hey this is Desmond Ong here so recently
I ran a two day event called consulting
mastery life taught my consulting
mastery programs bonus
it was insane there was 30 people in the
class but one person asked a very
important question so basically I the
question was so good in a way that I was
able to give a really good answer and
because the answer is also quite this
one a lot of people are talking about it
even outside the cause and you know
people were just about buzzing me hey
that's when I hear about this strategy
and can you talk more about they can you
describe more how I would do this so I
thought you know what I'm gonna make a
video so in case any of my students are
watching this by the way if you're my
student comment below let me know if
you're watching this if you think it's
good give me a like a so I'll subscribe
to the channel so I call this I don't
really have a name for it so I come up
with names or strategies right on the
spot but since this case study is about
a private jewelry store or say that it's
a personal jeweler they were selling
mainly main of the product is the
selling ring and this ring is usually
for engagement purposes okay so if you
want to get married gonna buy a diamond
ring so they set all that for you and
they are store that you know designed
the ring for you and make the ring
beautiful for you and everything all
that kind of good stuff but what are the
most important thing about this is that
a lot of people are asking me that's not
you know great now how do we help a
private reading maker to compete using
social media to be able to get most
sales using social media and of course
it is a very tough answer if you just
say hey we're cheaper because they're
not cheaper they are pretty much the
same price but anyone else is a very
competitive industry so a lot of people
just don't have any idea about how they
can help a rain maker compete in today's
world now before I explain to you how
we're gonna compete you have to
understand three things before we get
started first thing first you have to
understand sector ok second you have to
understand value so this although things
are teach in selecting a master camera
which is my signature program another
thing is at price okay now once you
understand this step-by-step you
understand exactly how to not only price
yourself but essentially how to package
offer to become an irresistible offer
okay so this is called the Rings
so the ring strategy is really really
powerful and is really really just just
mind blowing in my opinion well execute
it correctly so let's look at how we're
gonna make things happen so if you see
sell a ring if your business is all
about selling a ring the tough thing is
that rings generally don't look that
different and and especially people are
buying engagement rings are men they're
generally don't see the difference that
much right don't need difference is that
whether you are an average ring or not
wearing or you are Cartier or you're at
if aney and co ring write a brand-new
ring versus a normal ring so for most
small business owners out there when
they're in the ring business chances are
they are just a normal ring maker
they're just an honoring maker with no
Tiffany Cole no Cartier
so they don't have that experience they
cannot provide that Brenda luxury
experience so how do we promote a ring
company or ring maker or private Jew or
okay so how we're going to compete on
that so it's really really simple first
thing first understand what sector
you're in because a lot of people think
that hey ring well you are in the
jewelry sector okay Yuri sector a lot of
people think that's that's what ring is
it's it's all jewelry it's all about
jewelry well not when it comes to
engagement ring because the difference
between an engagement ring and a normal
ring is one is unnecessary and neither
one is purely for a very special
experience once-in-a-lifetime action may
be for some of you twice three times but
it's not the jewelry experience okay
it's not a jewelry sector it's actually
in the wedding sector okay in the
wedding sector so what I suggested the
one of my student whose client is a
Rainmaker is that I I went up to him and
say you know what here's the strategy
that we're gonna use first thing first
let me ask you when a man is about to
propose to a woman using a wedding ring
right what else do you think he needs to
buy or do and he said oh you know well
he needs to have a wedding band which is
the wedding bands that you wear on a
daily basis to show that you're married
right it's a separate is not the same as
ring ring is different ring is for
proposal and this is for on a daily
basis right and he's gonna need maybe a
bouquet of roses
bouquet roses okay one two and he's also
gonna have maybe he needs a videography
because most people don't record their
proposal so videography okay videography
so he's gonna have include a
videographer for BAE okay and then he's
also gonna have an event management and
show that maybe they can book up the
entire bar anti restaurant or something
like that for that special occasion for
a proposal right so and the problem here
is that this ring is thought is right
now let's say being so $4,000 2k to make
my son more I believe is a little bit
more maybe two or three thousand right
