Experience is the Only Product the Customers Care About

The New York Times recently had an article about retail pricing. The main thrust of the article was about how today's consumers think and the information available to them to make a decision. Dale Pollak in his Velocity 2.0 blog talks about the same thing. I can relate better to Dale's blog because I have been involved in the automobile industry for 30 years. The experience is the product we deliver and the only thing our customers care about. When I was a retailer, people would often ask, "What did you pay for this car?" My initial reaction was , "None of your business!" I soon learned that was the wrong reaction. The customer was trying to justify value. Value is what it's always about. Nobody ever argues that a Cadillac has more value than a Corolla, but there are a lot more Corollas on the road than Cadillacs. That indicates when it's time to write the check, more people will buy … [Read more...]