Today someone is going to pay $75,000 for a gorgeous Corvette Z06.
Someone is also going to make dinner reservations at Ruth’s Chris and will shell out $400 for dinner.
There is someone, and hopefully not my wife, who is shopping at Gucci and will pay $1,500 for a handbag.
Crazy? It depends, but the truth is we all pay for intangible value all the time.
Consider Uber. If they are not already near you, they are popping up in major cities across the USA. They are the app that connects you with a driver at the tap of a button on your smartphone. If you need to get, say from downtown Oklahoma City to Norman to watch the Sooners, no need to hail down a taxi on the street. Uber helps you make quick arrangements so you don’t have to wait in the rain, heat, or sleet. You don’t even need to have cash or physical credit cards to pay.
The real value of the service is not simply getting you where you need to go. The value of Uber is in the perception of time saved and the elimination of uncertainty, and the ability to know exactly where your driver is, and to track him with GPS as he comes to pick you up. As busy people, don’t we place a premium on our time?
Most of the value of premium services or products like Uber, Corvettes, Gucci, or Ruth’s Chris is created from things we really can’t see, intangibles such as marketing, a feeling, technology at the click of a button, the ambiance of a restaurant, the smell of a new car, or the experience that is created. All that is required by us, is to make an emotional investment in the brand and buy into the story.
Price and value — they are stories we tell ourselves.
What story is your customer telling about your service or product?
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