Monetization Law Number #15
There is no set market price for your product or service; as your product or service is unique!
Market forces only operate in a market. Create a market of one
Who you charge depends on who hears your price signal.
This chapter explains the value of creating a market of one. Where only your product or service offers the best solution.
The Rule provides a quick monetization heuristic i.e. a rule of thumb in operation, a kind of —do this— and you’ll be 80% of the way there.
Rationale explains why the rule works with deeper insights and its use in practice.
Rabbit hole provides more in-depth resources and recommendations for anyone wanting to spend more hours researching each topic.
⓵ Rule 📖
⓶ Rationale 🧠
⓷ Rabbit Hole 🐇
⓵ Rule: Monetization Law #15 📖
Words affect monetization long before numbers! Hence expression, explanation and editing, not engineering, offers the highest monetization and ROI outcomes.
⓶ Rationale: Monetization Law #15 🧠
Your monetization should be as unique as your positioning.
Positioning your product the same as others often invites unwelcome competition and comparison.
As noted before, the best comparisons are between your product and your product, not yours vs. your competitors.
Differentiating your pricing requires emotional anchors to be firmly put down alongside the mathematical and psychological anchors.
A fictional example of an emotional anchor is provided in the rabbit hole section:
Don’t play the same game
Your pricing should not be the same as your competitors.
Your product or service is unique! It doesn’t matter if your price is higher or lower than the market; it should never be positioned as the same.
Unique positioning will drive your monetization. And, storytelling drives your positioning!
⓷ Rabbit Hole: Monetization Law #15 🐇
This is not an Italian restaurant!
||“This is not an Italian restaurant.
Our restaurant uses recipes handed down from the Pugliese renaissance, hand transcribed and lovingly maintained for over 400 years by our forefathers.
We keep this tradition alive so you can walk in their footsteps, live and breathe the air of renaissance enlightenment.” ||
Marketing copy aside, your restaurant cannot be the same as other Italian restaurants, as your restaurant is not an Italian restaurant!
It’s Pugliese, with recipes originating from over 400 years ago!
What price Pugliese cuisine?
Well, that depends on the value of 400 years of love.
And love, love never comes cheap!
Part One—subvert the category norm; disarm system one
The first message here is that you have dispelled the notion that the system one would use to anchor your restaurant offering and pricing to that of the familiar pizza, pasta eatery.
The decor, the service, the pricing, all opinions would be pre-formed before entering the premises.
This must be subverted if you want to differentiate your monetization.
Part two—establish a story; engage system two
By specializing/niching in a lesser-known region of Italy, we’ve most likely stepped the customer into the unknown.
System two of their brain is now engaged.
Now for the monetization anchors: renaissance, forefathers, enlightenment, recipes lovingly maintained for over 400 years.
All read as quality over quantity, experience over expense. The emotional anchor is set.
Differentiate your pricing by differentiating your positioning.
🐇 Additional Research 🐇
The 22 Immutable Laws of Marketing is a absolute gem of a book.
Al Ries and Jack Trout nail the Mark Twain concept of taking the time to write a shorter book.
Super short by today’s NYT bestseller standards; it is one of the most influential books in the strat-e-gym thesis that monetization could be explained in 25 laws or less; we settled on 24!
