I read an alarming article yesterday!
Moet Hennessy are running out of stock.
In an interview with Bloomberg, LVMH Chief Executive Philippe Schaus said “We are running out of stock,” adding that the current period has been dubbed the “roaring 20s” internally.
What the what?
However, later in the interview, he went onto say that stocks are being replenished. Phew! So fear not.
But it got me to thinking about marketing.
Firstly, there are around 260 champagne houses in the world according to WorldFoodWine.com. Yet only one house has come out to say that champagne is running out. So really 259 houses have champagne – making it not such a big deal.
So I’m a bit tongue and cheek here – as Moet Hennessy owns a number of champagne brands that we’re familiar with. But think about it- one major provider say it’s running out and there are upteem column inches given over to it. That’s the power of PR, emotion, scarcity, luxury.
The marriage of emotion and marketing communication channels. That’s it.
Is there anything in your business that you can promote over your competitors? Something that implies scarcity? Have a think.
The second thing that I got thinking about is about luxury and abundance. No matter what the media will have you believe, there is money around. Not everyone has it, I know that, and this is not a political or economic argument.
This is simply to point out that when clients say to you, ‘they can’t afford your services or product‘….chances are, the majority can. It’s simply a case of priorities.
Often we say that we can’t raise our prices because our clients can’t afford it, but what we, as business owners have failed to do is, communicate the value of our service. How transformative our service or product can be to the person looking at our services.
How about this?
Get yourself a bottle of champagne, pour yourself a glass and start jotting down all the benefits of your service or product. Ask yourself what is the transformation that you bring to a business, a business owner, a client.
That’s what will sell you and will set you apart from your competition.
Okay – so you don’t need the champagne to do this exercise. But do the exercise.
Until next time,