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:
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”
That you’re an entrepreneur
That you’ve created three startups
That 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.