I’m curious as to why during the course of evolution we have associated ‘value’ as being a synonym of the word ‘cheap’. I’d say that a heart transplant is not cheap, but it’s good value. Yet people will opt to buy a cheaper lower quality product if it means they get more of it for the same money and think they are getting ‘value’? Even if it’s nowhere near as reliable or effective as the more ‘costly’ alternative.
I believe it’s because manufacturers/lazy marketers themselves have damaged the bridge between ‘cheap’ and ‘value’ and failed to market the ‘worth’ of their products/services. They have re-defined the word ‘value’ and butchered the English language.
I think paying for a good lawyer is worth staying out of jail. I think paying for the extra airbags in my car are worth saving my life. Regardless of whether in fact these items are placebos, I have been sold and believe their ‘worth’. Once upon a time we could say these were also good value.
Perhaps we need to think of things in terms of selling ‘worth’ now considering that ‘value’ has been well, devalued. What is your stuff worth? What are the hard costs of the consequences?
Have you also noticed that when you buy something you talk about it’s good value yet when you try to sell that same thing you talk about its worth? And you always round the numbers.
The $1000 item you bought for the special price of $599 becomes ‘about $500’ when telling your friends the price you paid as there’s social respect in getting a good deal. Yet when you sell it on, that same $500/$599 item is magically ‘worth a $1000’ again to your buyer. (There’s also social respect in being a slick salesperson).
Seeing the disconnect here?
Insurance companies and doctors sell worth. Retailers sell value. Wholesalers/Outlets sell cheap. And customers have been led to believe they are entitled to all three, often in the same transaction.
Has a consequential cost (if you don’t pay this you’ll end up paying for…)
Has a scarcity cost (if you don’t buy this deal you’ll miss out/pay too much…)
Has a social proof cost (if you don’t buy this you’re not frugal/you’re wasteful/extravagent…)
Why is this broken and who broke it?