s Wardrobe” as a flagship offer.
In this experience, a customer would get a 90-minute appointment with a stylist to get a personalized fitting and styling session where they walk away with a full wardrobe of comfortable and classy outfits, which give the customer a boost of confidence in the workplace.
Rather than sell dozens of articles of clothing, you would be selling a flagship product of a single, transformative experience that happened to include dozens of articles of clothing and a built-in service fee—in this example, perhaps $2500.
Can you see how a flagship product could double the sales in your business, even with just a few individuals purchasing a flagship product each month?
For those customers who never pay for a flagship product, they are still paying attention.
Your flagship product gives customers something to aspire to, and they may buy extra individual products without balking at the price tag simply because they are purchasing mid-tier products, rather than your flagship product at a premium price.