Would You Pay $1,000 For This Hamburger?
By John
Sanpietro, ICF-Certified Business Coach
A few weeks ago, I asked one of my clients the following question:
“Would you pay $1,000 for a hamburger?”
My client, as you might expect, said no.
“Well,” I said, “what’s the most you WOULD pay?”
My client thought about it for a few moments and responded, “I guess if it was in a really nice
restaurant, and it was a big burger, with garnish, and the beef was really choice, I’d might pay as much as $20.”
“So,” I said, “if you thought about all of the possible features this hamburger could have… if you
came up with the best burger possible… the most you would pay is $20?”
“Yes.”
Then, I asked, “how much would you pay for a Big Mac at McDonalds?”
“$3.00 tops,” my client said.
“OK,” I said, “now I want you to imagine this scenario: You’re stranded on an island with nothing
to eat. In fact you’ve been there for over a week, and you haven’t eaten in that long. You’ve never felt so hungry in your life. You’re in constant pain. Your hungeris so bad, it keeps you awake. It’s all you can think about. And it’s even quite possible you will die if you don’t eat something soon.”
“Suddenly,” I continue, “I appear holding a Big Mac. And I tell you you can have the Big Mac… you can end your painful hunger… you can possibly save your life… but the Big Mac is going to cost you $1,000.”
“Would you pay it,” I asked.
“Of course I would,” my client replied.
“Would you pay $2,000?”
“Absolutely.”
“Would you basically pay anything to have that $3.00 Big Mac?”
“Yes!”
“Why?”
“Because I’m hungry,” my client said. “Because this Big Mac will save my life.”
“So what you’re saying,” I said, “is when you’re focused on the ingredients that go into that $3.00 Big Mac, or even that $20.00 gourmet burger, you’re only willing to pay so much. “
“BUT, when you’re focused, instead, on what happens when you eat the hamburger, the price-point is practically limitless. Is that accurate?”
“I guess so,” my client replied.
“Well,” I said, “the same principle applies in your stamping business! If you just focus on the stamp set you’re selling… or the two or three projects you’re demoing… or how many cards they’re going to walk out of the class with… you’re never going to see the true value of what you provide.
AND you’re never going to charge what you’re really worth!”
“Your value isn’t determined by the tangible assets the customer walks away with.
It’s determined by the intangible transformation they undergo when you pass on your knowledge and expertise. It’s the increased confidence, decreased frustration and growing pride that
comes with having a skill you didn’t have, or knowing something you didn’t know, before.”
“When you realize that your worth isn’t determined by the features you include, but the benefits you
provide, you’ll attract customers who realize it, as well, and finally get paid what you
deserve.”
I’m happy to report that, after this Coaching session, my client changed the way she did things,
increased her prices, attracted new customers and is now making more than double what she made before.
Warmest regards,
John
John Sanpietro
Certified Business Coach
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