“The Passion Economy” Quotes

I recently read “The Passion Economy: The New Rules For Thriving in the Twenty-First Century” by Adam Davidson. Below are the quotes I found most interesting.

“Most businesses that struggle do so because they fail to understand the value they are (or should be) creating or fail to capture the value they have created.” (22)

“What are you selling? Who most wants it? Why do they want it? How do they pay for it?” (24)

“Pick your customer.” (25)

“Pick your competition.” (27)

“Aim for a product whose price is determined by the value it provides the customer, not by the raw material that is used to make it.” (67)

“For most of the twentieth century, the safest, most lucrative strategy was to be as much like others as possible. In the twenty-first century, the best strategy is to be fully yourself and to highlight your areas of difference from everyone else.” (74)

“The very act of charging considerably more ensures that the kinds of customers who won’t truly value [your company’s] offerings won’t hire them.” (120)

“You have a price, and then you find customers who understand that it is worthwhile to pay that price for the benefits they hope to receive: benefits based on very specialized knowledge.” (122)

“Price should be a bit shocking – a couple of notches higher than the prospective customer was prepared for. You want him to have an uncomfortable moment where he truly has to ask himself if this is worth the investment.” (122)

“Always use the word “investment” to signal that this is not money the client is losing but money he is spending so that he can make more money later.” (122)

“For any business to attract some group of passionate followers, it must contain elements that some people will love and others will dismiss, or even find off-putting.” (140)

“The key to success was not coming up with new things to sell; it was in the efficiency of the operation that was used to make a standard product. The victors in key market areas were not those with the most original products but the companies with the best systems for manufacturing standardized goods.” (166)

“Most (textile) companies kept doing the same, safe thing, right until they collapsed.” (180)

“Do not be a commodity. Do not be easily comparable to other people who have, roughly, the same set of skills and the same background.” (187)

“Write down what you do for a living and then circle those things that bring you real joy.” (243)

“Three core values made work more satisfying for employees and, simultaneously, made them more effective at their jobs: One: people want to feel some sense of autonomy over their work, feel that they can make choices that will have an impact. Two: they want to feel a sense of belonging to the organization they work for. Three: they want to trust their company and their bosses.” (263)

Did you like the quotes? Check out the full book here.