Is a banana worth 120K?
Not to me; probably not to you.
However, it is to someone else!
Earlier this year, a piece of ‘art’ was sold for $120K. It consisted of a blank canvas with a banana duck taped to it!
The artist actually created 3 editions of this and sold two of them for $120K EACH!!!
While many of us might say ….. those crazy people.
The truth is that VALUE is subjective (not objective).
To me, that banana is not worth $120K but to at least 2 other people it seems to be!
To me a Rolex isn’t work $8K, but to some people it is so it sells and sells well!
To me, a bottle of water isn’t worth $12, $20 or $60K! (https://moneyinc.com/10-expensive-bottled-waters-world/) but it seems that there are people who are willing to pay!
Value is subjective!
The reason this ‘lesson’ is so important is that it reflects on those products or services that you sell. Their prices are subjective too.
So what influences value?
1. The person/organization selling the product. The artist who sold the $120K banana is obviously respected in the artistic community. If I were to try to sell a banana for $120k, I know I couldn’t do it once, never mind twice.
2. The person purchasing the product/service. I would suspect that the artistic community who purchased the $120K banana expected prices to be in that range. In fact, it’s a great example of targeting an audience.
3. Where the product/service is being sold would be the third contributing factor. If the same artist tried to sell his banana work to the same audience, but perhaps in an airport location, his level of success would have been much lower.
So what can we learn about pricing our products/services from this example?
- Sell the right product (make your brand sought-after & valuable)
- To the right people (sell to customers who VALUE your services)
- In the right place (where there is limited or little competition)
Build your brand …. Define and redefine your market …. And build a marketing strategy that lets you set yourself apart & sell with little or no competition.
You might not be selling fruit for $120K. But you will be able to sell at premium prices, increase your profit margin and make more money.
You can do this,
Learn how to set yourself apart from your competition when you participate in MARKETING ROADMAP workshop week – a free 5-day workshop beginning at the end of August. REGISTER now.
PS Thank you to D. Decker for sharing the story of the $120K banana!