they don’t sell physical goods so much as the notions that the goods are supposed to represent

Julgo que se trata de uma boa sequência para estes postais "Uma minoria com potencial para fazer a diferença":

"Moleskine’s operating margin, its profit as a percentage of revenue, was 41.7% last year. That compares favorably—indeed, very favorably—to the luxury brands the company considers to be peers, like luggage-maker Tumi (19.7%), fashion firm Prada (27.2%), and beauty-product boutique L’Occitane (16.7%). It’s not hard to see why. The raw goods of Moleskine’s paper products, which represent 93% of the company’s revenue, are cheap compared to most luxury wares, so there’s more room to mark up the price.
.
The higher margins are being used by Moleskine’s bankers to justify a valuation between 22 and 29.1 times the company’s earnings last year, which is higher than brands like Burberry and Richemont. But is Moleskine best compared to all these luxury brands, which sell clothing and accessories, or companies that actually make, you know, paper? An illuminating chart from the company’s IPO prospectus makes the case that Moleskine is actually the opposite of a stationery company:

 Wrap your head around that for a second. Here is the company acknowledging that it doesn’t so much sell notebooks as it does a sense of identity and culture. But that’s the essence of luxury brands: they don’t sell physical goods so much as the notions that the goods are supposed to represent. These intangibles - ”culture, design, imagination, memory, and travel,” according to the company’s bankers - are a better business to be in than paper."

Quais são os intangíveis que oferece? Em que acontecimentos na vida dos clientes é que entra a oferta da sua empresa?

Trechos retirados de "Everything you need to know about Moleskine ahead of its IPO"