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Achieve Next Level Blog

Perception is Reality

Thursday, February 04, 2010
Great marketers know that how an offering is packaged, priced and presented will determine what a buyer will pay.  Put two identical offerings having different marketing messages side by side and you’ll get different results regarding how customers and prospects feel about what they are buying.  Pricing items higher or lower also impacts your customers’ and prospects’ value perception.  I recently learned of a social experiment funded by the Washington Post that reinforced this concept.   

In 2007 Washington Post writer Gene Weingarten enlisted renowned violinist Joshua Bell, winner of the Avery Fisher Prize for outstanding achievement in music to perform in a Washington DC metro station during rush hour.  The event was “an experiment in context, perception and priorities – as well as an unblinking assessment of public taste.”

Without publicity, treated to a free concert, played by an amazing artist dressed in street clothes, using a Stradivarius violin worth over $3.5 million dollars, over a thousand commuters passed by.  After 45 minutes of playing some of the most spellbinding music ever written, only 7 people stopped to listen, just one recognized the performer and Mr. Bell, who days earlier had played for audiences paying over $100 per ticket received $32.17 for his efforts.

For business – understand how your price, position & package your offering has tremendous impact on your ability to succeed.  But consider these questions as well:

  • In a common place environment at an inappropriate hour, do we perceive beauty & worth?
  • Would we stop to appreciate it?
  • Do we recognize talent in an unexpected context? 
  • How does this impact our definition of what is good? 

View a portion of Mr. Bell's performance here & don't forget to post your comments & thoughts below!



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