How thirsty is the college student who pays almost $5 for a Caramel Macchiato at Starbucks?
Did the fitness instructor really need to upgrade his iPhone 6 to a 7?
Can the mother who religiously gives her kids vitamins each morning prove that they work?
When the CEO hires a contract lawyer is she paying for the piece of paper or the peace of mind his expertise will give her?
The Oxford English Dictionary defines value as; “The regard that something is held to deserve; the importance, worth, or usefulness of something” and its “material or monetary worth”.
It turns out that the immaterial—the perception of value that’s created by wants not needs, feelings, not facts, and beliefs, not proof is what drives people to act.
We recognize this behavior in ourselves and witness it in the choices we make every day.
And yet when it comes to marketing our products and services—because it’s harder to do the work of understanding our customer’s motivations than it is to talk about what we want to sell, we lead with features, facts and proof. If value is a story customers tell themselves, then our innovation and marketing must acknowledge and respond to that internal narrative.