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In order to craft an effective value proposition for the quantity of services it provides wealthy clients, quintessentially must consider which elements of value.
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And we have a variety of them here.
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So let's look at the clientele.
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We're looking at wealthy clients.
00:18
So these are clients who have a lot of money, and because of that, the monetary side of things is less important to do.
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So price no longer matters.
00:34
Instead, they care about other things.
00:38
So at the lowest level, we have to think about the functional aspects.
00:43
The product or service that they get, it has to work.
00:46
They're paying a lot for it.
00:47
They expect it to work perfectly.
00:50
It is kind of a given.
00:51
If you have a service, you always want it to be functional.
00:55
There's another level that is specific to wealthy clients.
00:59
And that is the uniqueness of the experience.
01:08
And the personalisation.
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They want it to be tailored to them.
01:13
So these are things you more see in products aimed at the very wealthy, in that they can already buy whatever they want if it costs money.
01:20
But if it's something that's a little bit harder to access, maybe there's a waiting list for it, or maybe you already need a certain level of social status in order to get it, then, well, that's more interesting.
01:33
So they prefer to have things that are unique, things that are tailored to them, things that provide status, as well as just the pure experience.
01:47
Because with a pure experience you can get at any concierge service, as long as it's reasonably well reviewed.
01:53
So you need to give something a little bit above that if you want to attract wealthy clients in particular...