Value Perception

Thought of sharing a concept in marketing known as Value Perception. Different people have varying perceptions on the value of a particular goods or services. There was an incident where a bank robber concealed his gun with what looks like crumpled paper during the crime. He managed to walk away with a couple of hundreds. But when experts analyzed the piece of crumbled paper that he has left behind at the crime scene, they were shocked to realise that it was torn from the pages of a first-edition novel that was worth thousands of dollars! Apparently, the ignorant robber had under-valued the book!

I’m not saying that it is easy to find out the true value of something. Even experts may have differing views and majority of views may not be accurate too. Thus, it is always good to analyse a situation to your best knowledge and never be shy to seek opinions from third parties if in doubt. Of course, we should also be mentally opened to others’ inputs and try to see from their viewpoints. But sometimes we get too emotional so even though we go through the process of seeking opinions, they were simply chucked aside. Thus, I feel that it is useful if we simply allow some cool-off time before re-assessing the situation. Do not hurry yourself in decision-making. But once a decision is made, stick to it if possible. Why? Because you will feel better & have no regrets since due diligence has been done. And you can sleep with your pillows high!

But what if there is really no value to something? Well, you can always create the value yourself. As long as you can create a new value proposition & convince others about it, half a battle is won. All these are easier said than done. But these concepts are applicable in almost everything in our lives. Knowing what you can or can’t change also aids in better decision-making in accessing true values. Have fun!