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The Difference Between Price and Value

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Your first goal is to have your offer convert to a sale. Your second is to have it convert at the best price.

There is a difference between price and value — you set price; you sell value.

Author John Armstrong makes a key distinction, which most of us sense intuitively but can rarely explain with eloquence:

Price is a public matter — a negotiation between supply and demand. A thing’s price is set in competition. So the price of a product is determined by how much some people want it, how much they are willing to pay, and how ready the creator/developer/manufacturer is to sell. It’s a public activity: lots of people are involved in the process, but your voice is almost never important in setting the price.

Value, on the other hand, is a personal, ethical and aesthetic judgment — assigned finally by individuals, and founded on their perceptiveness, wisdom and character.

More next time. Until then, remember to LOVE YOUR WORK, whatever it may be.

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