Barbara Kahn, a marketing guru from Wharton, joins reporter Stacey Vanek-Smith to explore the intriguing world of marketing and luxury branding. They break down the essentials of crafting persuasive pitches and effective marketing strategies. The discussion includes the allure of the Birkin bag, revealing how exclusivity shapes consumer desire. With anecdotes from real marketers and insights on the psychological tactics behind luxury goods, this conversation uncovers the fine line between necessity and desire in marketing.
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volunteer_activism ADVICE
Customer Value
Give customers something valuable.
This is the core principle of marketing.
insights INSIGHT
Creating Value
Persuasive techniques can trick customers into buying.
Good marketing creates value so customers want the product.
question_answer ANECDOTE
State Fair Sales
Robert Smith and Kenny Malone visited the Ohio State Fair to observe sales techniques.
They watched pitchmen demonstrate products like peelers and showerheads, learning about hooks and closes.
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In this session of Planet Money Summer School, we are getting the word out about your brand. How do you convince consumers to buy your product, even if they are only just hearing about it? It's time for sales and marketing!
If you've watched a show like Mad Men or The Office, you know the importance of a strong pitch. It's precision-crafted to show how what you're selling can solve a problem your customer needs solved. Sometimes it even creates the need. Once you've got your sales pitch, it's time to get the word out: marketing. Where to spread that message? How to make it unforgettable? Instantly recognizable? What is going to be your Just do it? Your Think different? Your Where's the beef?
In our case studies today, we look at a product so cleverly marketed, the company doesn't need to market it at all anymore and customers wait years to get it: the Birkin bag. And we hear lessons from some of the world's most time tested salespeople who can and do sell anything, literally. It's all about the four P's: Product, place, promotion and price. Also, a few other tricks we test out.
This series is hosted by Robert Smith, and produced by Max Freedman. Our project manager is Julia Carney. This episode was edited by Sally Helm and engineered by Josephine Nyounai. The show is fact-checked by Sierra Juarez. Planet Money's executive producer is Alex Goldmark.
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