So who’s ready to crush 2019? Say “aye!” Aye! Very good. Okay I got something very
exciting in store today for you. So my name is Xenon. I’m 100% Singaporean. I’m just gonna do a quick
sharing about my story before I go on to a little bit of strategies
that are gonna be exciting today. So today we’re going to
talk about how to dominate your market while charging premium prices.
How many would love to charge premium prices for your business? Awesome.
So here’s a story about me. So in 2014, I quit on my job
as a teacher in school. So I was unemployed at a time, but I had this
little dream, and the little dream was to actually be an Instagram influencer.
So I saw a lot of friends, they were Instagram influencers, and they were pretty cool. So I wanted to be something like that.
So one day, I had a business friend who owns a tailoring business. So he came up
to me and he said, “Hey, can you help me to grow my Instagram account?
I would like to have a little bit of followers for myself.”
So I was like, okay cool. I went to do research on how to grow his account,
long story cut short, I managed to grow his account and I was like, hey cool,
this seems like a very cool business. So I went to register this company
called FameUp and that was in 2014 and I was like, I’m gonna get started
on this, but what came shortly after that, was that in the
first two years, we were actually struggling really, really badly.
We had very little sales. We were doing very badly and we
were struggling, so we told ourselves, “Hey, if we charge really lower prices
than our competitors, maybe we could get more customers.”
Well we did that. We didn’t actually get clients. We got a few, but it was really tough, and with
the low prices we were charging, we literally had a difficult time
surviving in our business. So we struggled a lot and for
the two years we were like, hey how about we do something,
like some crazy idea to do for our business so that maybe we have can have a change. And we implemented some strategies
that I’m going to share with you later. We were like, “We’re going to fail anyway, so why don’t we just do something cool.” And today we have served more than 3,000 clients worldwide. Like the US, Singapore, and Malaysia. Basically in
all verticals. We serve public figures, seminars, celebrities, fashion,
and retail ecommerce, and these are some of our clients. I’m gonna share
with you exactly what we do. I’m not gonna go so much into myself. I’m just going
to talk to you about some of the takeaways you can take away today.
Are you guys ready? Yeah!
Awesome. So one common question that people like to ask is that –
how many of you agree that in every industry you’re in, regardless, if it’s
affiliate marketing, ecommerce, any kind of product we are in, it’s
actually pretty saturated in today’s world? Not many people. So I guess you guys
must be really high level. Okay, so every market is a very saturated.
In our market, I was realising that we were facing so many competitors in
our country back in Singapore and we were constantly asking ourselves,
how can we be ahead of our competitors? To be in a 5-figure, 6-figure, 7-figure zone. And this was a question they asked us.
I realised that this was a very bad question that a lot of people like to
ask themselves, because the answer is you don’t do that. You don’t try to be ahead of your competitors because when you chase
competitors, you always be behind them. Now, think about it. Does it make sense that
if today you try to do what your competitors do, you try to
charge their kind of prices. I’m pretty cool with
a lot of people are saying that I want a successful model to be like
business A, business B. I want to cross refer, I think that’s pretty cool but what I really
feel we need is that we need something more than just that to
distinguish yourself and be ahead of your competitors. What I really feel is that in the overview of dominating a market, there’s
three major steps, and the first one is to really find out your customer’s
true pain point. Now what do I mean by customer’s true pain point? I think a lot of business do very well in
identifying pain points. You look at your competitors, what kind of
pain points are they talking about. You take it out and then you try to
apply it in a business, but what I feel there’s a lack in today’s business world
is that people are actually not realising what is the true pain point of
their customers. I’ll go into this shortly, alright. So second is to
know how to charge and command premium prices. How many of you would love
to charge premium prices to your clients? Like increasing our AOV and everything?
Great, and third point is where as you how you can become an
authority in your business, regardless if it’s ecommerce, affiliate marketing, or anything. So finding a customer’s true pain point is something that’s very close to my heart because this is what really helped our business make a
turnaround and the first thing that we have to identify is that we have to understand,
to ask yourself this question, in your market, in a niche, or in the
vertical you are in, what is important but forgotten in your market?
