We Spend Money On Things We Value


There is no product or service that is expensive. While abroad few years ago, I met a man that bought Rolex watch for $100,000. To me it was crazy, but to the man, it was value for money.

Now, that same man may not spend N100,000 on books. Why? Because he doesn’t place value on it. It’s not as if he doesn’t have the money, the problem is that he doesn’t value books.

I cannot spend $100,000 on a wrist watch, but I can easily pay more than that amount at Harvard, Stanford or MIT. He places values on wrist watch, I value knowledge. It shouldn’t cause quarrel. The man is a Rolex customer, and I am a Harvard student. Harvard should look for me not him. Rolex should look for him not me.

For example, there are hotel rooms that are as cheap as N10,000 a night in Abuja. But the cheapest room at Transcorp Hilton hotel is over N110,000. In fact, they have a room for N1 million a night. They are aware that other hotels charges less, but they are not looking for their customers. They know their clients. In fact, it’s not easy to get a room at Transcorp.

Someone can comfortably use N80,000 to buy a smartphone, but can never pay N10,000 to attend a seminar or conference. The problem is not that he cannot afford it, but he doesn’t place value on seminar and conference.

The same person who complains that N10,000 is too much for a seminar can spend more on something that is not as valuable as that seminar.

The solution is simple; fix your price, overlook those who complain, and focus on those who desperately need it. Don’t allow those who are complaining about the price of your products and services force you to change it. The people whom the product or service is meant for will happily pay for it. Relax!

That’s exactly what we do in our organisation. If someone complain that our services are too high, it simply mean that the services were not created for him. It is as simple as that.

So, when next you see the product or service you cannot afford, don’t shout. Move away or ignore it. The product or service was not created for you. They sellers know their customers.

In my book, The Entrepreneur, I outlined the accurate market segmentation of Africa. You can order the book and gain deeper insight so that you won’t be forcing the wrong people to buy your products.

Meanwhile, if you are a business owner, CEO of a company, manager or someone that is aspiring to take his organisation to the global stage, then you must not miss Business and Career Conference coming up at Transcorp Hilton hotel, Abuja on the 14th September, 2019.

Click this link and grab your seat. For more information, check the handbill or call 07032681154.

Keep soaring!

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