Demand, Supply and the Perception of Value.

Demand, Supply and the Perception of Value.

Demand

When money is not an object, the best is served.

Monarchs, nobles, and the wealthy demand the best and take pride in accessing the best that money can buy. They will enjoy the best food, vacations, and opportunities because they can.

If they need something, a service, product, or experience, they seek out the exclusive, the illusive, and the limited. They will seek out the best. 

“If you are the best, no one expects you to be cheap. If you are cheap, no one expects you to be the best” (unknown).

Supply

This demand quirk of the rich and nobility allows experts to participate in this space because their less qualified counterparts will be quickly weeded out from supplying to this audience. 

Those who can afford whatever they want will access the very best - and that opportunity has to be identified and known as being the very best. In other words, that thing, person, and experience also have to have a measure of notoriety for being the best. The confidence that comes with knowing the perception of best is widely known is part of the allure.

This is where supply is challenged. This audience is hyper-aware of cheap fakes trying to pass as the real. They become experts at identifying the nuanced, subtle tells of the authentic that are ignorantly absent in the fake. Just as there are knockoffs for Louis Vitton accessories, the genuine can be quickly identified from the fakes with a closer look.

Excellence shows up in all aspects of things identified as among the best. Those who care less about quality and more about quantity pay less attention to the details of most things. Attention to detail is a supply secret for those who lead the industry as the best. Attention to detail is often expensive. It is a white-gloved concierge level of excellence in all aspects of the delivery to the end user. Offering that level of excellence tends to lower voluminous availability. Lower supply leads to increased prices.

The Problem

Price never guarantees quality, but a high price assumes high value. Ultimately, the delivery that follows confirms or disputes that assumed value. Some experts should consider raising their prices. The problem is that where perceived supply is more significant than demand, the price is often low or lowered. This is not because quality is absent but because value awareness is missing.

If there is no distinction between suppliers, all are lumped together in the competitive bucket. When a distinction between suppliers and an expert is set apart as the best, they are not one of many but one of a few. You must be identified as an expert worthy of high-value attention so the world will not mistake you for being one of the wannabes. 

PSI TV consistently interviews experts, and it became clear that many experts are the equivalent of hidden gems, a secret to society despite having years of credentials, experience, and mastery. In other words, these experts are diamonds sitting in a box with cubic zirconas. 

The Perception of Value

When world leaders traveled to meet with King Solomon to learn from his wisdom, they did so because his fame had become well-known worldwide.

As an expert, being known for what you do and eventually being known as the go-to person in your niche is good and Biblical.

The Bible says in Proverbs 22:29, “Do you see someone skilled in their work? They will serve before kings and not before officials of low rank.”

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