What is the true value of something?
In Ep #9 we are exploring the idea of price discovery and how this can be applied to your product, idea, show, podcast, art, etc etc. When you allow someone to choose for themselves the value, you might be surprised at how high they will set that limit (as long as you are asking them to choose and think about it). When limits and artificial restriction in the form of paywalls or mandatory pricing is introduced, this can really distort they way someone will act/feel/think towards you and your creation.
No boostagrams this week, sad puppy :'(
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[00:00:01]
Unknown:
Hey, Hey, and welcome to anotherepisode of the value for value Podcast, the podcast for thosewanting to understand the value for value model. My name is Kyrinand I'm a podcaster, here in sunny old Brisbane, Queensland,Australia. And I myself am on the journey of trying tounderstand the value for value model and how I as a podcaster,can introduce this into my podcasts and make this a longterm long effect, engagement with my audience and be able toconnect with them in different ways and get value from them indifferent ways and give value to them in different ways. So lotsof fun things going on. In episode nine, it is called TrueValue requires subjective price discovery. So what is pricediscovery? And when is it an option? So this is a interestingtopic, because I suppose I'm going to go into how you can usethe price discovery mechanism of your audience to get them toreally truly judge what they think of the show and how theywould value it essentially. Now, obviously, this can't work foreveryone. So some companies need steady revenue, for example. Butwhat if you don't need that, so let's put yourself in myposition here. I'm a podcaster.
Just doing it all on my own, Ido my own audio editing, the videos, the production,everything's on me. And so I have no need, in particular forquick cash or money grabs or anything like that. And I reallywant to just let my own audience discover, hey, what do you thinkof the mere mortals podcast, for example, my, my main channel andget them to decide what they think of that. So a question is,what is the true value of something? And well, I think theanswer this is relatively easy, it's whatever people decided asworth. So that's what the true value is. Now, this can belooked at the form from a group perspective, ie, a company is,has a market cap of x billion dollars. And you could say,okay, yeah, that's the true value from a group perspective,that is the input a single number on that, hey, that's whatit is worth. But when you think about this, this is made up ofvery many small individual valuations by the people holdingthe stock of the company. And each one of them in the openmarket forms that that larger valuation, but it's really eachperson deciding you know, what, I think it is worth $2 pershare, I think it is worth this much per share. And that's whyyou will buy it and hold it for certain periods. Or you might beusing it for day trading, whatever it is, each persondecides. And I think this is really applicable to music, art,each individual episode, a blog post, for example. So I couldhave someone look at this and each individual episode and say,You know what, I think this is worth this, I think this isworth that. Now, this could be worth nothing. And you couldactually hate it. That's totally fine. Or you could think, youknow what, this was really good.
I wish I could give back tothis. And so I'm going to play a little clip now. And this isfrom Dave Jones when I had him on the mere mortals podcast,which was on Episode Oh, 50, something I can't remember allit'll be appear on your screen right now, if you're in a goodpodcasting app. And now Dave, has some great ideas on thevalue for value model. And he was the one who actually made methinking about this price discovery and why it can be sosubjective. So here's a little clip from Mr. Dave Jones. And then you're not setting theprice. You're letting the listener set the price, becauseeverybody's value, everybody's value judgments are subjective.You know, I can really love this show. The guy next to me mightnot like it at all. And there's everything in between on thatspectrum. So you know, if you limit and say, Okay, you cansubscribe to my show, but it's gonna cost you $5 a month. Well,what about the guy that would have given you $500 a month,that guy is now artificially restricted to only give youfive? So anyway, that's the value for value model itself,you know. And then what we did with podcasting, 2.0 is bringthe technology and to make it meet a payable within the playerand all that stuff.
