Top 6 – June 2009
An economist, finance executive, and marketer walk into a PWYW bar. The finance executive says: “With pricing like this, how can this bar stay open?” The economist looks around and sees a customer paying and says: “That guy is irrational.” The marketer replied: “Perhaps, but he is predictably irrational, and therefore reliably profitable. Now, who is up for slivovitz?”
- One in three Americans classify themselves as a minority.
- In democratic societies, on average, people have a strong desire for an equal allocation of resources. This moderates the concept of fairness as one traverses the globe.
- We have moved into the “relationship economy.” Traditional marketing has reached an impasse. Social Media is no myth.
- Under PWYW, any homoeconomicus customer would rationally pay a price of zero. Yet, we people are not simply homoeconomicus and PWYW can be profitable.
- Companies miss the whole enchilada when they cling to the concept of the melting pot.
- From Tequila to Slivovitz, now that is multicultural marketing … AND a normal afternoon in Texas.