How we Understand Value
What if I said to you, “I have this free gift for you. It’s very valuable. I offer it to you as an indicator of my worth and to build trust with you.” Would you value it? Probably not. Thomas Paine perhaps said it most eloquently, “What we obtain too cheap, we esteem too lightly: it is dearness only that gives every thing its value.” It might be counterintuitive to think about your marketing efforts this way, or even your products, but a simple question might be – do you charge enough?
Here’s a real quandary I’m contemplating. We produce an enormous amount of good content. Valuable content. Content that contains real insights of professionals who have spent their lives thinking about difficult problems. We offer it to you for free (and for the most part, we’ll continue to do so). My goal is to get you to read it and then act on it. Would you value it more if I made you pay for it? For example, comprehensive decks that we produce, instead of giving them away for free – what if I made you pay $20 for a single deck? Would you value it more? The simple answer is – yes. I might not distribute as many decks (more is always supplied at a lower price – that’s basic economics), however, the ones whom do raise their hand to pay for it, are more likely to internalize the value of the information.
You’d think about it wouldn’t you, before you buy, and after you bought, you’d value that information differently. You’d wonder, is my $20 worth it (or chose whatever value threshold you contemplate). You’d wonder about my ability to deliver that value. Ultimately, after weighing the variables and their probabilities, you go with your gut. Oddly enough, it’s always that way, whether two dollars, 20 dollars, or 20 billion dollars. There is ample evidence of that fact – in the end – people make a decision based solely on their expected value. Believe it or not, quality rarely matters the most in the final analysis, so long as it’s “good enough”. So long as the customer is satisfied, the customer usually convinces himself of the value. In other words, they’re likely to be better customers for me, and my company, Clickafy.