What’s beyond the Experience Economy? Being invaluable, for one. But there’s more.
To read the original article, click on the title: Creating Value.
So to summarize:
- Cutting a price doesn’t create value, it makes things cheaper. There is a difference.
- Value is created around the good or service – not within it. If cutting 2% off your fee creates value, it won’t last and it won’t be long until you cut another 2%.
- Becoming a commodity is a choice, and you increase your value by asking better questions. If you ask “How much do you want?” or “What do you want?” or “What can I do for you?” then you compete on price. But if you ask, “Who can I help you become?” then you’re not in the investment business, you’re in the transformation business and that is worth a premium fee.
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