Though folks from Chicago will disapprove, I like ketchup on my hot dogs.
I go straight for the bottle of Heinz when I shop for groceries, even though the price is double that of the store brand.
I am willing to pay for better ingredients.
In my opinion, high-priced ketchup tastes better.
Is some of that good marketing and years of branding? Of course.
But I’ve tasted my share of generic ketchup and … no.
“Real tomato ketchup, Eddie?”
“Nothing but the best, Clark.”
But how do you explain Giant brand ketchup being priced nearly double that of Clover Valley when the two are produced and bottled by the same company?
When it comes to ketchup pricing, quality drives price and marketing makes up the difference.
The same is true with how people are paid within a company.
Performance ties loosely to how people are paid.
Perform better and a smart company will pay for better production.
But some people make significantly more and deliver the same results. How?
For starters, you could be related to the owner. Managers play favorites in all sorts of silly ways.
But the rest is marketing.
Some people are better at reminding their company of the value that they bring, tangible and intangible.
Heinz doesn’t just let their product speak for itself. They remind us daily through advertising.
If you own any business, you need to understand the power of a brand.
A performance coach working from their parent’s basement is not going to charge the same hourly rate as Tony Robbins.
To close that gap, they must become more effective as a coach but also let the world know through marketing.
It is not by accident that 95% of people reading this post know who Tony Robbins is. He deliberately markets his ability to help people.
If you want to be paid a premium for your services, you must do the same.
This is no different whether you own a business or work for one.
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