Let me give you an example. So back in the industry, what we do is that we
have to grow Instagram accounts right. So competitors ABCDE to how many
competitors, they were like, “Hey I can increase your followers. We can
bring more sales for you.” There are tons of agencies doing it and agencies are a very
competitive business. In 2016, I was just sitting down and
trying to think about what is something that can be
distinguished from my competitors. So I asked myself this question. What is
important but forgotten in this industry that people are not using?
So one thing I realised back then is that my competitors were very into –
back in 2016 with the Instagram trend, was up. They were very into influencer marketing,
influencer shout out, things like that. So I start to ask myself the question,
why do those brands look for those influencers? And I realised that
because they wanted a form of social credibility for their business. They wanted
to partner with an authority. So I was like, wow, and I just had this like revelation.
I just tried it out. So I went to tell my customers, instead “I can
increase your followers, increase your sales.” What I tell them is that, “Hey, I can make you a famous influencer.
I can make you the influencer of the business world. I can make you the top of the industry in
the Instagram world.” So that’s how we position ourselves, and just because of one simple
differentiation, we were able to be unique enough in a way that our clients
don’t compare us with other competitors. So second thing is unique technology.
Let us say today you have a certain recipe. You have a certain
technology of a product that is cool. Of course, this doesn’t apply to all
businesses, but if you have, this is something that is very good.
And third, what a lot of people don’t realise is that especially, let’s say in dropshipping, in industries like this,
what I realised a lot about my clients, those that were really, really doing well,
starting more than 3,000 clients. How they do their brand,
how they are do their business, Do those good businesses have a personal story to tell?
Now am I right to say that personal stories is one of the only way where you’re
actually unique to yourself, where your competitors can never replicate you? Okay,
so one thing you have to understand is that people, they buy with emotions
but they convince themselves with logic later on.
So story is one very powerful way to convince your clients to give us a try, because people like
to buy things from people that they feel similar to. And the fourth
way to hit a pain point is to achieve a tribe or a movement
kind of thing. Let me give an example. So back in our business
when clients come work with us, we don’t just leave it there.
We tell them, “Hey, we welcome you to our family. You are our 101st
exclusive clients and because of that, we are going to give you this value,
this value, this value.” And we let them be proud, let them
feel proud of being one of our clients, being part of our community as well.
So this is a more on true pain points. Let me give an example using mooncake. So how
many of you know what’s a mooncake? Great. So we Chinese, especially in Singapore,
we have a festival called the mid-autumn festival,
where we celebrate, we have fireworks, and we eat
mooncakes as a form of occasion. So one thing I realise about
the mooncake industry in Singapore, back then, was that I realised
that it was very, very, very saturated, competitive market. I remember going to
this exhibition back in Singapore and I was trying to buy mooncake. I went to
like 10, 20, 50, 100 stores and I realised that all of them, the mooncakes
they sell are all the same. They were charging about the same price.
So I was really having a hard time making a decision until I saw
one of the brand that really stood out, and I was very mind-blown.
Let me show you. So this brand was called Golden Moment.
Now everyone knows that a lot of competitors, they try to focus a lot on the taste, how healthy the mooncake is, things like
this, but this brand really stood out and it was very mind-blowing because they
no longer just focused on the taste of the mooncake, but instead, they were selling
emotions. They were selling about family time, and this was a very
fantastic, true pain point because I was thinking, why would people buy
mooncake. I mean, it’s like $10 for a cake that tastes like very sweet,
and it’s like quite disgusting, and why would people be willing to pay so much
for it? So this company did a very good job. People are buying mooncake
because they want to give it to their loved ones. They wanna eat with
their family, and this company just focused on the family time you have
once you buy a mooncake. So this is what I mean by
something that is important but forgotten. So in your business, you have to
really think of a way to identify that. Now, did they touch on unique
technology? If you just look at this. Premium gold dust. 100% pure mao shan wang. Mao shan wang is a kind of durian, by the way. Healthy bamboo
charcoal snow skin. So it was very mind-blowing. Even very simple things
like mooncake can have such a technology behind it. I think
technology is something that is not just about having a patented technology
or something that has to be very highly technologically advanced, but
it can be something very simple. It depends on how you phrase it, and
these are things that can make you just stand out. They also focus on your
personal story, emotions, of course. They have a story.
Lastly, what I really like is “We’re about inspiring golden family time.”
