I do try very hard to create content for this blog rather than re-blogging other people’s insights…..but this is too brilliant not to share verbatim.
It’s from the brilliant Seth Godin.
The only things we spend time and money on are things that we believe are worth more than they cost.
The key words of this obvious sentence are often miscalculated:
Believe, worth and cost.
Believe as in the story we tell ourselves. Believe as in the eye of the beholder. Believe as in emotion.
Worth as in what we’ll trade. Worth as in our perception of its worth right now, not later. Worth as in how we remember this decision tomorrow or next year.
and Cost, as in our expectation of how much it will hurt to get it, not merely the price tag.
If people aren’t buying your product, it’s not because the price is too high. It’s because we don’t believe you enough, don’t love it enough, don’t care enough.
There is a brilliant Innovation Insight in these words which is that you need to be acutely aware who you are innovating for. The believe, worth, cost formula will inevitably be different for different cohorts of people. Who has the problem that your idea solves and more importantly, why do they care enough to adopt your idea?