Still Don’t Believe That PRICES are ELASTIC?

One of my mentors, Dan Kennedy, talks about the concept of Price Elasticity, saying that at any given time, 20% of the population will pay for a luxury version of something.

Still don’t believe it?

Would you pay $2145 for an IKEA inspired handbag (on the left) like this one?

You can get the real thing (on the right) for 99 cents?

Back in the day, it used to be that cheap brands would knock off expensive brands, sending otherwise honest Moms to scour flea markets for knock offs of Coach purses for their tweens. (Been there, done that.)

Now looks like it’s the reverse–actually also nothing really that new, lots of high fashion knockoffs of what people are wearing “in the street”.

But the real lesson for entrepreneurs is that, as Dan says, “There’s a price for every person and a person for every price.”

Get your stuff out there. Know your audience. And don’t be afraid to experiment with just how elaaaaaaaaaaaaaaastic price can be!

Love to hear your stories of other examples of price elasticity.

Comment here or send them to support@tsufit.com

Tsufit
Author, Step Into The Spotlight!

P.S. Wanna grab my 11 free Spotlight Secrets series re how you can stand out & get noticed in just 30 seconds? Go to www.SpotlightSecrets.com

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