Nov
16

$5000 Handbag That Makes Money

By

Few days ago, I bought a Chanel handbag for my ex-girlfriend (Who is now my wife) : )

I brought her the bag as a wedding present and I wanted to surprise her with it.

The look on her face was priceless when I presented her with it.

It’s understandable since the handbag cost me $5,000.

Pampering my loved ones aside, Chanel is a very well-established brand that has many women around the world clamouring for its luxury products.

Its quality is definitely not to be disputed, but that’s not the reason why people want them in the first place.

Chanel is a prestigious brand. That is precisely what people go for.

Class and prestige are amongst the few things that money can’t buy.

When people own a Chanel product, they naturally feel better about themselves, because they identify with the prestige.

That identification is enough to make people willingly open their wallets and purses and let loose freely.

In a world where our global economy is going through a transitional phase, people are still buying these luxury products.

That is why these companies are not going bust yet. Which brings me to my next point.

Chanel is so successful because they identify themselves with prestige, which is what people want.

If a business wants to succeed, that’s all it needs to do – know what its customers want.

Your customer’s profile should be the most important thing to you.

If you don’t even know who your customer is, how are you going to sell to them successfully?

You can have the best product in the world, but if your demographics are completely wrong, then you’re going to end up with zero sales.

Here’s where you can find out more about the demographics of your customers.

http://www.google.com/adplanner/

http://www.quantcast.com

Both of these are free tools and if you spend some time to research this step properly, it is going to save you so much time and effort in the future.

It’s like laying the foundations of a building. The longevity of a business always go back to its basics.

Therefore, find out what attracts your customers before you start on the product. Know specifically what they want, and what you can give them.

Be generous with your giving. It’s part of your value-adding service.

Find out for yourself what other perks can you offer, other than your main product.

At the end of the day, customers are very simple. They just want to get the most value out of their money.

If you are able to give them that, they will readily pay.

That is why building a relationship with them is so important. They want to know that someone actually cares, and not just trying to make a profit out of it.

There are so many other businesses out there that are similar to yours.

Your customers have options.

They do not have to go to you.

But if you make yourself indispensible to them, they will always come back. That is the secret to a successful business.

If you have difficulties attracting customers,

then check out these 14 customers getting videos.

You will get to look over my shoulder and I will show you how I attract customers at will – literally!

Comments

  1. By the way , is your wife a Singaporean like you ?

  2. Any wedding honeymoon plan to share your delight with reader.

  3. Thanks for the information! Nice gift you bought for your wife! Best Wishes to the both of you always… Aidan Walsh

  4. Terrence Wan says:

    Absolutely agreed without a doubts, I once read one of Mr Robert Kiyosaki’s article, he mention that his company ‘Rich Dad’ may worth 8 millions, but his brand ‘Rich Dad’ may worth 80 millions.

  5. El análisis blog
    El análisis guia blog es como una preciosa tabla de conducta, conocimientos y ética, en sí es un gran resumen de mucha sabiduría de todos los principios humanos dominantes.

    Aaah la Esposa, cuando pasamos el tiempo muchas veces nos olvidamos incentivarla. Es bueno que valores y veas desde este momento cuan feliz se siente recibir un regalo inesperado!!! Es bueno eso Lai y no te olvides nunca. Dias pasado, hemos comprado una casa con un gran jardín, luego yo obsequie unas pequeñas herramientas de jardinería a Mary, mi Señora y una tijera de podar, yo mismo afilé. Y luego disfruté el premio en mi corazón al verla feliz podando las plantas. Recuerdo siempre que ella es la única mujer que puede soportar todos mis defectos que tengo hasta dormido.!!!

  6. Nice gift you bought for your wife! Best Wishes to the both of you always

  7. Jeff says:

    “Chanel is so successful because they identify themselves with prestige, which is what people want.”

    Sadly, I have to disagree. Most people here wouldn’t know class or prestige if it jumped right out in front of them. Instead, they only care about money and economic status.

    Class and prestige come from within. It’s how you conduct yourself, your ethics and principles. How you engage with others and your character.

    Unfortunately, so many people think that carrying a Chanel or LV bag down Orchard Road makes them classy. There is nothing classy if you’re still yawning with your mouth wide open, or pretending to fall asleep in the reserved seat on the MRT with your lovely new bag on your lap. And it’s plain silly if you’ve got an expensive bag but can’t afford to pay your bills on time.

    I wish real values were more prevalent but these days, it’s simply how expensive your accessory is that seems to define you as a person, which is materialistic and unfulfilling. There’s an old saying: “You can put lipstick on a pig, but it’s still a pig”. So even if you’re carrying a swanky bag around with you, if you can’t be bothered to cover your mouth when you yawn, you’re simply showing the world that money can’t buy class.

    Sorry Jaz – this is nothing against you and I mean no offence, it’s just a reflection on what I observe on a daily basis when I leave my front door.

  8. Jaz Lai says:

    No problem Jeff. But I am wondering if you will have the same perception once you love handbags. Or how does images of Ferrari or Lamborghini feel to you?

  9. Jeff says:

    Actually, my perception will never change. It’s due to the values I was brought up with. My outlook is that everything has an acceptable range of prices within a given value. But everything has a cut-off price at which it just becomes an insane purchase. For example, I wouldn’t pay $50 for a cup of kopi luwak coffee. I look at value, and if I feel I’m getting value for my money, I don’t regret the purchase.

    Ferraris and Lamborghinis make terrible road cars – you feel every single bump in the road. I’m more than happy with my Braun Buffel wallet. It’s good quality leather and actually looks like a real man’s wallet. I think Louis Vuitton wallets for men look like they’re designed for females…not my style.

    It appears I’m not the only one who thinks this way. Most millionaires in America drive Fords. They became millionaires by saving, not spending.

    It’s a losing battle when you try to use material objects to make yourself feel good. Even if you had the Ferrari or the Lamborgini, would you still envy the Bugatti Veyron that stops next to you at the traffic lights? That guy might envy his friend who owns a yacht, and the yacht owner might envy someone with his own personal jet. They would all envy people like Richard Branson who own their own islands. So who’s happy in the end?

    Personally, I value time and health more than money. To spend time with my family and loved ones is the most wonderful gift in the world. I am truly happy.

    People are funny. They spend money they don’t have, to buy things they don’t need, to impress people they don’t know.

  10. Jaz says:

    Well I definitely respect your point of view. Different people have their own view in life.

    If that’s what you want then go get it.

    Nobody is right and nobody is wrong.

    All the best to you!

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