What kind of a crazy person would pay $350.00 for some pedals for their mountain bike? Who does something like that? Well… I guess I'm that crazy person. Here's why I did it, and what it means to your business…
Please scroll down and tell me what you think in the comments section.
What $350 bike pedals have to do with your business success… (Click to tweet.)
In any market there are people who will pay a lot more for something. (Click to tweet.)
What frogs can teach you about market niches… (Click to tweet.)
Heh Jeff, you can never spend too much on your bike. Ben Broenen would surely agree. A great reference to drilling down on your niche and timely advice as always. Thanks
Great video Jeff, what you’re referring to is the ‘Irrational Passion’. People will definitely pay higher prices for their passion as it’s very very close to their hearts. Thanks for the inspiration!
Will Falconer DVM
Love this, Simon. And, a comment further down about buying the want vs the need.
So, 3 take aways for me: stay in my smallish niche (while making it clear in my offer who this course is NOT for), make the message around wants vs what I know they need (that’s going to be most challenging, being a doctor!), and knowing that pricing can be higher than I likely believe, if I’m providing a great opportunity for people to get what the want and truly need.
Thanks all. Great discussion.
A very useful demonstration of niche specialization – there are a lot of examples as you say, it is extremely useful to explore your niche deeply rather than going wide! I know what you mean with guitar, tube amps and boutique effects pedals are huge, and expensive!
Thanks Jeff, great reminder to niche down and focus on your target market segment.
On a totally unrelated (to marketing) topic, have you tried a dropper seat post? They are fantastic, transform your riding and make the descents and rock drops so much more fun. Enjoy the new pedals, ride on!
@David: I’m sure I’ll have a dropper post on my next bike, but I’m an old school on this one. Right now I don’t want the 1+ pound weight penalty of a dropper post.
Thomson Elite might be the answer that you’re looking for Jeff.
Thanks for sharing your wisdom with the world Jeff.
Re “it’s easy to find an excuse for something that would not work for you”, check this:
Whether you believe you can do a thing or not, you are right.
— Henry Ford
Hi Jeff. This was a great “2-for-1 special”. I liked how you segwayed from drilling down in a product niche to reframing problems when things go awry or don’t go as planned. Very useful ideas for any online marketer. Thanks as always for sharing your great content!
Just the fact that you still grimace when you mention the price of these pedals shows why you’re still down to earth and with your niche.
Congrats on staying grounded so well!
Solid metaphorical storytelling. And helpful.
Thank you Jeff for the post.
This message hit me right where I am. I appreciate it
Randy E. Brinson
In addition to the 80:20 principle you mentioned, Jeff, there’s another principle that I always try to keep in mind. People almost always are able to afford what they want, but often are reluctant to buy things they need but for which they feel no emotional involvement. In a perfect world, needs and wants would coincide exactly. But in the real world, success belongs to those who sell the customers what they want vs. what they need.
Thanks Jeff! I’m from the south, where duck tape is the cure for anything that breaks!
Inspiring and great story telling. I could see the “rock drop”.
And I hope your kids know how lucky they are to have you as a dad!!!!
I’m a sucker for titanium…
I fell in love with MOOTS titanium bikes years ago.
@Mike: yeah… I just wish the spindles on those pedals weren’t burnt like that – it’s a bit flashier than I like on my bike.
Thanks Jeff, great message on both counts, a nice 2 for 1, as noted previously.
As a quality professional in the consumer products realm, it’s critical to ensure that the product performance warrants, or justifies, that higher cost. A 100 gm weight savings encumbered with a shorter service life and higher fragility may, or may not, be acceptable (one reason to NOT buy a used titanium frame, as an example – you just don’t know!) and the balance between performance and risk is one that should be communicated and understood. I would expect that Speedplay wanted your pedal back for their investigation into the failure for the exact reasons you outline in your video – failure in not an acceptable option given its potential for life threatening consequences. Praise God that yours was in not quite those conditions!
Again, thanks for the great message.
@Doug: Just to be clear, because I don’t want Speedplay getting any bad press – those pedals had a VERY long life with lots of use (and abuse). I only hope my new ones can last nearly as long.
skinny tires rule!