This makes the $29 burger look like a bargain.
Yesterday, I shared what it's like to eat a $29 burger (a quarter pounder without cheese).
If you missed it, here's a link
Are you a Bruce Springsteen fan?
I was never a huge fan until I saw him live many years ago.
I've been to many concerts where the megastars go through the motions.
They could care less about putting on a great show.
You're just one city out of a hundred cities around the world.
A few times the lead singer admitted they had no idea they were in San Francisco because the tours go on forever and each venue looks the same.
I remember seeing Crosby, Stills, and Nash when Crosby was in the middle of his drug addiction phase.
He stood there like a statue for two hours obviously stoned out of his mind.
We saw the Beach Boys a few years ago and they were all statues going through the motions.
The saddest part was their voices were so weak you could barely hear them.
John Stamos was touring with them, and he was jumping around like a jackrabbit trying to excite the crowd of 70-somethings.
It was a strange night for sure.
Back to Bruce.
If you've never seen Springsteen in person, I highly recommend it even if you're not a big fan.
The energy he brings to every show is amazing.
The entire E Street Band brings it for every show.
They don't just go through the motions for 90 minutes and then move on to the next city.
They bring it for over 3 hours every night.
Guitarist Steven Van Zandt said he can't feel his hands because they go numb after playing for 3 hours without a break.
And Bruce leads the way with his endless energy.
Not bad for a 72-year-old.
Now to the point of my story...
Would you pay $5500 to see Bruce Springsteen in concert?
That's $1833 per hour.
The last time I saw them I think we paid about $200 which at the time we thought was outrageous.
Once we experienced their energy, we thought it as a bargain.
Recently, tickets were going for $5500 because they implemented dynamic pricing.
In case you don't know what dynamic pricing is, it's where the cost of the tickets are based on demand.
The San Francisco Giants introduced this years ago.
When the Dodgers are in town, you pay a premium for tickets because of the rivalry.
When my favorite team the Pirates are in town, we can get premium seats for pennies on the dollar.
It turns out Ticketmaster implemented the dynamic pricing for a Springsteen event in Philadelphia when they noticed there were 90,000 in the queue to purchase tickets.
Springsteen didn't know this was happening and he was pissed when he found out.
He didn't like the fact that Ticketmaster was taking advantage of his fans.
So, what should you pay for a Springsteen concert?
Our economy is based on supply and demand.
When you create a big demand for your products and services, you can command premium prices.
One exception to this is the price of gas.
The government doesn't set the price for a barrel of oil.
The market sets the price, but it seems like there are a lot of shenanigans with the price of oil which we can't control. We always suffer the consequences.
If you're just one of many providers and you can't differentiate your product or service, you are considered a commodity.
You can't command premium prices if you are a commodity.
If you are a coach, how are you different than the other 4 million coaches on LinkedIn?
You set yourself apart by building a solid reputation.
When you have a track record of helping others succeed, you earn the right to command premium prices.
You can charge whatever you want but if you charge premium prices and don't deliver premium results, your reputation will suffer.
Word travels fast on social media.
I didn't build my reputation overnight.
I've been at this for 20 years and I've helped thousands of people.
Not every client is a success story because you'll never bat 1000.
I have enough success stories that my reputation is pretty solid, and I stand by my work.
Do you command premium prices for your products and services?
When is charging premium prices taking advantage of your clients?
How much is a ticket to a Springsteen concert (or your favorite band) worth to you?
I'd love to hear your thoughts.