Shoulders Of Titans Podcast Interview #059 With Dr. Isaac Mostovicz:
Dr. E. Isaac Mostovicz has worked in the diamond industry for 35 years. After training as a diamond polisher, he ran one of the two factories of S. Muller & Sons Diamonds NV, one of the most successful polishing operations in the world, becoming its CEO in 1990. Prior to this appointment, he established Allied Diamonds, which catered to jewelers both in the United States and Japan. This work experience allowed Isaac to become an expert in every facet of the diamond pipeline from mining, sorting and polishing through to servicing the diamond’s retail customer.
Among his many milestones, Isaac has been a key player in introducing several iconic diamond cuts to the market, including the ‘Hearts and Arrow’ and ‘EightStar’ cuts. Under his guidance, S. Muller & Sons was the only company to successfully market the ‘De Beers Millennium Limited Edition Diamond’.
More recently, Isaac received his MBA and PhD, studying the psychology behind luxury consumption. He is a fellow of the Chartered Institute of Marketing (FCIM) and is a Chartered Marketer.
Isaac is the founder of Janus Thinking, a think tank focusing on the psychology of luxury,marketing, management, and leadership on which he publishes and lectures regularly. His ideas can be found on his blog, www.janusthinking.com.
Isaac is married with six children and four grandchildren.
Visit Dr. Isaac Mostovicz’s Website: www.janusthinking.com
Topics Discussed In This Interview:
- The Starbucks method that proves that a smile can make you hundreds of thousands of dollars (or more) per year
- Where high-quality customer service starts in your business and why most entrepreneurs don’t know where to look and end up losing lots of easy sales
- How to figure out the best way to serve your clients so they feel like you truly understand their needs and feel compelled to give you money
- You shouldn’t question your customer’s choices and ask personal questions, right? Wrong! You’ll learn how to make more money by asking the right questions
- What luxury TRULY means and how you can leverage it to command premium prices
- The secret reason why we love to buy luxury goods and what you can do to make your clients beg to buy your products or services
- Why people buy luxury goods even if they can’t afford it (and what you can do to make sure they buy YOUR products or services)
- The real reason why people buy expensive items and how you can integrate deeply ingrained human psychology into your sales process to make more money
- What never to do to get the highest price sale… most people get this DEAD WRONG and wonder why they end up broke
- The 2 types of people theory that rewrites everything you think you know about making money, selling and influencing your prospects to give you loads of cash…
- WARNING: Are you selling to your audience completely wrong? There’s a good chance you are and it’s costing you thousands
- The tonality technique to boosting your sales and beating your competition
- Why if you ask what they want instead of THIS, you’ll scare off all of your potential customers and go to your competitors instead
- The “doctor” scenario to making your clients feel like you truly understand their needs and desires so they pay you tons of money
- Why listening to your customers is probably a bad idea, especially when telling you what they want (hint: they don’t actually know!)
- And much, much more!
Full Transcript of Interview:
“Luxury is about enhancing your self-esteem, it’s not about showing off.”
“The point to a product is the solution, but you have to understand the reason for that solution. You have to understand why is it important for the customer?”
“Luxury is not about products, but about our perception.”
“The one who is going to hit the true needs of the customer better is going to win.”
“The point to a product is the solution but you have to understand the reason for that solution. Why is it important for the customer?”
“Go deep and ask why they’re buying. Then raise your prices.”