What do your prices say about you? Carl shares insider tips on how to create perception of value in this episode of #70secondCEO.
Read full transcript:
Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.
You know things that were more expensive are always thought to be more valuable. I mean and the consumer hasn’t changed on that one. Right? And so we assume that it’s more that it’s better as a matter of fact. I just read this great article on watches and what makes a watch so expensive. You know, the difference between a Patek Philippe, and a Rolex and IWC and some of these other ones they said, you know what the material costs is all about the same. What goes into those watches is pretty similar, they said the big difference is the labor it takes to build them and there’s some brand equity and yada yada and on and on but what I found interesting was the utility of the watches were almost all the same. So, if I have a watch and I, it and I have the same material cost as a Rolex. How do I prove I’m better than a Rolex? Well, I double the price because the assumption is well it must be good for that. You know now you’ve got to back it up to some degree.
Like and follow this podcast so you can learn more. My name is Carl Gould and this has been your #70secondCEO.