Power Marketing Tips 06: Why is a Monet so valuable?

Power Marketing Tips 06: Why is a Monet so valuable?

If it's rare - it's more valuable

A painting by the French impressionist, Claude Monet, recently sold for $80 Million US. I'm not that big a fan of Monet so I'm sorry that I wasn't the seller.

There is a marketing lesson we can take from that sale. One of the reasons that paintings of the deceased masters are selling for such astronomical prices is that the masters are deceased. There is a limited supply of Monets, Van Goghs and Picassos because they're not making any more.

You can apply this principle to your product or service. By definition there is always a limited supply but it's only more valuable when your clients believe there is a limited supply. The international diamond cartel excelled at this technique.

First, your clients must believe there is some value in your offering. Second, "limited supply" is relative. It's the belief in limitation that is more important. That belief is what fuels stock market and real estate speculation.

Here's an example of "limited supply": Ducatti released a new model of super bike, the Desmosedici RR, earlier this year. The supply was limited to a total production of only 1,500 worldwide, not very many when compared to the typical motorcycle production. Here's the kicker... The price tag for this motorcycle was $72,000.

How can you limit the supply of your product in the mind of your clients?

Announce an end of line clearance
Hold a "by invitation only" event
Offer a special for the first 100 customers
Create an upscale special edition
Hold a once-a-year special event
Count down the days untill your special event
Remind clients how fast you sold out previously
Announce a pending price increase
Limit the number of sales to maintain the high level of customer attention

Run through the above list for ways you can limit the supply to boost your value. Your offer appears more valuable when people believe that they might miss out.

Create your Monet.

George Torok
Power Marketing

PS: tell me how this tip helps you.

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