Episode 343 - Perceived Value

But let's start with a simple question.

Have you ever paid more for something even though a cheaper version was sitting right beside it? Of course you have.

Maybe it was a bottle of wine.

a handbag, a pair of trainers, or even a hotel.

Or perhaps you've chosen the more expensive plumber, accountant, photographer, because something about them just felt better.

Now here's the interesting thing.

Very often, we aren't paying for the product itself.

We're paying for what we believe the product represents.

And that is perceived value, of course.