So there we have it, everybody'svalue judgments are subjective. I really like looking into thelanguage that people use sometimes and see what that cangive an indication of and you'll notice he said some things likelimits and artificial restriction. And I'm going totie this to something a little bit out of left field, so justbear with me here, but I really like diving into history andespecially if you've read much of the USSR, you'll notice thatwell, there was a whole lot of reasons why that regimecollapsed, I guess, but one of them and maybe the core reasonwas simply economical, it couldn't handle the weight ofits own bloatedness of The inefficiencies that were goingon, then this was a lot related to communism and the practice ofcapping prices and putting prices on things and doing thatfrom the top, and then going down. So this is the governmentsaying, hey, this, the price of wheat is going to be this muchfor everywhere in the country, it's going to be worth this inUkraine, it's going to be worth this in Russia, it's going to beworth this in Georgia, you know, all sorts of different places.And I think one of the reasons that this was a really bad ideawas just that, that altering the price, in this sense, is, isrestricting people because they can't value things the way itshould be. So if it's incredibly difficult to produce wheat inUkraine, and it's super easy in Georgia, like it makes no sensethat it should be have the same dollar value to it. And thenthis is why generally, the free market is a better idea, becausethen everyone gets to put their own price on things. And thenthe market can sort of decide, okay, this works this way, etc,etc. And generally using that model, that model, everyone getswealthier. And so I think when you're just using artificialrestriction on people, and their judgments, and how they decidehow they want to do things, yes, that can lead to weird judgmentsand obviously, not producing the net wealth of everyone going up.And you can have certain people getting extremely wealthy, whichstill happens in capitalism, but the sort of like a rising tidelifts all boats sort of thing rather than in communism, thatit's the the pie doesn't expand with the with the system itself.So a little bit of a digression there a little bit history. Butwhen you start to think of something like this, you cansay, Okay, but how does that apply to my podcast, forexample, like, people making individual decisions? How can Irestrict that, for example?
Well, Dave mentioned that justthen you can put a cap on each episode or a paywall, and say,hey, you need $5 to access this. And the thing with that is,you're always only going to get people going up to that point.So you're going to get those people who say, Yeah, you knowwhat, that's, that's worth it. And they probably be even goingto say, I would have even paid $6 for that. And but they can't,because it's restricted at five. And then for everyone else underthat, well, obviously, they're not going to meet the benchmarkof five, so they'll won't join that. So you can make it five,but maybe some people would pay 500. And then once again, you'reasking, Okay, that's, that's okay. But you know, who's gonnapay 500 for my podcast? Well, the good thing with this is wehave the example of Adam curry on his show with no agenda alsowith Dvorak is also on that show. And he's proved this, he'sproved, hey, you can actually if you produce enough quality inyour show, if you're consistent enough, and you ask people, youcan actually get people donating large sums of money to you. Andso you're like, oh, five, $50?
That's nice. 500? Well, that'spretty cool. I believe recently, he even had a single donation of5000, which is just, like ridiculous, it's, it'sridiculous that someone would send that amount. And look,honestly, the the amounts for you at this stage, whoever youare, is, is probably going to be small, and you know, sort ofinconsequential in a way. But with time, and with practice,and with energy, you can hopefully build that up and makethat into something sustainable. So, you know, doing a podcastfor free all the time. Depends how much time and effort you putinto it, of course, but that isn't fully sustainable. And youwill have to look at some way of, of keeping your head afloat,because obviously, when you're doing things, and if you'reputting value out into the world, you do expect some ofthat to come back. So I feel in the end, you have to decide andif it's not you, then you're either getting overcharged. So Iif you're you have this paywall I really liked the show, butman, I'd really don't like it at $10 a month, but alright, Iguess I'll pay. That's when you you could have some sort ofresentment there. So I would even argue most people won't dothat. But you know, there might be a couple who jump up to that,that $10 limit, but they'll probably feel a little bitsomething of like, you know, do I really want this. And thenobviously, you've capping it with the others because you'resaying to them, Hey, this show can only be worth $10 for you.And they might be going oh, you know, it's only worth $10 To me,this this show used to be good in my mind. And so, I think itcan be slightly distorting about how you feel think and acttowards that object idea or what product whatever it is that youyou have in your head about that thing. So I definitely am moreof an advocate for the subject of price discovery, if I canchoose how much I want to donate to something called give tosomething or buy this product.
