Some of you who read today’s blog post will GET IT. Sadly, most will not. Everyone who has a working set of eyes (or a good pair of glasses), should read this post. And everyone who reads this should have enough brains to tell 20 other people to do the same.
It’s March, and you decide to excavate your backyard in preparation for the installation of a new in-ground swimming pool. As you’re digging, you discover an ancient scroll. Inside this scroll is a recipe (of sorts). The recipe is for an unheard of new renewable mineral that is created by combining three other common minerals, sunlight, and water. Although the research is not definitive, it APPEARS that the new mineral is 100 times stronger than a diamond, yet – is malleable. Properties of this mineral allow it to be the ultimate “green” power source for everything from a rocket to an automobile. This mineral’s strength allow it to be used in a large variety of industrial applications. It’s brilliance makes the shiniest diamond look dull in comparison. It is the PERFECT mineral. You decide to name this new mineral…Ultonium.
Criticism and skeptics withstanding, there is no doubt that Ultonium is a great discovery. Since there isn’t a lot of absolute research that would clearly substantiate Ultonium’s place at the top of the mineral industry, the skeptics make it clear that claims about Ultonium are just that…a bunch of claims from a bunch of nut-jobs.
The big question is what to do next? You patent the Ultonium ten ways to Sunday, and then you take the Ultonium to Scuzzinscam Marketing Inc. so that they can get it out to market. Scuzzinscam Marketing Inc. recommends that – rather than market this in line with its suggested value, they believe that the best course of action is to market it like an informercial product (i.e. The Magic Mop or Shamwow). They want Ultonium out in the marketplace, want everyone to have Ultonium, and believe that the best way to make that happen is to sell it like it was a bottle of X-Mart shampoo…so that everyone can afford it and benefit from its powers.
As its discoverer, you have your concerns. There are skeptics out there who doubt the value of the Ultonium. Nevertheless, YOU KNOW – as do others, that Ultonium is in fact, very valuable. Although you don’t have much of a business background, you DO know that marketing Ultonium like it were just any old commodity will decrease its perceived value. And when perceived value drops, more often than not, so does the price that people are willing to pay for that product (or service). Scuzzinscam Marketing convinces you that you are “way wrong,” and that they know what’s best.
You decide to go with Scuzzinscam Marketing’s recommendation. Additionally, you decide to develop a large network of Ultonium distributors. These distributors received training and are licensed in everything that is Ultonium – whether it be its use as an energy source, or its use as a precious metal in creating indestructible time pieces. These distributors are called Ultonites.
After a few years pass, the number of Ultonites is pretty substantial. Still, because Ultonium and Ultonites are a threat to the establishment in the mineral industry, and a threat to the livelihoods of anyone marketing and selling anything other than Ultonium, the Ultonites are denied a place at the table. In other words, all the other “big hitters” in the mineral business want little to nothing to do with Ultonium or the Ultonites.
As time passes, the Ultonites find themselves in an interesting predicament. Because they found themselves at a place in which Ultonium is marketed like it was a 7-Eleven Slurpee, and because they have been “blocked” from the rest of the industry, many of the Ultonites decide that the only way to make a living is to “branch out” into other areas. Instead of taking pride and touting the value of Ultonium, many of the Ultonites start to combine Ultonium with gold – with silver – with pewter, and even push Ultonium to the side so that they can focus on selling more gold, silver, and pewter.
When you take something of value and you “water it down” (which is what happens when you “branch out” or “expand” into other areas), any perceived value is further diminished. This is FACT, not opinion.
Now, because the Ultonites only know one way to sell Ultonium – by cheaping it out and selling it like it was a time-share, the Ultonites realize that the number of Ultonites is dropping and the perceived value of Ultonium is far less than where it should rightfully be.
The POINT of this story is this: When you have something of value, you have to treat it with the respect that it deserves. As soon as you reduce your respect for your product or service, and lose focus on the value of that product or service, it will not be long before the perception of that value drops like a rock. From that point forward, you will fight…and fight…and fight an endless uphill battle.
If you find yourself in a place where you realistically acknowledge that the perceived value of your product or service is in the dumper, your only course of action is to create a “balls to the wall” strategy that restores your product or service to its rightful place. The same thing can be said about reputations, but that’s a topic for another time.
I hope you learned something today. If not, I truly feel bad for you…and feel even worse for your business.
Have A GREAT Day!
…Dr. Marc & The Mind Virus Team