A Brand is What People Will Pay More For
Bragging rights command a premium
People will always pay more for:
• 🛍️ Wants than needs
• 👑 Aspiration than contentedness
• 💎 Exclusivity than availability
• ✨ Perceived value than actual cost
• 🎯 Meaning than function
• 🏆 Status than utility
• 🤫 “Secrets” than facts
In Morgan Housel’s latest book The Art of Spending Money, he writes:
“I once heard someone say that a high-end Toyota is a nicer car than an entry-level BMW, because the Toyota is filled with things that make driving more pleasant—plush seats, a great sound system, a moonroof—while the low-end BMW is mostly just bragging rights.”
People will pay more for feelings than features.