Remember what I told you in my PS at the end of today’s Monday Morning Memo?
“NOTE: That business owner who believed “money is the primary motivator” unconsciously targeted the low-profit Transactional customer in his A & B options, gaining the high-profit Relational customer only in option C.” – Indy Beagle
This is the passage to which I was referring:
Their belief in money as the primary motivator causes them to create a generous pay plan for their employees, then find success by:
(A.) lowering their prices to attract more customers, or
(B.) offering a discount or rebate to attract more customers, or
(C.) raising their prices to create a “prestige brand” like Rolex or Tiffany or Ferrari.
Their solutions to problems will always begin with the assumption that money is the primary motivator. And this deep, instinctive belief about “how the world works” will be correct enough to bring them a meaningful degree of success. But hiding in their blind spot will be a huge number of employees they can’t hire, and a large number of customers they can’t attract. These are people for whom money is not the primary motivator.”