December 1, 2008

Understanding value

Selling what's buyingWhat's the fastest way to go out of business? I'd venture to say that it's having a product or service at the wrong price. (that or having no revenue model) Nowhere is this highlighted more obviously than in fantasy markets such as the one in World of Warcraft. There are literally thousands of products you can sell on the open market, and yet an astonishing number of people who play the game are not in-game wealthy. Why? They're not selling stuff that others want to buy, or at the price they're willing to buy. There are an astonishing number of auctions in the game Auction House that are mispriced well beyond what others are willing to pay.