March 6, 2018
‘57 Thunderbird
How much Alice will pay for something is mainly a function of two things:
- How bad she wants it
- How much money she has
IF Alice wants a steering wheel for a ‘57 Thunderbird really bad, AND she has a ton of money, THEN she will pay lots of money for the steering wheel.
On the other hand, IF she doesn’t want a steering wheel for a ‘57 Thunderbird that bad, OR she doesn’t have a ton of money, THEN she won’t pay lots of money for the steering wheel.
In other words, BOTH factors have to be true to support a premium price:
She has to want it really bad AND she has to have a lot of money.
But there’s another factor that comes into play:
Availability of options.
If ‘57 Thunderbird steering wheels are available everywhere (aka “a dime a dozen”) then Alice is not going to have to pay a lot of money for one even if she wants it really bad and has tons of money because the sellers will undercut each other’s prices in a race to zero.
What have we learned?
To command extremely high prices you need to offer something unique that wealthy buyers want very badly.
Yours,
—J
P.S. Friends don’t let friends bill by the hour. Gift options available at checkout -> http://hourlybillingisnuts.com