194: Lessons for High-Ticket Consultants from the Luxury Industry with Elizabeth Solaru

In this week’s episode of the Seven Figure Consultant Podcast, I had the pleasure of interviewing Elizabeth Solaru, a multi award-winning luxury business consultant and author of ‘The Luxpreneur’.

Elizabeth shared her remarkable journey from a scientist, to headhunter, to world renowned cake artist, to luxury consultant! We talked about the psychology of luxury clients, the importance of mindset for luxury brand founders and strategies for finding high-ticket clients.

We also explored inspiring examples from the luxury industry, illustrating the unique vision and perspective women consultants can bring to their business.

 

In this episode: 

• [00:00:00] Elizabeth shares her transition from scientist and headhunter to luxury business consultant.
• [00:03:12] Discussion on the characteristics and psychology of the luxury market and its clients.
• [00:04:43] How successful luxury founders like Coco Chanel and Louis Vuitton viewed their industries differently.
• [00:06:42] The need for women to acknowledge their worth in high-ticket consulting.
• [00:07:48] The significance of valuing time in consulting and understanding client perceptions.
• [00:08:52] The evolving luxury market and the importance of diverse perspectives in leadership.
• [00:11:12] Elizabeth encourages women to embrace their unique viewpoints and skills in the luxury space.
• [00:14:57] Advice on navigating rejection and finding high-ticket clients through targeted strategies.
• [00:16:31] Elizabeth outlines different luxury client types and effective engagement strategies.
• [00:18:03] Leveraging professional networks in corporate settings and combining professional and personal networks for business opportunities.
• [00:19:20] Elizabeth shares her experiences as a headhunter and the importance of personal assistants.
• [00:21:23] Building relationships to demonstrate genuine interest in clients' needs.
• [00:22:38] Elizabeth explains her bold marketing strategies to attract high-profile clients.
• [00:24:55] Leveraging partnerships and creativity to land significant clients.
• [00:25:40] Overview of the essential pillars of luxury business: craftsmanship, storytelling, business model, target market, and pricing.
• [00:26:07] Discussion on the implications of pricing and its effect on client perception.
• [00:28:49] Advice on targeting organisations that urgently need solutions to their problems.
• [00:31:46] Introduction to Elizabeth's practical book on building a luxury business.

 

Key Takeaways: 

• Luxury isn’t just about high prices; it’s about value, quality, exclusivity and the unique mindset of the business owner. True luxury brands stand out because they think differently and aren’t afraid to redefine the industry.
• Many women consultants undervalue their expertise. Selling high-ticket or luxury services requires a shift in mindset to understand your value and price higher to attract serious clients who respect your time and expertise.
• Selling high-ticket consulting services requires building trust, credibility and connection. Focus on relationship building, such as networking in niche spaces and leveraging referrals, to connect with potential clients in a meaningful way.
• When people spend a lot of money, they pay attention because they want to get their money’s worth, and they don’t waste your time. If it’s cheap, that’s when people keep coming back, asking for extras, and doubting the value of your work.

 

Quotes: 

“Everything expensive is not necessarily luxury, but everything luxury will be expensive because of the way it's produced.” – Elizabeth Solaru

“Seeing things differently is so valuable. And I think women underestimate that, because it’s second nature to you, you think the common sense that you have, what you do, is not valued or not valuable, but things become valuable when you put a premium on what you charge. Because like I said, you're charging for your time, your energy, even your aura, because there are people that walk into a room and people feel uplifted, they feel there's possibilities, they feel they can do anything. Not many people can inspire that.” - Elizabeth Solaru

“Women will look at a job, a CEO job, and think, 'I only meet eight out of ten of the requirements, therefore I won’t apply.' Men will look at the same job and if they can only do three things, say 'I’m going to give it a go. I’m going to apply.’” – Elizabeth Solaru

“Something that I’ve seen consistently in the ten years of my business is that when we're not charging enough, we don’t find clients who respect us. We don't find clients who particularly want to do the work. And although it can feel counterintuitive and like you’re going to price yourself out of the market, actually, it's better if you want to do deep consulting work.” – Jessica Fearnley

“You need to find an organization in pain, an organization that has stepped on a nail or something, and they need to fix it now. And in fact, the quicker you fix it, the more they'll pay you.” – Elizabeth Solaru

 

Useful Links

Elizabeth: 

The Luxpreneur: How to Start and Build a Successful Luxury Brand

Elizabeth’s website - luxurybusinessemporium.com

Elizabeth’s LinkedIn

Jessica:

Get in touch with Jessica to discuss your consulting business

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Jessica’s LinkedIn

 

Guest Bio

Elizabeth Solaru is a multi award-winning luxury business consultant, author, and world renowned cake artist. As the CEO and Founder of the Diversity in Luxury Awards, she is a pioneering voice advocating for inclusivity and representation in the luxury sector.

An ex microbiologist and headhunter who interviewed, coached and ran job hunting workshops for C suite executives, she began her luxury business journey as a celebrated cake artist, earning international acclaim for her innovative designs and impeccable craftsmanship. Her clients include UHNWIs and royalty. Her creative talent and business acumen led to a successful transition into luxury consulting, where she now advises brands on how to navigate the complexities of the luxury market.

Her latest book, The Luxpreneur: How to Start and Build a Successful Luxury Brand has been described as  "the blueprint for a luxury business" and a "must read for those interested in working in the luxury industry".

Elizabeth has been named as one of the world's Masterful 100 and has been featured on the BBC, Channel 4 and Sky TV. She has spoken in business schools and on some of the most exclusive luxury business stages, including JP Morgan, The Global HR Summit, Ernst and Young and The Inner Circle Experience.

In addition to her consulting work, Elizabeth is passionate about mentorship and is dedicated to empowering the next generation of luxury professionals.