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Why Apple Watch Pricing is Brilliant

Posted on September 10, 2014 by Jeremy Toeman

90s-snap-bracelet-photolist-500Until Monday I was “that guy” fully believing Apple wouldn’t introduce a “watch” – maybe some kind of wearable (I had imagined a slap-wrist bracelet thing with Apple awesomeness) – but not a watch. I felt that (a) some kind of “remote extension” to the iPhone/iPad made a ton of sense but (b) “nobody” wants a watch. And then team Apple strutted their beautiful stuff, and I thought “gee willikers, at $99 that could just be a hugely adopted mainstream device.” But when the $349 price tag appeared, I scoffed and hemmed and hawed (note: no, I didn’t actually haw).

I woke up this morning thinking a little different. At $349 they might just have created another phenom.

At $99, I’ve realized, it may have been ready for mass adoption, but then – the masses may well have not adopted it. It’d be up for comparison with the various crud coming out of generic manufacturers. But not at $349.

What I believe Mr Cook and his cadre have created, at this much higher price point, is another high-falutin product. One owned by those with disposable income, enough that they’d “toss it away” on a “gimmicky” product. One with built-in scarcity.

In other words: they are re-creating want in a product, maybe even almost-need to those who can’t just have it.

Unlike the iPad, whose value I saw upon announcement, the Apple Watch is not so clearly framed in my mind. I can’t yet visualize how I’d use it on a day-to-day basis, which always slows down my likelihood to adopt.

But, I can now see the want that consumers will inevitably feel. The pride with which the early adopters will strut down the streets, wearing obviously too-short sleeves to ensure that everyone around will see they were first.  And one day it’ll drop to $299, then eventually some much more accessible price, perhaps even as low as $99 for a Watch Mini in a few years. Smart.

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Posted in Gadgets | Tags: Apple, apple watch, marketing, pricing, scarcity | 2 Comments |

Why I Miss Scarcity (and why it's the only thing that matters)

Posted on April 16, 2012 by Jeremy Toeman

Back in college (ah, college), some buddies and I road-tripped down to New Orleans (thrice) to experience New Year’s Eve and/or Spring Break.  Good times had by all (thankfully this all happened in the pre-camera phone era).  Whilst there, I enjoyed local beignets, chicory coffee, and discovered Cajun Power Sauce. Yum.  I bought 4 extra bottles for the return, one to keep, the rest as gifts. By the third visit, I bought a dozen bottles, since everyone loved it and it wasn’t findable in the Pittsburgh vicinity.

Today, it’s not a big deal.  You can buy it online, from a variety of vendors. When I was a kid living in Montreal, the winter was a special time, as everybody knew someone returning from a Florida vacation, which meant a bag of fresh oranges/grapefruits.  Today, every supermarket everywhere has fresh produce, available pretty much year-round, coming in from around the world.  Today, I can order a fresh Maine lobster, have it arrive tomorrow in San Francisco packed in ice.  And it’s not just food.  With globalization, just about everything is a Google or Amazon search plus FedEx delivery away.

I was thinking about a few of my “favorite” things, and while none are mittens, most are the things I own that are more scarce than the rest.  The outdoor furniture my wife and I bought on our trip to Vietnam.  The shirts I had custom made in South Korea.  The t-shirts I order from CafePress are also fairly special to me, but no more so than the fridge magnets I pick up for my kids in every airport I visit.  All are hard(er) to find.  But the stuff I really like?  The highly limited run shirts at Threadless – until I bump into someone with the same shirt on. Sad face. My favorite t-shirt is one I bought from a UK-based semi-custom t-shirt store (pictured to your right – feeling good Billie Ray!).

I think there’s some kind of weird link between scarcity (or faux scarcity) and hipsters, who know about bizarre Japanese imports, coffee shops with no signs, and DJs who only play hidden clubs at 3am.  Think about the cache of being the first to discover some amazing artist, or having an iPhone case nobody’s seen before, or remembering that you played DrawSomething back when it was just a Facebook app.  Or knowing about Double Double Animal Style, back when it was actually a secret. Or having seen the original Hunger Games, when it was called Battle Royale.  Etc etc etc

At home we can make genuine chicory coffee imported from New Orleans.  We can find the recipe online for making Caffe Du Monde beignets.  I just ordered a bottle of Cajun Power sauce (and you should too).  But the truth is, I miss scarcity.  I miss things being hard to find.  I actually miss the feeling of missing out on being able to get something.  I also believe scarcity is power. Scarcity is the new hip.  Having “the only one” or limited production runs, etc matters.  Think about the desire for sites and services that launch “in beta”.  Think about the power of “only XX made – ever.”  I predict hyperpersonalization will be augmented with hyperlimited productions, and that will cross the lines between physical and digital goods.  And that’s something I can get excited about.

Abundance is a really great thing, except maybe when there’s just too darn much of it.

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Posted in General | Tags: abundance, battle royale, cajun power, double double animal style, drawsomething, hipsters, hunger games, iphone, scarcity, trading places | 1 Comment |

About

Jeremy Toeman is a seasoned Product leader with over 20 years experience in the convergence of digital media, mobile entertainment, social entertainment, smart TV and consumer technology. Prior ventures and projects include CNET, Viggle/Dijit/Nextguide, Sling Media, VUDU, Clicker, DivX, Rovi, Mediabolic, Boxee, and many other consumer technology companies. This blog represents his personal opinion and outlook on things.

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