About the author : Daniel Griffith
Daniel is an Author, Designer, and Entrepreneur. With over 10 years of industry experience, Daniel utilizes his unique blend of mathematics and poetry, engineering and creative thinking to solve both technical and business challenges to ultimately co-create the world he wants to live in.
Money is more than worthless.
Most everyone understands that the actual paper money in our wallets carries no actual worth and most everyone else understands the “money” you have in the bank isn’t really even there.
Money is worthless, yes. But that is not my point.
Money is also meaningless. It carries no inherit or implicit meaning. What is a twenty-dollar bill’s value? Ours answers will differ based on time and location.
What you can buy for twenty-dollars is different than what I can buy for twenty-dollars. And the same goes for time: ten years ago, twenty-dollars could buy more than it does today; on Black Friday, it can often buy twice as much as it did the day prior.
So if money’s meaning and corresponding value is relative, how do customers determine the value and corresponding “doable” price of their desired products and services?
Connection. Status. Feelings. In other words: Meaning.
Twenty-dollars is truly worth what you can buy for it. Simple right? But the “what you can buy for it” carries the more complex “meaning” I am talking about.
As a company, you don’t sell a gadget that costs twenty-dollars, you sell the context of connection; you sell the feeling of a well-spent twenty-dollars; you sell belonging.
The same goes in a service-based industry. You’re not selling a one-hour consult, you’re selling the eradication of the fear of the unknown; you’re selling a feeling; belonging.
As digital marketers, we market change. We need to change the emotional state of your customers to influence them to spend their twenty-dollars “here” and not “there.” We need to understand their needs and give them the best “bang for their buck.” Note, it’s the best bang for “their” buck, not ours. They come first.
We cast a vision for what your customer’s life would look like in exchange for twenty-dollars. But most importantly, we cast visions for purposeful and positive meaning.
If you were asked, “If it cost twenty-dollars to absolutely and positively change your life, would you do it?” I guarantee most everyone would say “yes, let’s go right now!” Think about this yourself, what would you do?
As you are shaking your head and wishing this was a real situation, notice you don’t know what the product or service is … you bought the meaning, not the “thing.”
The point: we need to stop focusing on and marketing the price of our products and services, harkening on daily sales and how we are 5% cheaper than our competitors. Instead, we need to focus on the meaning of our products and services. We need to help change our customer’s lives for the better and market that.
Such marketing is very worthwhile, very meaningful, and yes, very profitable.