STEP 05: Make Your Vision Tangible
Objective: Create Your Halo Product Why HALO © Branding attracts desirability to your brand and immediately increases your brand’s net worth. Your HALO © pro...
HALO © Branding attracts desirability to your brand and immediately increases your brand’s net worth.
Your HALO © product is the product that garners attention and price anchors your entire product line, making your other products seem inexpensive.
It is your opportunity to make your clients live in your fantasy world. Do not base it upon anything practical.
It is like haute couture, bespoke products. Make it luxurious and impractical to most.
It is a STATUS symbol for your company. It is the tangible expression of your manifesto.
Start high and then go low. Every business needs a very exclusive, extremely expensive, and irresistible product to attract elite buyers and brand enthusiasts.
Once you have established your HALO © product, show this product first in meetings and then go to your other products without mentioning price.
Let their imaginations run wild. The goal is to have them believe the product is worth ten times the actual sales price.
Now, it only works if your product seems unique enough and is truly desirable, even to those outside of your industry—which adds to the “luxury for others” effect.
We often splurge on products that we know others desire.
The “luxury for others” effect is one of the few reasons Rolls Royce and Lamborghini will not go out of business. It’s because they marketed to those outside of their industry in the beginning, created an allure amongst the masses, but only let the elite in.
Remember The Luxury Strategy Rules:
Rule #12 Luxury sets the price; price does not set luxury.
Rule #17 Cultivate closeness to the arts for the culture.
LaFerrari and La Voiture Noire
The super low production car models from automakers like Ferrari and Bugatti are designed to be collectibles and garner a HALO effect around the brand.
LaFerrari is Ferrari’s HALO product. Super low production volume, absurdly expensive, and extremely desirable. The exclusivity is what drives the price and elevates the company’s perceived value.
They desire to keep the brand out of the reach of the masses and only available to a select few prestigious and super wealthy buyers.
Bugatti is not to be excluded. Their newest HALO car is La Voiture Noire, which has been recorded as the world’s most expensive production car at $19m, is their way of bringing in a new class of buying.
There is no justification for the astronomical prices other than it is an impractical and purely artistic expression of what a car should be. It is the tangible expression of your manifesto.
Everyone Else - What is the most expensive product in your industry? Why do you think it is so expensive?
Find Inspiration - If could be a movie, what would you like it to be?
Replicate - Pull inspiration from a scene in the movie. Can you emulate a scene in your client experience or replicate a product from the movie?
List your ideas for a one-off, luxurious, exclusive product. Make it movie-worthy! This is your opportunity to get press.
Perception precedes Price - Would people guess this product to be worth more than it actually is?
Scarcity increases Demand - How can you make it difficult to obtain? What process can you put in place to limit the buy-in?
Price Justification and Anchoring