I’m now doing renovations to my showroom at an extremely low budget and I have to somehow create a miracle and transform the showroom into a showroom that people will give good comments to while displaying as many items for retail sales and yet create some level of exclusivity to make some items more up-market.
We all know we can’t have the cake and eat it, but what happens if that is your task? Darn, there will soon be a food fight.
Other then just doing renovations together with a few enthusiastic staff, there were lots of thoughts racing thru my mind and the issue of Cost and Value came to mind. Whats the difference between cost and value? At first it might seem almost the same thing, but when you really understand those terms, they are almost miles apart. I’m no business guru, but would love to share some of my thoughts.
The cost of something is how much it takes to actually acquire the darn thing.
The value of something is how much someone is willing to part with in order to acquire the darn thing.
So i might buy a thing for $X, thats my cost. Now whats its value?
I leave the thing at one corner to collect dust, i don’t talk about it, I just leave it. Some people touch it, some people drop it, now whats the value of it? How much someone is willing to part with in order to acquire the darn thing.
I display the item nicely with good lighting, nice packaging, with a nice salesperson doing a demonstration. I market it and subtly tell people what its all about and somehow it gets a cult following, now whats the value of it? How much someone is willing to part with in order to acquire the darn thing.