So when people buy a mooncake, they are telling people essentially,
“Hey, you’re part of our golden family.” That’s pretty cool because people
like to be part of something. So another example. In the
meditation niche. How many of you have this brand called Quantum Jumping? Okay.
Some of you. So what really mind-blows me
about this brand is that in the meditation space, it’s also very
saturated market, where everyone is talking about “Hey, how can I meditate better? How can I meditate 2x better, 3x better, 5x better, or 10x better?”
So everyone was just doing this. And you know, how can I actually build inner peace. How can I be more productive? Blah, blah, blah. But this brand really
stood out and was really successful because they were no longer just talking
about, “Hey, we can make you meditate better” and things like that, but
they were telling you, “Hey, I can make you tap into
an alternate universe” and that’s actually a very powerful pain point
because when people meditate, what they really wanted was to reach a higher
level of enlightenment and things like that. So this brand really,
really, really, really stood out very much. And this is another brand that maybe
some of you love, it’s called Italic. So it’s in the luxury niche,
where there’s a common pain point of of people buying luxury goods, but
they can’t really afford it because it’s kind of expensive sometimes. So what
this brand does, or what this company does is that they tell you that
you can buy those luxury brand bags directly from the factory itself, where they mass-produce it for maybe 1/10th of the price.
So it was a true pain point they were trying to solve. So I’m
just a bit of examples and cases of how all of this can be applied.
Alright, next. So this is something very close to my heart
because when we were charging the lowest prices in the whole market,
we were facing a very hard time trying to survive
because we are barely profiting and things like this, and the first part I want
to touch on is when you want to charge premium prices, we have
to really understand how to focus on just one product or service.
Now, one product, one service can be one niche, can be one category of product, but
try not to lie, especially for agencies, I realised a lot agencies,
the reason why they they weren’t able to replicate us
is because they were trying to do many things. “Hey I do Facebook. I do YouTube.
I do this. I do that.” And that is very messy because
the consideration factor for people to consider to be your client, it’s
longer because now people have more things to think about. So when you
keep your business simple, neat, and clean, people can understand your business very
easily and make a decision really quick. So second thing, this is a little bit
funny because back then when we were charging really low prices, I thought, “Hey,
people are going to buy from us because we are cheap”
and that’s what it was all about, but strangely, we actually faced more
customer service problems when we charged very cheap prices versus
prices that were ten times higher. So it was something that I
couldn’t really understand, but it kind of makes sense because
how many of you remember the street food you’ve eaten and
compared to a very expensive restaurant? So one thing I realised about
premium prices is that it’s no longer just about having higher profits,
having higher AOV, but it actually matters in conversion too,
because when you charge premium prices, maybe two times, three times higher
than 80% of your competitors, it becomes very powerful because people no longer
see you as the 80/90%. They don’t compare you on the same space.
You don’t compare street food and a restaurant because you see them as
two completely different categories. So my tip is that, depending on industry,
is to go for like at least 50% or two times higher prices than
your competitors because like most of the clients I deal with,
I see like those who are really, really successful and recognised because
when people spend a lot of money on your product, they will be
more proud and start to spread it to their friends and that kind of effect,
and there was that kind of effect we receive where we decided to
actually increase our prices drastically. It was just really strange.
it just somehow happened. People no longer compared us with competitor A,
competitor B, competitor C. They just saw us as a completely different brand and company. Alright. I think it’s pretty important to invest in branding
because I think a lot of us, we are so focused on – I mean, it’s cool. It’s
great to focus on marketing, but I think it’s great to actually invest in branding.
I mean branding, as in, not like graphics and things like that.
I’m referring to more things like your personal story, your copywriting.
What really makes you different, and don’t be afraid to
try out a very crazy way of branding yourself, because if you’re
gonna try to be like everyone else, you’re not gonna have a unique branding. And lastly, something that’s really very, very close
to my heart. It was learned from one of Tony Robbins mentor Marshall Sylver.
Not sure if some of you have heard before. Biggest takeaway I took from this guy is
that he focused on the importance of client intimacy in business. Now what do I
mean by client intimacy? I’m no longer talking about like having good
customer service, things like this are all fantastic, it’s great, but client intimacy
is about bringing your customers and you know your clients across a path. You have
to really show them a path of, let’s say, you are with me, what are you going to get,
where are you going to be in one year, in two years, in three years.
