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.
- When we buy Chanel No.5 for someone, they know they’re receiving an expensive, classy gift. We’re telling them that we’re the kind of person who gifts Chanel No.5.
- When we buy Chanel No.5 for ourselves, we get to connect with the aspirational lifestyle embodied by the Chanel No.5 brand. Beautiful people. Stylish locations. C’est Chic.
People buy the Chanel No.5 story. They have zero need for the product, but the story makes them want it.
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 or buy from you. Sure, you’ll have a list of services. Yes, you’ll offer a number of promises and benefits. And your competitors will be doing exactly the same.
Why should someone buy from you? Make no mistake, your ability to answer that question with a compelling story, could be the difference between making a living and making a fortune.
Further reading: Why your business needs a story.