HOW MUCH WILL CUSTOMERS PAY FOR A SYMBOL?
We’re now in a massive migration from a material-based economy to an intangible-based economy. Over the last 30 years, the monetary value of intangible assets has increased from 17 percent to 80 percent. A large part of this value is directly attributable to brands. It turns out that people will happily pay for emotional benefits such as immediacy, personalization, self-identity, and empowerment.
A product or service can become a touchstone in a customer’s life—a vivid symbol of what’s useful, delightful, and even magical. And when a product becomes a symbol, the symbol becomes the product. Customers will pay a premium for products that shape their personal identities.
Which intangibles can you add to your brand? Here’s a slide set to help you start a discussion with your team.