Does your brand deliver status?
The Six Percent Entrepreneur
Does your brand deliver status?
September 7, 2021
In this episode, we talk about how to increase your startup's status and why this is important for your community.
As a starter founder, one of the things that you absolutely have to consider is how much status is your brand delivering to your customer? Now in terms of status, I remember when I was looking for a boxing coach. So I was trying out different fitness things. I first tried out triathlons and I realized really quickly that riding bikes and also swimming in open water just wasn't my thing. And when I discovered boxing, like wow, what a match because I am a thinker and I like thinking games and boxing is a sport for thinkers. It's a very strategic sport and what better way to sharpen your brain as someone is trying to punch your brain, punch your face. It's just a really fun game. In terms of this game, when I was looking for a different boxing gym and coaches, there's a couple of different ones. 

One of them for example. So this is Houston, Texas. One of them is, I can't really remember the name but like a famous Latin American boxer that's from Houston, he had his own gym, you don't get trained by him directly, but this is his gym, his name and his like his namesake is on the gym and he has trainers under them, the train and I suppose he might, you know, occasionally show up to help out, etcetera, but it's just really his name selling the gym, which kind of goes to the point like how important is your customer list? How important is your brand authority? The more your customer list, the bigger your customer list more brand authority, the more brand authority, the bigger your customer list is, like a feedback loop.

Anyway when I was looking for different trainers, the one that I landed on, my boxing coach, his name is Pat Swan. Pat Swan, is a world-ranked boxer, and as a world-ranked boxer like I'm learning directly from him. And one of the reasons why I also picked him is that his training was just a lot more compatible with the way that I wanted to be trained. I am lazy and I don't want to do any cause that makes or anything like that. All I want to do is the strategy parts. So this is what we get to do and like hell mixing different things that were actually working out. But it's mostly sparring and you know, I'm just practicing different techniques and different moves which I really enjoy. Pat Swan, the fact that he was a world-ranked boxer gave me bragging rights because now I can go tell all my friends, go tell my friends and family and everyone that yeah, I have this boxing coach, he's actually a world ranked boxer. You know? check it out. Let's go look at his facebook. 

So Pat Swan has pictures of him and Muhammad Ali and I'm obviously gonna show this to my friends because he was like look this guy's legit. He has pictures with Muhammad Ali, he's fought heavyweight. Not sure heavyweight, but he's fought world ring champions? So I can't really remember exactly which boxers that he's fought, like officially fought. It's either Holyfield or George Foreman, I can't really remember. 

But anyway, I would go around just telling people like this guy is a world-ranked boxer, he's legit and we go one on one and then, the first time that I was actually able to hit Pat Swan... or I don't know if it's the right word I wanted to say lick, but that's probably not a good word either, I don't know. But the first time that I was able to actually get a move on him and actually make contact. So that's the word I'm looking for. The first time I was able to make contact. This was like a huge win for me because now it gave me way more bragging rights because now I can go tell everyone "Dude, I am able to get contact on a world-ranked boxer". And this was actually like something that I had to leap up to because it took me, I think it took me around two to three months before I was able to get contact. 

And then you just get better and better. And you know? The whole point is the fact that he was a world-ranked boxer gave me status, right? Because now I hired a world-ranked boxer and it gives me status like it legitimizes whatever I'm doing? 

So when you're thinking about your product or service, how does this bring status to your customer? How does it take away status from your customer? If it takes away status, then this might be one of the reasons why they're not actually buying. And if it gives them status, what you'll be, what you'll learn is that it doesn't even matter if I went to the training sessions with Pat Swan, just the fact that I had passed one, you know, in my corner, in terms of being my boxing coach is something that I can just brag about and people would happily pay a monthly membership for those bragging rights. That's just how the world is. 

If you're providing status, you're providing value. And this is a great way for you to actually increase the price and retain your customers and if you're taking away status, then you're not really doing what you would hope to do. So how do you increase status? Well, one of the best ways to increase status is to increase your brand authority and you increase your brand authority with a customer list. You can also partner with other people who have status and they can help legitimize you. You can do things that seemed very, I'm going to use this word. I don't know if it's a word or not, but status-full, it seems very status-full.

For example, admittedly the book that I'm writing right now, Minimum Viable Mockup, that book itself provides me status and people who come into my accelerator program that gives them status because now they can say "Yeah, the person that's helping me launch my startup, it's Robin Copernicus he has this podcast, he has this book..." and all these different things that allow status, right? So if you can figure out how to position your product service or offer, that actually provides status to your customer, then you will be able to retain your customers. You will be able to charge a higher price and you will just overall have a better business. I hope this helps. This is Robin Copernicus. Boom bam. I'm out. 

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