Beyond Products: Lee McCabe Explains Why ‘Access’ is the Ultimate Business Commodity

In a recent LinkedIn post, Lee McCabe explores a fundamental shift in modern business strategy, arguing that the most valuable asset a company can offer is not its product, but rather exclusive access. McCabe contends that when executed effectively, access can become one of the highest-margin offerings available, transforming ordinary goods into premium experiences.

He illustrates this point by drawing parallels between various successful brands and membership models. “The product is just the prop. The real business is the gate,” McCabe states, emphasizing that the perceived value often lies not in the item itself, but in the exclusivity it represents. He cites examples like wine memberships, luxury hotels, and high-end fashion, where the core offering is enhanced by the privilege of entry.

The Power of Gated Communities

McCabe delves into the mechanics of monetizing access, identifying three key principles that smart companies employ. The first is the deliberate architecting of hierarchy. This means segmenting offerings and experiences so that not everyone receives the same level of engagement or service. American Express’s success with its Black Card is presented as a prime example, where the value is derived not just from the card’s material but from the premium support and services associated with it.

“Amex built a $185 billion market cap on this principle alone,” McCabe writes. “Black Card isn’t about the metal, it’s about the concierge who answers on the first ring at 3am in Tokyo.” This illustrates how a tangible product can serve as a symbol for a much more intangible, and highly valuable, form of access.

Belonging as the Core Product

The second principle McCabe highlights is making a sense of belonging the central product. He uses Soho House as a case study, asserting that the appeal lies less in the physical workspace and more in the curated community. “Soho House doesn’t sell workspace. They sell a tribe where the creative director at Ogilvy networks with the founder of that DTC brand you keep seeing,” he explains. The value, in this instance, is the network and the social capital it provides.

Thirdly, McCabe emphasizes the importance of making exclusion visible. This scarcity principle, he argues, amplifies the perceived value of what is being offered. Brands like Supreme, with its long queues for limited product drops, and Hermès, with its famously elusive Birkin bags, demonstrate how visible barriers to entry increase desirability.

“Supreme drops work because the line wraps around the block. Hermès Birkin bags work because there’s a waiting list you can’t buy your way onto. The rope has to be seen to be valued.”

Access Models in Private Equity and Beyond

McCabe extends his analysis to the realm of private equity, noting that access-based models command higher valuations and exhibit superior customer retention compared to traditional retail. He attributes this to the fundamental shift in what is being sold: status rather than mere products. “You’re not selling stuff, you’re selling status. And status is inflation-proof,” he asserts.

The trend, according to McCabe, is pervasive and growing. He points to AI companies utilizing “early access” as a sales tactic, private equity firms creating exclusive LP events, and even B2B SaaS companies whose enterprise tiers are defined more by the level of support and access than by additional features. “Enterprise tiers aren’t about features anymore, they’re about who picks up when you call,” he notes.

Ultimately, McCabe advises businesses to shift their strategic focus from traditional product and pricing considerations to the concept of controlled circles of access. “Stop thinking products and price points. Start thinking circles,” he concludes. His core message is that in today’s economy, where attention is a key currency, the most valuable asset is not what you sell, but rather the selectivity of who is permitted to purchase it.