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You need to hear this story I came across. It?s a story that will teach you the three things you must know to succeed in business.
In New York in 2009, there was a Internet auction to sell a comic book.
Now that?wouldn?t?be anything special except for the amount that it sold for.
You see, at that point in time, the amount it sold for was?one of the highest prices ever paid for a comic book.
Why? Keep reading. You?re about to see why.
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The winning bid was for the?1938 edition if Action Comics, which featured Superman lifting a car on its cover.
The winning bid was submitted by?John Dolmayan, drummer for the rock band System of a Down.
It was submitted to the auction site?ComicConnect.com?which ran the auction?of this rare copy of the first comic book featuring Superman.
You might not realize this, but besides being a musician,?Dolmayan is a dealer of rare comic books.
This comic is so rare that they say that?only about 100 copies of Action Comics No. 1 are known to exist and they hardly ever come up for sale.
The amount that was paid for the comic book shows just how valuable the issue was in the opinion of the buyer.
What I thought was?ironic was that the guy who previously owned the comic book?originally purchased it in a secondhand store in the early 1950s when he was only
9 years old.
And do you know how much he paid for it when he purchased it?
He paid?35 cents.
And do you know what the winning bid for his comic was???$317,000!!
Can you imagine paying 35 cents for something that you can later sell for $317,000!?!
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There is something about these types of stories that really appeal to many of us.
In fact, I think this type of story appeals to us so much that it?s the underlying basis for many of the top reality shows on TV these days.
Think about the common theme in these shows: American Pickers, Pawn Stars, Property Wars, Storage Wars, Antiques Roadshow?
These shows all have?2 common underlying themes.
They?re about:
- Uncovering a treasure someone else?isn?t?aware of.
- Having a treasure right under your nose that you don?t even realize is there
There is also a common bidding element on most of these shows.
Once the item is found bidding takes place before someone can get the treasure.
I?ve learned a lot about negotiating from watching these shows. ?But the key lessons?I?ve?learned are that to be successful in bidding and in auctions you must know two things:
- Know what something is worth
- Know what you?ll take for it and what you won?t
Why am I telling you these things today?
I believe the same things that are required to succeed in these situations are the same things you must know to succeed in business.
- You must know what your product or service ?is worth ? to you and to your customer.
- You must know the amount you are willing to accept as payment and what you won?t take for your products or services.
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There is something very important that separates very successful businesses from those that continue to struggle.
The?successful businesses know how to create what I would call ?rarity? so the amount they get for their products and services is way beyond what other businesses can expect to receive.
It?s what sets Apple apart from the average computer company.
It?s what separates the Four Seasons from Motel 6.
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1. Know what your product is worth ? to you and your customer.
2. Know the amount you are willing to accept for payment and what you won?t.
3. Don?t sell average products. Sell treasures. Products and services that are rare. Products and services that people will gladly pay top dollar for.
This is the only way to increase the value of what you offer in the eyes of the buyer.
That is how you receive what you deserve (and more) for your products and services.
That is how you succeed instead of struggle in business.
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