Rolex Watch Analogy: A Concept that Can Change Your Fortune

One of the most accomplished copywriters on earth is Nick Usborne. I read about Usborne in the newsletter sent to me via email by American Writers and Artists Inc. (AWAI). As an icon and resource person in the field of writing, especially copywriting, AWAI used to make references to him.  

After reading some impressive remarks about Usborne in one of the AWAI emails to me, I got fascinated about him and clicked a link from the email that AWAI sent to me to visit Usborne’s website - www.nickusborne.com.

On his website, Usborne reveals that in his “virtual coaching program for freelancers who want to earn a lot more,” the financial success of a freelancer has less to do with his level of ability, but much more to do with perception of his own value.

To buttress his point, he explains the analogy of the ordinary watch and the Rolex watch: “You can buy a digital watch for $10 or you can buy a Rolex watch for $15,000. Both do the same thing…they tell the time. The Rolex doesn’t do a better job…but it has a much higher perceived value.”

In summary, Usborne’s lesson on how freelancers (and indeed any person) can earn a lot more is that we should have a very high perceived value of ourself.

But the question now is: how can we become Rolex in whatever we are doing? There are three lessons I learned from Usborne’s analogy   which I am going to share with you right away.

1.   Don’t Price Yourself Too Low

Often, in a bid to earn money  at all cost, we lower the prices of our  products or charge very low fee, thinking that we will attract high patronage, but we end up earning little or nothing.

While explaining the negative effect of pricing ourselves too low, Usborne recalled an instance where he priced himself too low and ended up never getting the job. In his words, “Several years ago, I sent in an estimate for a project. My price was $15,000. I didn’t get the job. It turned out that they had been expecting my price to be closer to $35,000 or $40,000. By pricing myself too low, I had undermined their perception of my value.”

The point here is: IT IS BETTER TO PRICE YOURSELF VERY HIGH THAN TO PRICE YOURSELF TOO LOW. This is because the price you place on yourself determines how you will be valued. The mentality of prospects generally is that low price connotes low value while high price connotes high value.

This is why people buy Rolex watch of $15,000 or $20,000 and buy other watch for $10 or $20, not that Rolex works better than ordinary watch. In fact, a research shows that Rolex used to have more problems than other cheap watch.

 

I think the lesson to grab here is that we should not be too desperate to earn money however little. If we are too desperate, we would fall into the temptation to price ourselves too low.

2.   How You Perceive Yourself is How You are Perceived By  Others

Another lesson I learned from Usborne’s analogy is that it is how you perceive yourself that others perceive you. According to Usborne, “People buy Rolex for $20,000 as against perfectly good watch valued $20 because of their perception of its value.”

Going by Usborne’s analogy, your work has less to do with its real value, and more to do with its perceived value. That perception resides in your mind and in the mind of prospects and clients. And for the prospects to have a high perceived value of you, you must maintain a very high perceived value of yourself.

Like the Rolex, the highest paid professionals are not necessarily the best; they are those who have a high perceived value of themselves and their abilities.

If your perception of your own value is very low, it may be very difficult for others to hold a high perception of you. Hitting harder on this point, Usborne queried: “Would you buy a Rolex watch for $200? Of course not, because at that price it must be fake.”

Your real value may not be fake but if your perceived value of yourself is too low, others will take it up from there and equally hold a very low perceived value of you.

3.   Upgrade Yourself

Upgrading yourself here means building your self-confidence. Self-confidence is crucial to your success. According to Usborne, “If you want to earn a strong 6-figure income, what you need most is self-confidence. It’s not the best copywriters who make the most money. It’s the copywriters with the most self-confidence.”

In building self-confidence, we should stop seeing ourselves as the low-priced watch. Rather, we should see ourselves as the Rolex in whatever we are doing. 

We should also believe that we are Rolex in our profession. And as Rolex, we cannot afford to price ourselves low.  If we do, we may end up creating the impression that we are either a fake Rolex or the perfectly good but low-priced watch.

Now ponder this: “If you don’t believe you’re a Rolex, why on earth would anyone feel the same way?”

In addition to seeing yourself as the Rolex and believing that you are the Rolex in your profession, you must also affirm constantly and loudly to yourself the following assertion:

“I am a Rolex in my profession.”

As you do this, it is my hope that you will not only build self-confidence, you will end up becoming one of the highest paid persons in your profession.

Until I come your way soon, go and live victoriously!