Contrary to popular belief, people are really not motivated by money. They are in fact motivated by status. More money simply gives folks the ability to buy more status symbols, which they can use to flaunt their status. That being said, most people equate a higher price with greater status.
We all know that a cup of coffee at Starbucks costs more than the same size cup from 7-11 or McDonalds. Sporting a Starbucks cup in public makes the owner feel kind of special like he is a connoisseur of fine coffee because the more you pay for something the bigger the status symbol it is. A woman’s handbag holds the same kinds of stuff and costs about the same to make regardless of it being produced by Wilson Leather or by Prada or Coach, yet the price for luxury handbags is an order of magnitude higher. Ibupropfen cost more under the Advil name than the exact same chemical product offered under the Kroger label because the name brand product holds more status then the generic version.
Can you create the impression of an upscale version of your product or service that you can sell for a premium price to take advantage of the increased status factor?
