Today, I just paid 70,000 VND for a bowl of “Cam” fish noodles (Bún cá Cam) (the average is 35,000- 60,000 VND). There is nothing “disruptive” in the product or store that can rationalize that price. The store locates in a small, unknown street. The room is air-conditioned like other stores in the same areas. Nothing unique with the decorative style. But just one small (but decisive) point: there is a story about that “Cam” fish in the noodles, which is Da Nang’s specialty and transported fresh to Ho Chi Minh city.
I can’t figure logically why I happily paid for that price, because if you put me in a blind test, I won’t be able to tell the difference between fish. I didn’t pay that extra for the Cam fish, or the noodles or the store atmosphere. I paid for the “fresh Da Nang’s specialty” story.
People pay the perceived value, which is formed by a story. The story makes a product/ service a brand.
A T-shirt is a product. A T-shirt worn by Cristiano Ronaldo is a brand.
A piece of paper is a product. A piece of paper that is authorized by the government as the official currency becomes a brand.
Hold on, aren’t we using “brand” (money) to pay for “brands”? And we are paid for our “brand” (expertise) ?