You know, I would prefer myselfobviously to, to be able to choose that. Now, obviously,this has to be taken into consideration with where it'scoming. Once again, I can't buy a TV for $1 Just because I wantit to be $1. That doesn't work that way. But in the terms ofthis world of podcasting of art creation of doing somethingindependently, or you know, maybe even a small group, maybethe subject of price discovery value for value model is the wayto go for you. So that is my little thoughts on that. Nownormally, this is the time for the boostagram corner and Iwas going to play one of the jingles that Adam curry actuallycreated for me on his podcasting 2.0 show when I sent some valuehis way and asked him for it.
Unfortunately, there's noboostagrams this week, sad puppy noises weren't weren'twell, so my boostagram corner, my boostagram lounge forthis week is actually going to be, hey, send me a boostagram,and then you'll get to hear that jingle. So I really do enjoy thethe boostagrams, once again, for the value amount. Yeah, youknow, that's nice, but more, it's the interaction because youcan get some really fun, different discussions that aremore related to your podcast episode. And if you really wantto examine this, go check out the mere mortals, meanderingsepisodes, where we read out our boostagrams, and you can seejust how much of a difference it can make in terms of theinteractiveness and the quality and ideas that come out of theshow. So that is my little boostagram lounge for thisweek. And a tip as always, to end off with or a recommendationor suggestion. And I'd like you to have a think about some areaswhere your love has maybe gone away for something. So maybe youreally enjoyed some music that you were listening to on iTunes,and then you know, you were forced to pay $1 A Song for itor whatever the amount is, it's been a while since I've actuallyused iTunes. And maybe that's been distorted because you arepaying an amount that is either too much or too less. And youknow, you maybe you should have a look at some of those things.And I'd encourage you, and if you're listening as a podcaster,or artists, creator, whatever, encourage your listener to valuethe show, however they want to and so give them that option todo that. Dave mentioned right at the end that they have worked onthe technology to do this. So this is using the value forvalue apps. So if you go to new podcast apps.com You can findsome of these and look under the Value tab. I'll list some ofthem off the top of my head we have breeze curio caster podfriend fountain FM cost ematic.
Paul pod verse, I believe evendoes that now so there's a couple for you right there. Ourpod station if you're really interested in in doing this, youcan do that via the desktop or a Chrome extension at add on. Solots of cool ways. Lots of cool ways for microtransactions andthis new world of the podcasting 2.0 value for value andintroducing the ability for you to have true value coming in forwhat people actually think of your show of your product ofwhat it is you're creating. And yeah, it's a fun world and Iencourage you to jump in. So that is it for today. Kyrinsigning out
Hey, Hey, and welcome to anotherepisode of the value for value Podcast, the podcast for thosewanting to understand the value for value model. My name is Kyrinand I'm a podcaster, here in sunny old Brisbane, Queensland,Australia. And I myself am on the journey of trying tounderstand the value for value model and how I as a podcaster,can introduce this into my podcasts and make this a longterm long effect, engagement with my audience and be able toconnect with them in different ways and get value from them indifferent ways and give value to them in different ways. So lotsof fun things going on. In episode nine, it is called TrueValue requires subjective price discovery. So what is pricediscovery? And when is it an option? So this is a interestingtopic, because I suppose I'm going to go into how you can usethe price discovery mechanism of your audience to get them toreally truly judge what they think of the show and how theywould value it essentially. Now, obviously, this can't work foreveryone. So some companies need steady revenue, for example. Butwhat if you don't need that, so let's put yourself in myposition here. I'm a podcaster.
Just doing it all on my own, Ido my own audio editing, the videos, the production,everything's on me. And so I have no need, in particular forquick cash or money grabs or anything like that. And I reallywant to just let my own audience discover, hey, what do you thinkof the mere mortals podcast, for example, my, my main channel andget them to decide what they think of that. So a question is,what is the true value of something? And well, I think theanswer this is relatively easy, it's whatever people decided asworth. So that's what the true value is. Now, this can belooked at the form from a group perspective, ie, a company is,has a market cap of x billion dollars. And you could say,okay, yeah, that's the true value from a group perspective,that is the input a single number on that, hey, that's whatit is worth. But when you think about this, this is made up ofvery many small individual valuations by the people holdingthe stock of the company. And each one of them in the openmarket forms that that larger valuation, but it's really eachperson deciding you know, what, I think it is worth $2 pershare, I think it is worth this much per share. And that's whyyou will buy it and hold it for certain periods. Or you might beusing it for day trading, whatever it is, each persondecides. And I think this is really applicable to music, art,each individual episode, a blog post, for example. So I couldhave someone look at this and each individual episode and say,You know what, I think this is worth this, I think this isworth that. Now, this could be worth nothing. And you couldactually hate it. That's totally fine. Or you could think, youknow what, this was really good.