Of course, this is more applicable for agency but for ecommerce,
it’s about having a proper funnel of products to share with them. Some of the ways to build client intimacy
can be like being very personable with them, like being a friend to them, instead
seeing seeing there’s a customer, I realise that a lot of us, we try to
see our customers as money-making machines and things like that. But it’s cool to just treat them like a friend, and
once in a while, we actually give out gifts to our clients for free. We were give them free consultation where
if we learn something new about the industry we share it with them
immediately and because of that, they are able to see us as a certain form of
authority, and this is very powerful because this is what
truly makes people stay with you, and retain with you, and because of this, a
lot of our clients have been with us for the last one, two, three, four years,
and most of the agencies when you do a retainer. After three to six months, they just jump to another agency. So these are things that
are the intangibles, that let clients stay with you. Let me give an example.
So let’s say today, you sign up for Affiliate World Conference. Now, a lot
of us sign up because we see there’s this great speaker ABC.
There’s people like Tim Burd and others here. It’s pretty cool. It’s value for money,
but what really, like the mixer outside. Remember this
event has all of the fantastic setup that we all had. All the great support.
All the very great booths out here, there are other intangibles that
let us feel like this is really the thing for me.
On becoming an authority, this is something I also want to touch on.
So becoming an authority, although I’m not referring that you have to be an author,
you need to have a certain form of credibility. I’m
talking more about how whether it’s an ecommerce, or agency,
or company. It’s very important to actually get very powerful companies and
influencers to endorse your product. I don’t mean just the
influencer marketing kind of thing, but think about it this way, so back then
when we actually started, we actually have a lot of competitors and things like this.
So you’re thinking, who are some of the very influential
brands or people out there that can endorse us, so that it can be very
powerful social proof for us. Another point I want to touch on is we really need to
focus on dominating every demographic before moving to another. So what do I mean
by this? So let’s say there’s a lot of people that when they want to
sell product, they try to sell to many demographics. Let’s say your agency, you
try to have clients from all kinds of industries, but one way
that we had success with, was to be very focused on a
certain demographic. For example, so when we had a wedding client, we had to
focus on the wedding space, and we went to the most influential wedding company in that vertical
and we told them that we want to do marketing for you for free.
Of course, when you’re a new company, no one is going to consider you, but let’s say for a start we can tell them that
“We’re going to do a free marketing for you. All we ask is that if we do a good job, just give us a great testimony.” But what
most people don’t realise is that this is very powerful because when you have
such a testimony, now you can go to other smaller wedding companies,
and tell them that “Hey, this client with me and I could actually
bring them to this level. If I can bring them to that level, we can do
the same for you too.” and because of this we were able to dominate every
single industry. Industry by industry. There’s something what we call momentum,
when we focus on a particular industry. Instead of like having different
messages for all industries, many different pictures, many different
selling propositions. When you actually focus on this momentum, people in the
industry are going to hear about you really, really quickly.
As a summary, really focus on finding your customers’ true pain points. It’s
very important. So before I end here, I just want to encourage you to take up
the challenge of trying to sit down and identifying
what are some of the pain points of your customers that are not addressed
by 80% of your competitors or 90% of competitors, and how you can
bring out this customers pain point, put an emotional perspective to it, and
actually brand it as a selling proposition. Brand it as your marketing
angle. This is very, very important. Focus on what kind of unique technology
you can have depending on your product. Focus on your story.
Focus on how you can build a tribe of people, how can you
turn your customers into a tribe. And charging premium prices I feel is a very
important, because I have not really seen any client that, among the few thousands,
had success by charging really low prices among their market.
Because when you charge cheap prices, the thing is your customers and clients
don’t respect you as who you are. I know they will try a thing that’s like, “Hey, you’re
so cheap, you must be not good. You must have a certain lack in this.”
So they start to give you problems. They start to call you every night,
things like this. But the strange thing is once you charge
a really premium price, people start to respect you.
People start to take you seriously. People start to like share this with their
friends because now they can tell their friends, “Hey I’m
using the best agency, the most expensive.” They’ll have a tendency to
associate price, the higher the price with better quality. This is a
human nature. And focus on becoming an authority by having a very focused
segment of your market and your vertical. So with that, I really wish you all
the best and look forward to crushing 2019.