A few days ago I was walking past the Lucid car showroom at the Cherry Creek Mall with my son-in-law. He immediately made a dash to go look at their models, so of course I followed him. The top of the line, Lucid Air Grand Touring Performance was being showcased, and it clearly catches your eye as soon as you see it. This electric vehicle was a piece of art – its sleek lines screamed “I am like nothing else you have ever driven!”
We sat down in the vehicle and couldn’t help but be impressed. Every detail was considered, from the suede leather finish to the mood lighting to the “glass canopy” windshield that extends through the roof giving you the feeling that you are in a bubble. Without even taking it to a test drive, the car made you want to purchase it. So I asked the sale rep how much it cost. “It starts at $138,000 and goes up to $179,000,” she said. My reaction was not “wow – that expensive,” but rather, “wow – this thing is incredible!”
The important specifications are 0 to 60mph in 2.7 seconds, 517 mile range on a single charge, top speed of 168 mph, 5 passenger. It comes with a tri-motor package packing a walloping 1200 horsepower. To date, it is the only electric sedan able to achieve a quarter-mile time under 10 seconds. And it is AWD! No wonder it was the 2022 Motortrend Car of the Year. By comparison, The Tesla Model Y reaches 0-60 in 4.4 seconds with a range of 303 miles and a top speed of 155 mph. The Tesla Model S can go from 0-60 in 2.3 seconds, with a range of 405 miles.So the Lucid may not be in a class of its own when it comes to specs, but it is when when it comes craftsmanship.
We left to go walk around the Art Festival, but neither of us could stop thinking about the Lucid, so we went back and asked it we could take it for a test drive. “Of course,” the sales rep said, we have one downstairs. It took a bit of an orientation as we learned about all the features, and then she said, “have fun!” I drove first, perhaps a little timidly as I wasn’t sure what to expect. But then we got on the open highway and I decided to test it. There are 3 drive modes, “Smooth,” “Swift,” and “Sprint.” My son-in-law had decided to change the mode to “Sprint.” I hit the accelerator and I can assure you that the 0-60 specs are spot on. In fact 0-85 is more accurate. I may have whiplash – this thing accelerated like a rocket. If you’ve even been on an electromagnetic roller coaster like the one at Disney’s California Adventure, that is what this felt like.
When we got back to the showroom, I was ready to write a check (the only thing that prevented me was that I didn’t have $179K in my bank account). But this got me to thinking: What does it take to make your product so compelling that people would want to buy it on the spot, even if they think they can’t afford it? Does what you are selling stir up the imagination in such a way that people think, “Shut up and take my money!”
Just as Lucid has meticulously crafted a piece of technological art, your product should also be exceptional in every aspect. Every detail matters – whether it’s the aesthetic, the usability, the function or the experience that your product provides.
Checkout the glass canopy windshield!
Strive to ensure that your product offers a novel experience that your competitors fail to deliver. The key is to make your product feel like a discovery or a journey to the customer. They should feel like they are stepping into an exciting new world every time they interact with your product.
Take Apple, for example, which has become a benchmark in the technology sector. The innovative design and functionality of their products, coupled with a seamless user experience, has propelled them to become a standard against which others are measured. It’s not just about the product itself, but also about the entire ecosystem that Apple has built around its products.
Now, to create a product that people covet, you need to understand the deep-seated desires of your customers. Identify what they value and try to align your product with those values. For instance, in the case of the Lucid Air Grand Touring Performance, it’s clear that the target customer values speed, luxury, and sustainability. By offering a product that meets these expectations while also offering unique features such as the “glass canopy” windshield and tri-motor package, Lucid was able to create a compelling offering.
Next, let’s address the issue of price. How do you make price a non-issue? The answer lies in offering unparalleled value. Your product must deliver such immense value that the price becomes secondary to the benefits it provides. But remember, value doesn’t always equate to features. It’s about the overall satisfaction and happiness your product can provide to the customer. If your product is able to stir emotions and leave an indelible impact, the customer will perceive it as valuable and will be willing to pay a premium.
A classic example is Starbucks. You can get a coffee for much less at other places, but Starbucks offers a unique experience. The comfortable ambiance, personalized service, and consistently high-quality coffee make customers willing to pay a premium. The Starbucks brand has become so strong that it’s the standard by which all other coffee shops are measured, and for their loyal customer base, price isn’t the main issue when selecting Starbucks.
In essence, to make your products the standard and reduce price sensitivity, you must focus on creating an unparalleled product experience that resonates with the deepest desires of your customers. Invest in research and development, understand your customer, and innovate relentlessly. A well-thought-out and consistent marketing strategy can further reinforce your product’s position in the market.
Lucid’s tagline is “Experience the Best!” A good tagline sets the tone, but remember that it’s only as good as the reputation that backs it. To truly “Experience the Best!”, your company must strive to exceed expectations at every turn. Consistently delivering on your promises will not only make your products the standard but also make the price a non-issue for your customers. The power of a stellar reputation and an unforgettable experience can never be underestimated when you’re aiming to become the benchmark in your field.