I wish I could give back tothis. And so I'm going to play a little clip now. And this isfrom Dave Jones when I had him on the mere mortals podcast,which was on Episode Oh, 50, something I can't remember allit'll be appear on your screen right now, if you're in a goodpodcasting app. And now Dave, has some great ideas on thevalue for value model. And he was the one who actually made methinking about this price discovery and why it can be sosubjective. So here's a little clip from Mr. Dave Jones. And then you're not setting theprice. You're letting the listener set the price, becauseeverybody's value, everybody's value judgments are subjective.You know, I can really love this show. The guy next to me mightnot like it at all. And there's everything in between on thatspectrum. So you know, if you limit and say, Okay, you cansubscribe to my show, but it's gonna cost you $5 a month. Well,what about the guy that would have given you $500 a month,that guy is now artificially restricted to only give youfive? So anyway, that's the value for value model itself,you know. And then what we did with podcasting, 2.0 is bringthe technology and to make it meet a payable within the playerand all that stuff.
So there we have it, everybody'svalue judgments are subjective. I really like looking into thelanguage that people use sometimes and see what that cangive an indication of and you'll notice he said some things likelimits and artificial restriction. And I'm going totie this to something a little bit out of left field, so justbear with me here, but I really like diving into history andespecially if you've read much of the USSR, you'll notice thatwell, there was a whole lot of reasons why that regimecollapsed, I guess, but one of them and maybe the core reasonwas simply economical, it couldn't handle the weight ofits own bloatedness of The inefficiencies that were goingon, then this was a lot related to communism and the practice ofcapping prices and putting prices on things and doing thatfrom the top, and then going down. So this is the governmentsaying, hey, this, the price of wheat is going to be this muchfor everywhere in the country, it's going to be worth this inUkraine, it's going to be worth this in Russia, it's going to beworth this in Georgia, you know, all sorts of different places.And I think one of the reasons that this was a really bad ideawas just that, that altering the price, in this sense, is, isrestricting people because they can't value things the way itshould be. So if it's incredibly difficult to produce wheat inUkraine, and it's super easy in Georgia, like it makes no sensethat it should be have the same dollar value to it. And thenthis is why generally, the free market is a better idea, becausethen everyone gets to put their own price on things. And thenthe market can sort of decide, okay, this works this way, etc,etc. And generally using that model, that model, everyone getswealthier. And so I think when you're just using artificialrestriction on people, and their judgments, and how they decidehow they want to do things, yes, that can lead to weird judgmentsand obviously, not producing the net wealth of everyone going up.And you can have certain people getting extremely wealthy, whichstill happens in capitalism, but the sort of like a rising tidelifts all boats sort of thing rather than in communism, thatit's the the pie doesn't expand with the with the system itself.So a little bit of a digression there a little bit history. Butwhen you start to think of something like this, you cansay, Okay, but how does that apply to my podcast, forexample, like, people making individual decisions? How can Irestrict that, for example?
Well, Dave mentioned that justthen you can put a cap on each episode or a paywall, and say,hey, you need $5 to access this. And the thing with that is,you're always only going to get people going up to that point.So you're going to get those people who say, Yeah, you knowwhat, that's, that's worth it. And they probably be even goingto say, I would have even paid $6 for that. And but they can't,because it's restricted at five. And then for everyone else underthat, well, obviously, they're not going to meet the benchmarkof five, so they'll won't join that. So you can make it five,but maybe some people would pay 500. And then once again, you'reasking, Okay, that's, that's okay. But you know, who's gonnapay 500 for my podcast? Well, the good thing with this is wehave the example of Adam curry on his show with no agenda alsowith Dvorak is also on that show. And he's proved this, he'sproved, hey, you can actually if you produce enough quality inyour show, if you're consistent enough, and you ask people, youcan actually get people donating large sums of money to you. Andso you're like, oh, five, $50?
