This illustrates the point – customers are selfish. They want to receive a better service then they are willing to pay for. I only want to pay $8.00 for a haircut, but I want it to look like a $50.00 haircut. That may be unrealistic; nonetheless, that’s what I want. There’s an old saying “a $100 shine on a $5.00 pair of shoes”. ; That’s what your customers are looking for when they pay money for your service. And it’s not necessarily about getting something cheap. In the haircut example, even if I chose to pay more money for my haircut, I would expect it to look more expensive than it really was.
It is a fact of life your customers will demand more perceived value than they are willing to pay for. So if you are a lawyer and charge $200 per hour, your clients won’t be satisfied unless they perceive the end result to be work at least $250 or $300 per hour. Your customers expect more value out of your service. It’s not a matter economics, it’s that your customers are selfish. They want that $100 shine or the $50 haircut. If you can provide that kind of exceptional value, you’ll create customers for life.
One other interesting phenomenon about the selfish customer, they want to know they made the right decision. They will look to re-enforce that decision in any way possible. One of the reasons we recommend companies to our family and friends is to re-enforce our purchasing decisions. Clients and customers that refer people to you may be the most selfish people you deal with. They want other people to see what they see, they want a third party to validate their purchasing decision. At the end of the day, customers are selfish and the more selfish the better for all of us.