There was once a CEO who ran a hugely successful company out of a high-rise building in Manhattan. One day, a fuse blew at work and the business was left without any power. The CEO called for an electrician who came out to the building promptly. The businessman showed the electrician the service panel where a bundle of interconnected wires lay. The electrician examined the panel, took two separate wires and joined them together. Suddenly, the building lit up and power was restored. Delighted that the company could get back to business, the CEO asked the electrician how much he owed him. The electrician produced a bill for $600. Shocked, he asked how that could possibly be – he only had to connect two wires and the job took less than a minute. The electrician smiled and told him frankly: “Connecting the wires comes in at just two dollars. But knowing which wires to connect costs $598.”
Specialized expertise and knowledge is highly valuable at every step in business. I’ve spoken in the past about how rebel entrepreneurs surround themselves with the best of the best from their respective fields. Their knowledge works hand in hand with the entrepreneur’s vision in order to make the product the best it can be. The expertise that strengthens the product can then be reflected in the pricing. Customers want to be assured that the products or services they buy are safe, high-quality and crafted with expertise.
I developed my own products with this understanding in mind. When users download Complete Anatomy, they are not paying for the application itself. They are paying for a wealth of expertise that has been poured into the platform from qualified medical professionals as well as talented 3D artists, designers and developers. And, it is this knowledge that makes Complete Anatomy so popular with customers, who are able to use it in their studies and work.
Benjamin Franklin once said, “An investment in knowledge always pays the best interest.” Rebel entrepreneurs understand this and when they develop a product, they don’t skimp on expertise.