I read a post a while ago about a Twitter user who was selling a particular product for ten times its actual price. I believe they chose Twitter as a marketing tool for their product, and it generated enormous interest.
So people were not engaging this business owner because they wanted to buy the product; rather, they were surprised that a normal business person would inflate the price of a regular product with alternatives simply because it came with some form of packaging.
So, I believe the owner of the person was asked why they chose to inflate the price of the product, and the seller implied that their target audience was wealthy people.
The idea was that people who are not rich would automatically think the product is expensive, whereas rich people would not and would most likely only buy the product because of the additional packaging.
Underestimating A Target Audience Is A Recipe For Failure
I disagree with the concept of the seller because the general public misinterprets the typical lifestyle of a wealthy person. We believe that a person's spending habits or lifestyle are determined by his or her level of wealth.
While wealthy people spend a lot of money, they rarely waste it, unless their money or source of income is obtained illegally.
Where I come from, we say that people do not get rich by wasting; however, wasting is not the same as spending, and we sometimes confuse the two.
Spending and wasting are both ways of disposing of money, but the former is done so strategically and purposefully, whereas the latter is done so without strategy, without the intention of recouping profits, and possibly for the sole purpose of entertainment.
This is not to say that rich people do not waste money; there are wealthy people in the world who travel in expensive yachts, take endless vacations, wear expensive wrist watches, and donate millions of dollars to charities.
However, they are aware that the majority of the money they spend on these activities is most likely part of their disposable income.
When wealthy people have fun, they spend lavishly, and the expense or cost of the fun they have can sometimes be decades greater than a regular person's annual salary, but they do this consciously, knowing how much they earn and how much they spend.
However, rich people dislike being taken for fools, so they prefer to be fools on their own terms. They can choose to purchase outrageously expensive items, but you cannot force them to spend in the manner you desire unless they do so on their own terms.
Money/Value
In reality, money has no value unless we spend it, which is why money in the bank, crypto, or USDT are worthless unless we convert them to physical cash and use them to improve our lives by purchasing comfort, necessity, and value.
As a result, the wealthiest individuals spend the most money. When your target audience is wealthy, you must provide the exact value they desire and do so in a very unique way, rather than providing standard products that are available anywhere and expecting them to pay a high price for your product out of the goodness of their heart.
I watch television shows in which wealthy people seek out unique luxury items, such as food or entertainment. When you look around, restaurants that serve the most unique and exotic food in the world can charge a lot of money because their services are rare and unique, and you will have to pay a lot of money to get access to them.
Have you ever wondered why we have special edition cars where only 100 or 200 are produced and the prices are ten times higher than the standard versions? This is because these special editions are intended for wealthy people.
Rich people want exclusivity.
They want to own the rarest items and spend the most money, so that they are the only ones competing with themselves. This is because their money can already buy regular things, and as a result, they no longer want to compete with ordinary people.
If your product is not unique enough, you will never get them to pay more than the regular fees simply because they are wealthy and expected to be wasteful.
Most wealthy people who can intentionally afford to be wasteful made many sacrifices to become wealthy; in fact, along the way, they may have done some unconventional things to give themselves an unfair advantage, and it can be a lot of sacrifice to become wasteful without intent or in order to achieve comfort or exclusivity.
Emotional Spending
So, I believe the seller of that product made some terrible mistakes, one of which was not providing exclusive services and expecting their target audience to be wasteful or overpaying them out of the goodness of their heart.
It is impossible to predict how wealthy people behave. Some of them are completely unpredictable, particularly in terms of how and why they spend their money.
To determine what we may produce, we can examine the behavioral patterns of a prospective target audience and predict what they are willing to pay any amount for or what they are unwilling to overpay for.
There are so many wealthy people out there, and sometimes they spend in ways that seem foolish, but if you look closely, you will discover that they are paying for things that can only be affordable by themselves, and the longer they continue, the more insatiable they become and the thirstier they become for things that are rare and exclusive.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Interested in some more of my works