The Value of an Expert Opinion

Friday, January 30, 2015

Bringing in the experts is a very popular suggestion during periods of uncertainty. It's great to spend a fixed amount (even if it's a very large fixed amount) in order to receive the solution to a pressing concern. Under conventional thinking, as long as the cost of the expert opinion is less than the profit (or savings) to be gained, it's worth the cost.

There's just one problem: experts aren't always right. Here are a few famous examples of experts who made bold statements that turned out to be "not so good."

Wrong way sign
Image courtesy of Wikipedia

So what great advice do I have? Expert opinions can't be right all of the time, especially when great changes are in the works. As such, it is often a good idea to take all opinions with a grain of salt and reduce the value of such advice accordingly.

With my disclaimer complete, if you're looking for an expert in the field of pricing, why not contact me, or (if you'd like to take the first steps toward being an expert yourself) purchase a copy of my book on software pricing.