Status is your perceived position in a social hierarchy—the respect, admiration, or influence people believe you have.
It can come from many sources:
Material: wealth, possessions, job title, home, cars.
Social: who you know, the groups you belong to, your public image.
Cultural: education, achievements, knowledge, taste.
Moral or symbolic: being humble, charitable, or principled.
Here’s the never ending list:
Money you make
Opinions you hold
Knowledge you acquire
Assets you own
- What dress you wear
- How beautiful you are
Groups you’re part of
- Country you’re part of
Education you receive
Institutions you choose
Medals you’ve won
Positions you’ve held
Travels you’ve made
How humble you are compared to others
How many cars you have
How modest you are because you “only have one car”
You’re an entrepreneur
You’ve created three startups
You’ve invested in many startups
Status fundamentally depends on how others perceive you, not just on objective facts like what you own or have achieved.
As a marketer, your job is to identify what your customers see as a status symbol and position your product accordingly.