SHOW NOTES: •We think the higher the value, the more we can charge. •However, at a given point, people believe they get what they pay for and those lines cross. •The point at which they cross means your brand is strong. •No one needs a Bentley for transportation, a Brioni for attire, a Bulgari to tell the time. But they assign great emotional value in their association and display. •The wrench story. •Many people made money during the pandemic and rough economic times by raising fees. It's easier, of course, to lower them, and to go out of business! •Mercedes made a mistake going "downscale," then failed to go "upscale" with the Maybach. •At the outset, raise value to raise fees. When your brand is powerful, change the order.