MET GALA MADNESS!

Met Gala Madness!

Met Gala Madness!

I basically went to the Met gala last night…or at least that’s how I feel after the madness that ensued on social media. From Rihanna’s pearly papal costume to Sarah Jessica Parker’s cardinal Crown interpretation, there was plenty to entertain. Yes, it’s true, I was ogling the fashion most of the time, but it got me thinking about what the Met Gala gets right and how it can make you some dollar bills. Exclusivity Works with an Existing Clientele Base

Although not impossible to implement when you are starting out, exclusive products are best issued once you have an existing client base. How does the Met Gala do it? The price of the ticket is $30,000 dollars. That cancels out more than 90% of humanity from consideration.

The Power of Belonging

Scarce or exclusive products give customers the chance to belong to a select group or people. The Major key here is to peak your customer’s desire to belong. We see a good example of this with thirst traps that are Chanel and Birkin handbags. These bags increase in price (basically artificially) every year. This price increase heightens the customer’s urgency to belong as well as makes it harder to belong to this select group of people. How does the Met Gala do it? The guest list isn’t just about who can afford it; it’s also about who Anne Wintour thinks should be there. Your fate depends on one person. And of course if you are not at The Met Gala, are you even culturally relevant? This creates an intense desire among celebrities to score an invitation.

Customer Experience Events

Every weekend in Lagos there is one “shopping party” or another where boutique owners invite their customers to experience a new collection or enjoy discounts. But how about getting your customers really excited about coming? How does the Met Gala do it? Every year they have a theme that they ask attendees to respond to with their fashion choices. Mind you, these are not the usual “Great Gatsby” or 90’s party kind of themes. The Met Gala goes the extra mile by issuing particularly challenging themes. This year’s theme was “Heavenly Bodies, Fashion and The Catholic Imagination” and last year’s was “ReiKawakubo/Commes Des Garcons”. Everyone is not only excited to respond to the theme but also to see how others respond. Society’s most successful events, despite being important legacies all got to the point of cultural relevance because they do something right consistently. As a business owner you should always be on the look out for learning moments. I’d love to hear from you, not just about what you learned from the Met Gala but about any other cultural moment you’re drawing inspiration from.

Wonuola Okoye

Principal Coach

Big Startup