How can you make your brand experience worth 5 times the utility? Listen every week day to Carl Gould your #70secondCEO.
Read the full transcript:
Fall in love with your customer. Because the reality is, is that the utility of your product is what they pay 1 x for. Right? Did i buy this watch just for time and date? No. What will I pay more for? I will pay more for the relationship with the brand.
- How does it define me?
- Does it align with my values?
- Does it perk me up a little bit when I use this product or service?
So think about it. Why would somebody buy a Rolex versus a Timex? A Mercedes Benz versus a Honda? An iPhone or a Samsung versus um, i don’t know. What ‘s a value based phone? I’m not even sure. But you pick the difference between the two- an Ericsson or whatever it is. Why would somebody buy the difference between the two? Well because there’s the utility of the product and there’s the relationship with the product. And the reality is, is that the brand experience is worth 5 times the utility. You can double and double again. Or more. That’s the value of the relationship.