Depending on where you buy it, there’s a popular liquid that costs around $26,000 a gallon. Unlike water, this liquid isn’t life-preserving. That’s to say you can’t drink it. It isn’t life-giving either, so you can’t water crops with it.
In fact it does just one thing… and LITERALLY NO ONE needs it!
Despite this, it sells very successfully for tens of thousands of dollars a gallon. Have you guessed what it is yet? The liquid I’m referring to here is Chanel No.5 perfume. So, why does a pleasant smelling liquid sell for such a huge price?
People buy stories
Chanel has successfully built a story around their perfume. It’s a story about style, opulence, beauty and sensuality. It’s nothing whatsoever to do with fragrant smelling liquid. It’s all about the feelings associated with the Chanel No. 5 story.
How the story works for Chanel’s marketing.
- When we buy Chanel No. 5 for someone, they know they’re receiving an expensive, classy gift. They then connect us with the feelings they associate with the Chanel No. 5 brand. Beautiful people. Stylish locations. Wealth.
- When we buy Chanel No. 5 for ourselves, the story we’re telling ourselves is that we’re now connected to the aspirational lifestyle embodied by the Chanel No. 5 brand. Beautiful people. Stylish locations. Wealth.
People buy the Chanel No.5 story. They have no need for the actual liquid. But the story behind the brand makes them want it.
The story behind your brand
If you’re like the vast majority of small business owners, you won’t have a compelling story to motivate people to want to hire you [specifically] or buy from you [specifically].
So, ask yourself: Why should someone buy from you? Then get to work on building your story.
Because make no mistake, your ability to answer that question with a compelling story, could be the difference between you making a living… and making an absolute fortune.