What is a Standard Candle?
The standard candle is a time-tested way of understanding the value of a product. It’s based on what you do with your product and its impact on the company as a whole — not just on you personally. In other words:
For example, if a company is building an online platform for entrepreneurs, there are two kinds of customers it needs to attract:
I’ve been using Slack for about half my team for about 6 months now. So it’s no secret that Slack has an enormous amount of value to me personally (I have my own team at work) and this is reflected in the amount of time I spend with Slack every day. The average time I spend with Slack every day is around 30 minutes, which means I have quite a bit of spare capacity in my day. This isn’t because I love my job or don’t like the people around me, this is because I have some extra time to do things outside work that are more enjoyable and make me more productive. This is what happens when you try to find a balance between work and life.
In contrast, if you ask me how much money I spent buying my first set of headphones, I would reply “not enough to justify it” (although record sales would probably be close). If you asked me how much money I spent buying my second set of headphones, when there are thousands available from dozens different brands at vastly different price points…well…I wouldn’t know where to begin!
The key point here is that there are many ways we can choose to use our products and their features — but we should only use them as a result of our own actions toward ourselves and others. When we start making purchases based on our own decisions instead of others’ actions toward us, we can start seeing our financial decisions as different from others — even though they often look similar! For example:
If you ask me how much money I spent buying each pair of headphones over the last six months? That would be far too easy. But if instead I asked “how much money did my headphones cost in total?” then the answer would be far more useful (because most people feel confident in saying whether or not they spent $100 or $3), and far less self-serving (you can say “yes, but you didn’t buy them out of your own pocket…you didn’t pay for them
Examples of Standard Candles
Candles are a common symbol and a standard way of indicating the relative strength of the light coming into a room. What is a candle? It’s this:
A standard candle consists of two basins:
The bottom basin holds a liquid which is heated and kept at some constant temperature (the bottom basin). The top basin is filled with air, which is displaced by the heat from the bottom basin. When air leaves the top basin, it cools and condenses (the top basin has no air in it). When air enters the bottom basin, it heats up and expands (the top basin has no air in it). In other words, when an object heats up from below (when water is put into an empty container) or cools from above (when water is poured out of a container), that object expands or contracts to match its temperature. The amount of change depends on what’s inside each basin.
There are three ways that this can happen:
Different-sized objects will absorb different amounts of heat. If you stick your hand into an empty bucket filled with water, you can feel how warm the water feels; if you stick your hand into a slightly hotter bucket filled with ice water — different but pretty much equal heat. Put two objects in together at different temperatures; they will expand to match their temperatures when present in close proximity. Put two objects at different temperatures; they will contract to match their temperatures when not present in close proximity. If one object contains more air than another, then there’s less gaseous material being displaced by heat (read: less work) as compared to if both objects were made of ice cold metal or rock; so they will contract more than if one had an abundance of liquid nitrogen or helium in its tank instead. Oops — sorry! But this one was just too interesting not to include!
One thing I have learned from my research on this topic over many years — both online and off — is that there are dozens upon dozens of differing definitions for “standard candle” depending on context, author and audience, bias and so forth. So I have decided to write about my own definition for convenience sake:
A standard candle is any small object that absorbs light and produces heat within itself as it changes its internal state — such as when something changes it temperature from cold to hot or vice versa. A standard candle creates heat within itself by changing it internal state through movement during its change between states;
What is the Standard Candle Law?
You will have seen the term “standard candle” used in the marketing and finance arenas, where it is used to describe a certain kind of relationship between price of a product. The standard candle is often thought of as being a very simple model for pricing your product; but there are two problems with this:
The second problem with this model is testing; since once people have made up their minds they will never change their minds again unless they decide that something else better matches what they want from life than your product does. If your product only has worked for one quarter then someone will come along and offer it at twice the price, so you can never really know if you have created a truly good product until it has been out in the marketplace for more than one year…and even then there may be others who want something better than yours which just hasn’t been developed yet! So I would suggest using some sort of pricing function (like the standard candles from above) which works well across different markets and helps minimise these problems by giving you some idea how much sales
References and Resources
If you use candles in your marketing or advertising, what are they? How do they work? Where do they come from? What is the history of them and why do we use them today? Are there any others we should consider using instead, if so?
In the early days of marketing, there was no concept of “marketing.” Everything was done through sales and promotions. What people wanted was a bottle of something: a product or brand. The only way to get it was to put it in their hands through sales and promotions. As people became more sophisticated about the whole thing, their understanding increased about how different products and brands worked together — called “markets” — which is what “marketing” is all about now.
But before that came the creation of “standards,” which were different ones for different products or brands (e.g., paint vs chalkboard eraser vs cardboard container). I present two simple examples:
1) Standard candle: A standard candle is a wax candle that can be found at most hardware stores and drugstores. It has an open flame that heats wax inside it (making it very hot), without having to have an open flame on top of it (so it can be used near things like furniture).
2) Standard candle: An example of another type of standard candle would be an eraser (like one used on chalkboards or paper sheets). For these types of things, the type that comes with a container is ideal because you can store it in a car or other place where you expect it to be out in the rain/wind/heat/cold! Do not buy cheap ones though; make sure you buy something made by a reputable company with good reputation (i.e., they have been around for at least one year).
Now imagine you are selling soap from your business! You probably have several different soap bars on hand (some more popular than others), but which one should you use for your soap stand display? The answer isn’t clear cut — not only does this vary based on brand name, but also because some soaps will dissolve differently depending on how warm/hot the air temperature drops during summertime! For this reason I would recommend finding one standard candle for each soap bar; no need to buy multiple candles from multiple manufacturers if only one works well enough for each bar!