Why People Pay $2000 For Handbags
Have you ever wondered how people are willing to pay $500 for a haircut or $5000 for a suit that looks just like the one that costs $500?
Yeah, it’s usually not the “better material” of the suit.
It’s how it makes you feel. It’s the status that it seemingly gives you. Though it’s not good if your self-worth is tied to material belongings and to the sign you have on your bag, it’s pretty common way of identifying ourselves nowadays.
But what are the lessons here for marketers?
Charles Ngo has written a good post about it.
You don’t really sell products or services. You sell emotions and feelings.
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