The Toto Neorest 700 knows when you are using it and when you are not. It features a tankless design and cyclone flushing system to conserve water. A wireless control commands its many functions, its heated seat will help keep you cozy and its autoflush feature concludes each visit. It can be yours for roughly $4,000.
Expensive? That depends.
If your household income is around the U.S. median ($67K in 2020) adding it to your bathroom would consume about 6% of your annual earnings; that’s an expense few investment advisors would support. The American Standard Cadet 3, sold at most big box retailers for under $200, is probably a more reasonable option.
But if your in the top 0.1% of U.S. households—with an annual income in excess of $2M—installing the Neorest costs roughly the same in terms of expense-to-income ratio. From that perspective, spending $4K+ for a state of the art, next generation toilet is a relatively good deal.
Of course, few individuals see it this way. Most will view such luxury as excessive, unnecessary, exorbitant and frivolous. And many will argue spending money on such an item is nothing more than a tremendous waste.
If you agree with this opinion, are you equally as offended by the notion of paying $3+ for coffee at Starbucks—roughly 15 times what it would cost to brew it at home? Or are you appalled by the idea of paying $5 for case of bottled water—roughly 125 times what it costs from your tap?
If so, then you shouldn’t work in marketing. Because from the vantage point of a citizen in Haiti, where a typical daily wage is $2, spending $5 on bottled water is indulgent, paying $3 for a cup of coffee is ludicrous and buying a $200 toilet is unconscionable. Using your income level as the basis for assessing other people’s willingness to buy a product is analogous to a doctor violating the Hippocratic oath. You can use your income to assess your relative wealth, but it has no relevance in assessing a product’s value or the development of a marketing strategy.
As a marketer your job is to find customers, not become one.
