One of the concepts I want my kids to have is that to be an effective marketer, you need to understand how much value the customer places on a transaction.
It’s not about your cost or your time.
So, the other night, when they were telling me about the “show” they were putting on, they said, “tickets costs 30 cents.”
So, I asked them, “how do I know it’s worth 30 cents? I’ve never seen the show. None of my friends have either.”
So, they agreed to put some “skin in the game” and we agreed on a two-tier pricing model.
I would buy a ticket for 15 cents. Then, after the show, I could pay as much as I wanted…up to 45 cents.
Which they earned
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