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January 25, 2009

The Value of Scarce

Godin, in one of his wonderful books, chided the CEO of Accenture for not being reachable, stating that he was missing out on a great opportunity.

I think Seth may have missed the point. The CEO of Accenture is accessible- to the right people. Not for everyone, not for you, and definitely not for me.

But he can be reached by CEO's, CFO's and other key decision makers. He has (I am sure) a network of people in positions such as these who rely on him and his organization as trusted advisors.

And, lets face it, he leads one of the most successful consultancies in the world today. In fact, many of his clients probably run companies smaller than Accenture.

His time is valuable, his advice is priceless, as are the connections he brings to the table.

His value is not because he is everywhere trying to help everyone. His value is precisely because he is a scarce resource. He is not available to everyone - only to those people important enough to matter.

And if you matter, then you can get his attention for your problems and issues. Part of an exclusive club if you like. Scarcity and exclusivity go hand in hand.

Exclusivity through pricing, invitation only events, and the strength of your brand are undoubtedly great ways to leverage your earning potential as a consultant.

One of our consultants is an absolute guru in fracture mechanics and failure analysis. This is a very rare area where many play but only a few master.

When they need him - they really need him - and there is only one of him. So they will pay whatever it takes to get him.

Scarcity, and the air of exclusivity, are the only real things that separate you from commodity pricing - so it would be wise to factor it into your strategy.