Apple is a perfect example of value in the mind of the user.
In my last post on this topic I had written about how value like beauty is in the eyes/mind of the user.
No one knows to exploit this better than Apple. You have seen photos of people queuing up in front of Apple stores hours before the opening to buy the newest iPhone to be launched.
I am not an iPhone user but we do use Apple computers at home. And when my last MacBook Air’s battery started giving me problems I decided to buy a new one. This was October last year. When we started looking, the first thing we noticed that Apple was intending to come out with a new processor based system soon. This processor would reduce battery usage by a fraction and performance was atleast 2 times more. So instead of immediately buying the readily available product we decided to wait because we saw value in that. Eventhough we also knew the price points would be much higher.
The M1 chip MacBook was launched sometime November last year in the US, but it was not available in India till April this year. And then the second wave of Covid hit India and everything was in lockdown. So again we waited. Finally we got our new Apple M1 MacBook Air in June end.
If you can create a position in the minds of the target audience, then cost becomes a secondary factor, it is the value that the customer perceives which makes all the difference.
Till next time then.