Creating a sense of exclusivity for your product or service

21 Oct

Posted by mcooch as Managing, Marketing

I just came back from a great conference in Las Vegas. While I got a great deal out of the conference itself, I think I learned just as much by being in the capitalist mecca that is Vegas!

One thing that really fascinated me and that every small business owner should consider how to apply in their business is the sense of exclusivity that the night clubs in Vegas intentionally create. If you are a night club owner in Las Vegas - probably one of the most competitive markets in the world - how do you make your club feel special? Two things really work:

Always have a line to get in. It doesn’t matter how empty the club is inside, you will always have to wait in a line to get into a club in Vegas. Why? It’s simple - people have a strong desire for certainty - you want to make a decision to go to the night club that other people have already proven is a winner. And any night club that is a winner will surely have a line to get in, right?!
Create expensive VIP sections inside the club. This one is particularly impressive to me. Do you want to sit at a table when you’re in a club in Vegas? No problem, you’ll just need to purchase at least one bottle of booze while you sit there - at prices starting around $350 per bottle! The amazing thing is that people absolutely love to spend the money to get into these areas of the club. Why? Because it makes them feel special; like they are VIP’s for the night. Both parties end up winners: the clubs make a fortune and the guests feel special. Brilliant!

Now, you may not own a night club, but you can apply these same ideas to just about any business. Here are some ideas that may work:

Create a VIP/Member’s Club element to your business to reward your best customers.
Offer premium products or service - bundle in additional features and benefits and clients will often pay many multiples of the cost in premium prices.
Make it intentionally difficult to access your product or service - people want what they can’t have! This may not work in all businesses, but it works amazingly well in many.