That's nice. 500? Well, that'spretty cool. I believe recently, he even had a single donation of5000, which is just, like ridiculous, it's, it'sridiculous that someone would send that amount. And look,honestly, the the amounts for you at this stage, whoever youare, is, is probably going to be small, and you know, sort ofinconsequential in a way. But with time, and with practice,and with energy, you can hopefully build that up and makethat into something sustainable. So, you know, doing a podcastfor free all the time. Depends how much time and effort you putinto it, of course, but that isn't fully sustainable. And youwill have to look at some way of, of keeping your head afloat,because obviously, when you're doing things, and if you'reputting value out into the world, you do expect some ofthat to come back. So I feel in the end, you have to decide andif it's not you, then you're either getting overcharged. So Iif you're you have this paywall I really liked the show, butman, I'd really don't like it at $10 a month, but alright, Iguess I'll pay. That's when you you could have some sort ofresentment there. So I would even argue most people won't dothat. But you know, there might be a couple who jump up to that,that $10 limit, but they'll probably feel a little bitsomething of like, you know, do I really want this. And thenobviously, you've capping it with the others because you'resaying to them, Hey, this show can only be worth $10 for you.And they might be going oh, you know, it's only worth $10 To me,this this show used to be good in my mind. And so, I think itcan be slightly distorting about how you feel think and acttowards that object idea or what product whatever it is that youyou have in your head about that thing. So I definitely am moreof an advocate for the subject of price discovery, if I canchoose how much I want to donate to something called give tosomething or buy this product.
You know, I would prefer myselfobviously to, to be able to choose that. Now, obviously,this has to be taken into consideration with where it'scoming. Once again, I can't buy a TV for $1 Just because I wantit to be $1. That doesn't work that way. But in the terms ofthis world of podcasting of art creation of doing somethingindependently, or you know, maybe even a small group, maybethe subject of price discovery value for value model is the wayto go for you. So that is my little thoughts on that. Nownormally, this is the time for the boostagram corner and Iwas going to play one of the jingles that Adam curry actuallycreated for me on his podcasting 2.0 show when I sent some valuehis way and asked him for it.
Unfortunately, there's noboostagrams this week, sad puppy noises weren't weren'twell, so my boostagram corner, my boostagram lounge forthis week is actually going to be, hey, send me a boostagram,and then you'll get to hear that jingle. So I really do enjoy thethe boostagrams, once again, for the value amount. Yeah, youknow, that's nice, but more, it's the interaction because youcan get some really fun, different discussions that aremore related to your podcast episode. And if you really wantto examine this, go check out the mere mortals, meanderingsepisodes, where we read out our boostagrams, and you can seejust how much of a difference it can make in terms of theinteractiveness and the quality and ideas that come out of theshow. So that is my little boostagram lounge for thisweek. And a tip as always, to end off with or a recommendationor suggestion. And I'd like you to have a think about some areaswhere your love has maybe gone away for something. So maybe youreally enjoyed some music that you were listening to on iTunes,and then you know, you were forced to pay $1 A Song for itor whatever the amount is, it's been a while since I've actuallyused iTunes. And maybe that's been distorted because you arepaying an amount that is either too much or too less. And youknow, you maybe you should have a look at some of those things.And I'd encourage you, and if you're listening as a podcaster,or artists, creator, whatever, encourage your listener to valuethe show, however they want to and so give them that option todo that. Dave mentioned right at the end that they have worked onthe technology to do this. So this is using the value forvalue apps. So if you go to new podcast apps.com You can findsome of these and look under the Value tab. I'll list some ofthem off the top of my head we have breeze curio caster podfriend fountain FM cost ematic.
Paul pod verse, I believe evendoes that now so there's a couple for you right there. Ourpod station if you're really interested in in doing this, youcan do that via the desktop or a Chrome extension at add on. Solots of cool ways. Lots of cool ways for microtransactions andthis new world of the podcasting 2.0 value for value andintroducing the ability for you to have true value coming in forwhat people actually think of your show of your product ofwhat it is you're creating. And yeah, it's a fun world and Iencourage you to jump in. So that is it for today. Kyrinsigning out
