The Expensive Water Bottle with Jeff Proctor

Water bottle brands have loyal and enthusiastic followers willing to pay a lot for the right product. Could prices go higher? If so, why? Listen to Jeff Proctor describe a business idea that may help us create a new, more powerful relationship to water.

Nuggets:

  • Learn how businesses like Jeff’s thrive despite living in a very competitive market.
  • Discover the power of pricing at the high end.
  • Find out how creating a product with marketing in mind can literally change our values and habits.

Action Steps:

  1. If you have the chops, brainstorm how to implement some of the functionality discussed in this episode.
  2. Go to the places where the ideal clients for this product might be, like a gym, and investigate what people would want to get out of a $150 water bottle.
  3. Try a second and third demographic for the product to get feedback from potential clients. Some example locations/events to visit might be a winery, or a gala event where you can find wealthy people. Alternatively talk to people, who for medical reasons, really need to focus on their water intake.
  4. Don't focus on folks who are not already actively willing to or interested in paying for products like this. Discover who would be your early adopters.
  
Follow through on these action steps and email us your results at update@runwithit.fm. You'll get exclusive access to a private Facebook group of action takers and one listener will earn a free mentorship call with our guest, and potentially, a business partnership.

Links:

 
Jeff Proctor graduated from Virginia tech in 2013 with a BS in biochemistry, but he's always been a bit of a money nerd. After working one on one with clients for nearly three years in private wealth management Jeff launched DollarSprout with his business partner and longtime friend Ben Huber. A few stumbles and lots of lessons learned along the way, and he and Ben have created one of the fastest-growing personal finance blogs on the internet. Outside of work, Jeff is an avid golfer—avid, not necessarily good—and he enjoys spending time with his fiance, Paige and his two dogs, Annie and Max.

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Run With It by Chris Justin and Eathan Janney is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.