Beauty is in the eye of the beholder. And, Ronn Torossian points out, so is value. And this principle extends well past monetary value. Everything in limited supply has value. Even if that value is temporary or transitory. The relative nature of value must be taken into consideration in order to craft an impactful product marketing campaign.
Perceived Value
Who is my target, and how desperately do they want or need what I have to offer? Answering this question takes the topic of value to a whole other level.
Perceived value is more important than actual value
Remember the pet rock? What about designer clothes that were popular ten or twenty years ago? You might find one at a garage sale and the other at a thrift store. What sold at mall prices a decade ago is not worth less than half what someone gladly paid for it back then. Why? Because of the perceived value. That pair of jeans may still be in great condition. In fact, that pair of jeans may be brand new, but if it has the wrong label on it or you find it at the “wrong” store, you won’t pay retail.
Time and convenience also have value
While they mean different things to different people, time and convenience have a definitive, tangible worth. This can be factored into establishing the value of a product or defining the worth of a service. To correctly ascertain the proper value, the time vs. income and enjoyment vs. labor components need to be considered. For example, a person may have lots of time but less income. They don’t mind searching for deals in that case. However, if a person has little time, you would do well to offer them time-saving conveniences.
Perceived value can change actual value
In the housing market, much of the current fair market value is based on recent sales of similar homes in similar neighborhoods. But, in the field of real estate PR, Ronn Torossian says market value is not the only thing to keep in mind. Market value is also informed by the perception of the buyer. Do they see what they are looking for? If so, they may be willing to pay more. If not, expect them to be reluctant to pay even fair market value.
Keep these value strategies in mind when working out your product or service consumer PR plan. For more help getting the most from your communication efforts, contact Ronn Torossian and 5WPR here.
