One of my favorite behavioral economists, Meir Statman, devised a concept known as “brand personality." Essentially it says that your brand (and it may be your personal brand) is made up of three parts:
- Utilitarian: What the brand product(s) (or you) actually does
- Emotive: how the brand makes people feel about themselves when they associate themselves with the brand (including you)
- Emotional: how your brand makes you feel about yourself
This model helps to explain why some people will pay $30,000 for a watch that doesn’t keep time as accurately as a $25 watch. Imagine your sales results if your brand had achieved this status -- I would get started on it right away!