You’d probably think catering to the luxury market is all glitz and glamor. But the more you’re getting paid, the more is expected of you to bring great value to the table. In today’s episode, Marley Majcher, the events planner to the biggest stars and celebrities, shares with us some tips in dealing with the luxury market and some nuggets about charging what you’re worth.
Going to Georgetown for education she couldn’t manage her own company, she decided to write a book to solve her own problems around chasing revenue instead of profit. Writing her book, But Are You Making Any Money? has put her into a space of business consulting and helping entrepreneurs charge what they’re worth.
Wearing two hats, she runs her business by day and helps other businesses solve their problems by night.
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Here are the highlights of my conversation with Marley:
Marley’s coolest experience being the customer was with Ruby Receptionists. Check their website here and see why people and Marley love them so much.
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Charging what you’re worth:
Selling to luxury market:
- Providing great value for your business.
- Luxury in the old days vs. luxury today.
Luxury today is giving your customer:
- What they want.
- When they want it.
- How they want it.
Shifting how we think about the luxury market
Not judging a book by its cover
Taking yourself out of the equation
Tips in selling to a luxury market:
- Be very tolerant.
- Be perennially cheerful.
- Be adaptable.
- Be fast.
Knowing your numbers:
- Cost of goods sold
- Consider the time you spent to service that particular client
How to know if luxury market is for you:
- Meditate. Pay attention to yourself.
- How do you feel when you work with this audience?
- Consider your chemistry with your audience.
The hardest lessons for small business owners to learn are:
Lesson 1: Saying no to other clients:
- You have more time to service those really good clients
- You cannot be all things to all people
Lesson 2: Charging your worth:
- How much is the service worth.
- Selling the convenience, ease, and peace of mind
Lesson 3: Hyper-focused customer service mentality:
- A lot of times we are not our target audience
- Put your brain in the mind of the client
- Everybody has something they value.
Lesson 4: Firing a customer:
- Be non-emotional.
- Slow down your speech.
- Be prepared. Stick to your guns.
- “This is not a match.”
- Provide them with solutions.
Marley’s Major Takeaways:
Know your numbers.
The way to charge what you’re worth, whether with a luxury client or selling, when your numbers, not only how much it costs to provide your product or service, and even if the service is just you, and you think you don’t have cost. YOU DO!
Know how much time really it takes to service that particular client.
What client is more of a match?
Take Marley’s Productivity Quiz at www.theprofitgoddess.com/tse
Check out Marley’s book: