I went to the mall this past weekend to pick-up a few new shirts. At least… that was my intention. My fashion consultant (my wife, Krista) had other plans. Our path conveniently passed every handbag and shoe store in the place. And there are a lot of them.
Krista pointed to one purse and said, “What do you think?” It looked nice. The price tag was $65.
Soon after, we walked by another store and she pointed to another purse, “What do you think of that one?” It looked nice. The price tag for the Louis Vuitton was $3,125.
To me the $65 purse is the only one that should ever be considered, and it’s still too expensive. To Krista, they don’t even compare. Louis Vuitton is a heirloom purse, the other one is a go anywhere purse.
When it comes to purses, Krista is an educated brand consumer. I am a non-consumer.
Regardless if you are a luxury provider or the cost competitor, don’t listen to people who will never buy from you. Don’t listen to the non-consumers. Conversely, listen to and educate your brand consumers. Armed with a thorough understanding of your brand and what it stands for, the educated brand consumer will gladly depart with $65 and/or $3,125 because they can clearly see the difference.