Perceived Value

“Perceived value is the worth that a product or service has in the mind of the consumer. For the most part, consumers are unaware of the true cost of production for the products they buy; instead, they simply have an internal feeling for how much certain products are worth to them.” Quote by Investopedia

We recently sold a lawn mower.  I posted it up on Craigslist for a price that I thought was a good deal.  Took a few quick photos.  Listed it and waited for the phone calls and text.

Problem was, I hardly got any response.

My mistake was in the presentation.  It was simple and to the point.  There was no sales pitch in the listing.

Since I showed such little effort in the presentation, I believe the perceived value was lower.  I pulled the listing from the internet.  Detail washed the mower, took professional looking photographs and laid out all of the accessories that were included in the sale.

Now what I did next surprises people.

I raised the price.  By hundreds of dollars.

Next thing I know, countless calls and texts.  I had now created an environment that gave the item more perceived value.  While cleaning this mower I started to remember how good it really was.  How productive I was on it.  How remarkably different it was to anything that our local market was become accustomed to.  Once I felt the value go up to me, I was able to convey that through my newest listing ads.

A guy drove an hour an half to come pick it up.  He just had to have it.  Paid my new higher price with no questions asked.  No negotiations on cost.

I would bet the new owner takes better care of this machine than if a buyer would have bought from my lousy ad that I started with.

Plus I made more money.

Presentation can make or break…

Your sale.

Things that are considered cool, have more value.

Items that have appeal, have more value.

Beauty has a draw to it.  It can be seen as having more value.

When I went to Social Media Marketing World last year there was one concept that stood out the most to me.  The value of proper photography and high end videography.

Learning professional tips on angles, lighting and placement of subject matter in the frame.

You know around our place I sell a lot of our belongings.  I like to buy, therefore I learned how to sell, so that I can continue to purchase new or different items.

The number one thing that brings in prospective buyers for me is a great presentation.

I watch our local sales sites.  Paying close attention to a specified group of search queries.  I can see which items sell and which items linger into the fatal expired abyss.

Presentation is not only about catchy photos, but it must also include a lure in the description.

With it being a known fact that our brains make millisecond decisions on value to us, we must learn to entice a buyer into viewing and reading our post.  Presentation is the simple concept of the sales procedure that will dictate if you and your buyer will ever reach the next step.

If you have a lousy presentation, don’t expect to get much more than lousy buyers.