Carl Gould-#70secondCEO-The Rolex Effect Why Higher Prices Build Perceived Value

The Rolex Effect: Why Higher Prices Build Perceived Value

Hi Everyone, Carl Gould here, your #70secondCEO, just over a minute of investment per day for a lifetime of results.

We’re talking about increasing your fees. Now wouldn’t that be nice? Just take your prices and charge more? And you’ll just make more money. Isn’t that great? Well, you know what, it’s actually necessary. We have been talking about not just being another penguin, about standing above, about being an expert, about differentiating yourself. Wel,l guess what? People judge your quality based on your fees. Think about it, I asked you the question, what’s a better watch? A Timex or a Rolex? And some of you are like, “Timex, do they even make them anymore?” Like pretending you don’t know. And then when I said, How about a Rolex? You all knew what that cost, “oh, $5000 well it depends on which one you get. How much are we blinging this one out Carl?” Now you can spend 15 or above. You all knew what the Rolex cost. But none of you could figure out what the Timex would cost. Right, because we are sold on brands that are higher in price. Apple, Mercedes Benz, Jaguar, Tiffany’s, you know, Rolex, and other high-end brands. What makes them high end? How do you know they’re as good as they claim? The reality is you don’t! The way that you judge quality is based on their price. 

Like and follow this podcast so you can learn more. My name is Carl Gould and this has been your #70secondCEO.