let's say there's a thousand dollars and
the problem is that when you're selling
that ring at $1000 and your competitors
are selling it at $1,000 you really it
is a very difficult experience this is a
very tough market to sell to that so
what do you want to do is you actually
want to add price which means you would
it be increasing your price so how does
this work how do we make this work well
I'll think about it
so right now he's selling at $1,000 okay
by adding this value making men's life
easier you know for them to make a
position where the body's ring you know
it makes it so much easier what you
could do what the ring maker could do is
actually increase the price from 1,000
all the way to let's say two point five
thousand but it includes
all of this right now you might be
thinking hey you know but are we gonna
be able to cover the cost well let's
take a look a wedding band let's say on
average the guy was telling me she could
be about five hundred to a thousand
dollars extra depending on the quality
what material you're using but let's
just say that it's uh it's just a five
five hundred more okay as it is five
hundred dollars more and Abu QIR roses
is a hundred dollars small let's just
say videography as they get someone
simple maybe just not if I had a dollars
more with the event you can actually I
have some collaboration or anything like
that this is also not a fan at all is
small so 500 500 500 that's a thousand
five last one thousand six so the total
additional costs require is a thousand
six okay
a thousand six now remember this the
ring is selling a 1000 a thousand six so
in total you're gonna be that the cost
okay it's about two
buying 6,000 this is the cost so far
okay
however if you're selling that ring
unless a 2.5 3.5 ok yes you do lose $100
on this you don't lose $100 on this deal
but here's the thing you're gonna make
it up based on quantity yourselves why
because most people when they see that
you have a package like this done for
you completely they're gonna be more
excited to buy from you competitor
competitor you need to ask yourself this
would you rather you know Sally a 2.5 k
inclusive all of this by the way which
all of this you can negotiate to go even
cheaper it does accosting I'm just like
throwing numbers just I'm not in this
industry but what I'm telling you is
that by this making this decision you're
able to increase yourself in terms of
quantity and you ended up making more
money even though it costs you a little
bit more but remember this is ourselves
it's not even that cost right so the
point is to explain to you properly in
how you can implement us if you have a
product that is competing on a price
level which means you are going through
a pricing war right now you need to ask
yourself this number one why do people
buy the product in this case people buy
the product we can say I'm on a using
for engagement okay engagement and once
you understand that you need a song
since they're buying it for an
engagement and get you a force under
what sector what second engagement
falling into wedding for example
okay wedding and then because of this
now you're back to this package you
create value you add more value hands
the entire package looks even more
irresistible and now you can charge
higher in fact honestly speaking you
could even charge 3000 here and people
will still buy I think if you charge for
grand people still buy the point is you
need to learn how to package products
together I'll give you a very very good
example this is what I'm wearing here is
a Rolex okay
Rolex is very very good at this a lot of
people think that Rolex is in the watch
industry or the sector no are they in
the juries I don't know but they are in
sort of in the investment sector
especially with a sports watch so if you
know anything about all actually know
that Dell watches the whole value and
they they do it's kind of like buying a
gold bar basically right and
in fact but it's even more liquid
sometimes but what I'm telling you is
that they're really in half investment
half jewelry industry because a lot of
people they justified the purchase of a
Rolex because oh you know if anything
happened I could brew sell it at any
time that's the justification right so
the N Rolex is very good at it and
that's why what they're doing right now
is at the controlling the supply if you
go into a Rolex stores say hey I want to
buy a stainless steel sports watch
they're gonna laugh at you let's say you
know are you crazy
so my point is that you have to
understand first what sector you're in
because if you're in the wrong sector
you don't understand how to sell it
right for example and get you a raise in
the wedding sector
not in the jewelry sector well once you
identify that ask yourself what are
values that is low cost maybe high
margin they can add on okay they'll
allow you to create more value all of
them bring as a package don't sell the
ring sell the package sell the
convenience sell the hassle free and
then take your price to the next level
upgrade your price that way you can surf
you surf premium focus on the right
customers focus on the right clients and
take a business to the next level thank
you so much for watching that video if
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