Saturday American Pharoah won the Belmont Stakes and, therefore, the Triple Crown For the first time in thirty-seven years, a horse has that coveted title. People packed the stands and cheered American Pharoah as he raced to victory, their voices growing louder with each stride. What prompted their excitement?
The fact that no horse had won the Triple Crown in thirty-seven years prompted it. That span of time made the title a rarity. It increased its value. Increased value raised people’s interest. Everyone likes to be linked with an event that is rare. Something that is rare has more value than something that is an everyday occurrence.
I learned that from a client of mine who was antique appraiser. He said that most people don’t know what is valuable in their homes because they don’t know what is rare. They are not in the market everyday to have that information. Consequently, they attach value to items that hold memories for them. However, those buying the items do not have that attachment. They judge value by rarity.
The rarity message was reinforced a few years ago when I attempted to sell a large selection of vinyl records left by a friend. Most items in her collection were mainstream, and, thus, many copies had been run and were in circulation. The only ones with value were those that had had a few copies printed and, thus, were considered rare.
Customers apply this attitude to interactions with businesses, too. They consider a business that focuses on what’s good for customers, goes the extra mile, or does something different a rarity. This gives the company value in customers’ minds. The value makes customers want to do more business with the company. They are less price sensitive because they know their best interests are the company’s focus.
This value is not added by the business. The customer perceives it from the actions of the business that are not found elsewhere and in the customer’s best interest. The rarity of these actions gives them value.
What is your company doing that your customers don’t receive elsewhere? How are you focusing on your customer? How do you go the extra mile for your customers? What rarity does your company offer?
This week's marketing trivia challenge is What rarity have you encountered? E-mail me your answer.
The fact that no horse had won the Triple Crown in thirty-seven years prompted it. That span of time made the title a rarity. It increased its value. Increased value raised people’s interest. Everyone likes to be linked with an event that is rare. Something that is rare has more value than something that is an everyday occurrence.
I learned that from a client of mine who was antique appraiser. He said that most people don’t know what is valuable in their homes because they don’t know what is rare. They are not in the market everyday to have that information. Consequently, they attach value to items that hold memories for them. However, those buying the items do not have that attachment. They judge value by rarity.
The rarity message was reinforced a few years ago when I attempted to sell a large selection of vinyl records left by a friend. Most items in her collection were mainstream, and, thus, many copies had been run and were in circulation. The only ones with value were those that had had a few copies printed and, thus, were considered rare.
Customers apply this attitude to interactions with businesses, too. They consider a business that focuses on what’s good for customers, goes the extra mile, or does something different a rarity. This gives the company value in customers’ minds. The value makes customers want to do more business with the company. They are less price sensitive because they know their best interests are the company’s focus.
This value is not added by the business. The customer perceives it from the actions of the business that are not found elsewhere and in the customer’s best interest. The rarity of these actions gives them value.
What is your company doing that your customers don’t receive elsewhere? How are you focusing on your customer? How do you go the extra mile for your customers? What rarity does your company offer?
This week's marketing trivia challenge is What rarity have you encountered? E-mail me your answer.
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