Let Value Speak For Itself: Confidence, Pricing, and the Legacy of Auction

Let Value Speak for Itself: Confidence, Pricing, and the Legacy of Auction

Let Value Speak for Itself. 

We should be able to convey value without having to rely on pricing as the main selling point. If you price an item at ₦75,000, why should a prospective buyer feel the need to negotiate for less? The answer lies in confidence—confidence in both yourself and the product you're offering. This confidence takes time to build because it requires realistic feedback to fully develop.

When building a product or service, thoroughness is key at every stage leading to the final result. While perfection may seem unattainable, it’s the level of care and precision that builds confidence to price your product at whatever rate you choose. Be thorough in design, production processes, and the final touches. Even the smallest details matter, as they all come together to create the finished product.

When the final product or service is ready, it should speak for itself. The effort you’ve put into its design and production will reflect in the confidence you feel when setting its price. This is why luxury products often fit this criterion—they justify their high prices by their quality and uniqueness.

On the other hand, when a product's price is negotiable, it often feels like its authenticity is being questioned. In supermarkets, for example, prices are fixed—you either can afford it or you can’t. In other markets, prices are flexible, and trade-offs can often be made depending on the seller’s circumstances.

How to Make $1 Billion

Create a $1 product and sell it to a billion people: Creating the product is the easy part; reaching a billion people is the challenge. This might involve collaborating with an agency with a wide reach. For example, if a billion people will watch the next royal wedding, advertising your $1 souvenir on the channels broadcasting the event could be a golden opportunity, though it will take some serious networking.

Create a $1,000 product and sell it to a million people: This would be a luxury product, which comes with its own challenges in production and marketing. Selling to a wealthy audience also requires strategic connections.

Create a $1,000 product and sell it to 1,000 people repeatedly: This approach requires constant innovation and reinvention of the product to keep those 1,000 buyers coming back.

Create a $1,000,000 product and sell it to 1,000 people: Developing a million-dollar product demands creativity, innovation, and ongoing reinvention to maintain its value. For instance, a piece of land may be worth a million, and its value can be preserved or even increased if it’s located in a thriving area.

Create a $1 billion product and sell it to 1 person: A billion-dollar product would solve a billion-dollar problem. While it's an enormous task, it’s possible. This product would appeal only to billionaires, whose challenges might range from traveling to Mars to finding ways to extend life through cryogenics, or even combating climate change. It’s all about finding the right niche.

The Value of Auctions

Auctions offer a unique perspective on products. They celebrate the preservation of items over time. To me, auctions focus less on the buyer's emotions and more on the value and history of the item being sold.

A car that was once ordinary 300 years ago but was preserved and discovered today could become a priceless monument. Auctions serve as ceremonies that honor such moments.

Your most prized possessions today could be the star attraction for future generations long after you're gone. So perhaps treasure them a little more now—that’s what I believe auctions are telling us.