Starter Story - Embracing deluxe-ification

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And now, let's dive in: 

Embracing deluxe-ification

Did you know that premium products and services accounted for more than 40% of global revenue growth in the consumer packaged goods industry between 2013 and 2018?

Plus, the luxury goods market is projected to reach a value of $1.3 trillion by 2025.

This trend is the result of companies offering products or services at a higher price point with the intention of attracting consumers who are willing to pay more for higher quality, luxury, or exclusive features. 

By adopting this strategy, you can differentiate from competitors and be associated with terms like quality, exclusivity, and luxury. 

Also, it’ll increase your profit margins like crazy.

Ready to get started? Check out how these 6 businesses capitalized on this approach:

$1.5M/year gourmet marshmallows

A couple of ways how a food product can upscale is by creating something unique that sets it apart from competitors. 

It could be a special recipe, a unique cooking process, or a distinctive packaging design. And this company ticks all the previous boxes.

Their uniqueness is something they’ve capitalized on social media, resulting in millions of views on TikTok and Instagram.

$3.6M/year luxury Italian leather bags

During a holiday in Italy, this founder realized that those plastic carrier bags and poor-quality briefcases, that his corporate colleagues were carrying, provided an opportunity to offer a better option.

Observation is still a key part of their product development process, looking closely at the different personas that they want to target and observing the gaps in the products that they offer.

$720K/year male rompers brand

When you stumble upon something so unique and adapt it to a very specific niche, magic can happen.

In this case, it was a sale just minutes after taking the website live. In just a couple of minutes, someone found the website on Google and made a purchase.

$12M/year projector equipment e-commerce

This 8-figure business was launched out of a basement as a one-person operation. It’s crazy how little you need to start a successful online business.

By focusing on the mid-to-premium market and positioning as an authority in their niche, they’ve enjoyed strong profit margins.

$240K/year eyewear brand (started with $200)

Don’t have a big budget to design and order your first batch?

Turn that weakness into a strength.

These brothers release limited edition series of their products, and that has helped to be perceived as a premium and desirable brand.

$6M/year premium golf clubs

This founder grew up playing golf. To the point of being obsessed with the game.

How obsessed? Let’s say he started customizing his clubs to increase performance. And that was the seed of this business.

Later he began wholesaling to customize and sell larger amounts. And after a while, contacted an engineering research group from his university and worked together to create this wildly successful brand.

The best part? Now, he only works 2-4 hours per week in the business. 

Together with Teachable

Pave your path in the creator economy

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During the event, you’ll hear from industry experts on how to successfully turn your knowledge into a scalable business. Learn how to…

• Build a sustainable business from lead to sale
• Leverage Teachable’s flexible features with live demos
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Quick hitters

$1.6M/year conference run by a solo founder. If you’re interested in the events industry, you need to read this. He provides a wild level of detail on successfully launching a profitable event.

$3.6M/year MaaS (metaverse as a service). Like with many trends, big companies want to hop on, but they rarely know how to even get started. This founder made a smart move, and that’s why they’ve been able to hit 7 figures designing NFTs and metaverses for other companies.

Reflecting on the 10th anniversary of an iconic podcast biz ($200K/month). After so many years, it’s easy to keep adding more and more layers to a business. It’s great to read how they had to take a moment to evaluate what’s really making an impact and getting rid of other stuff