The idea behind this approach is that you can generate ideas for solving problems by throwing money at the problem. 1 The problems are the headaches. Even though contemporary life in the USA is pretty much headache free, by 18th-century standards, there are numerous instances where products and services are being developed to relieve irritations. For example, if you have a problem with technical support, then have a technical guru sit outside the door until you call for his or her expertise. Need help with school and homework? Hire a full-time assistant as a tutor. Having problems with snow on the driveway? Install a heated coil driveway. If you cannot guess when the mail arrives; install a sensor that transmits the status of the mailbox.
Barry Nalebuff and Ian Ayers describe the “What Would Croesus Do?” approach in their book entitled Why Not. 2 This is essentially a problem-solving approach where you have unlimited resources at your disposal. The goal is to identify products and services for the high end where the consumer is not price-sensitive and is interested in many different features. As noted earlier, we have renamed Croesus to Midas because it is easier to remember and because it imparts a very colorful and explicit image of high-end features. Midas products and services are designed for consumers who are not price-sensitive.