Status is basically your perceived position in a social hierarchy – how much respect, admiration, or influence people believe you have compared to others.
It can come from many sources:
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Material: wealth, possessions, job title, home, cars.
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Social: who you know, the groups you belong to, your public image.
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Cultural: education, achievements, knowledge, taste.
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Moral or symbolic: being humble, charitable, or principled.
Here’s the never ending list:
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Money you make
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Opinions you hold
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Knowledge you acquire
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Assets you own
- What dress you wear
- How beautiful you are
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Groups you’re part of
- Country you’re part of
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Education you receive
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Institutions you choose
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Medals you’ve won
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Positions you’ve held
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Travels you’ve made
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How humble you are compared to others
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How many cars you have
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How modest you are because you “only have one car”
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You’re an entrepreneur
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You’ve created three startups
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You’ve invested in many startups
Status fundamentally depends on how others perceive you rather than just on objective facts like what you own or have achieved.
As a marketer, you need to discover what your customers consider a status symbol and position your product accordingly.