#perceived value

(see second post for discussion re: creation of meme)

And I can’t help but be continually shocked by how, on every level I can conceive, it just completely shows how clueless Musk is.

Every element of this meme is deliberately insulting to the Twitter user base, and you do not keep customers when you continually insult them.

I just - this is stupid, Musk. This is stupid, and it makes you stupid, and why can’t you accept that you’re the problem here when this is what you are trying to do???

I’m going to break this up into multiple posts, because this essay is going to be long.

Let’s start with what should be the most basic element for Musk, economics.

As a corollary to the previous article Crowded House here’s ….Empty House:

So What creates Value:

Perception, Presentation, Maintenance

And What is Value to you:

Quality Product for a Good Price

But more often:

The Best Quality you can Afford

Because:

Best Quality or High End doesn’t come cheap.

Not only that but:

You usually get what you pay for.

Aaaand then:

There’s that whole refinement vs durability misconception.

I learned a cool thing from my most recent boss in the high-end furniture business:

Just ‘cause you paid a lot of money for something, doesn’t make it last longer.

And not only do you have to baby it, but it actually takes more work to take care of it.

Think Maserati vs GMC.

You wouldn’t take your Maserati off-roading and expect it to survive. The same goes for a Boss Suit, Prada Shoes, and Natuzzi Sofa. Ok, Maybe the new Hummer checks all the boxes.

Sooo, why do people buy these things?

Branding!!!!! Ok, not just Branding.

These are things that most of us cannot afford and therefore we aspire to own.

We tend to want what we can’t have.

The Unattainable becomes Sparkly, Seductive, and Redolent with God Light. AAAaaaaahhhhhh!

Which brings us to our current situation….

Empty House.

From Vaccines to Chevy Trucks, we know they’re out there, but they’re not available in ready supply. Even online shopping has slowed down to a chug. Especially from outside of Canada. Read the USA. Where most of our Pie in the Sky, Shiny Unicorn Wishlists come from.

We are in a situation where good things come to those who wait. And we are not used to waiting.

So, doesn’t that make us want it even more?

Increasing its Perceived Value. Unh Hunh.

Take the new GMC Hummer. So Cool. Especially the Crabwalk.

You gotta see this… https://www.instagram.com/p/CNkwJ35hfBW/

Order it now and it’ll take 2 years to get one. But it’s made especially for you and no one else will have the same one.

My Partner works at the local Chevy Dealership and right now there are almost no trucks to be had. Anywhere. So. If you get one, wouldn’t it make you feel like Top Dog.

Retailers can take a lesson from this.

And Yes! Waiting and Scarcity create Value. But hopefully not Insanity.

Cabbage Patch, Buzz Lightyear, Jingle All the Way.’ Oh My.

There’s a certain amount of Sales Savvy in making people wait:

Increased Desirability and Prestige. Don’t forget Prestige. Exclusivity is still a powerful thing. Prestige Cosmetics do this every week. Presell is a huge money maker.

The Art of the Launch

The Teaser.

The GWP! Gift with Purchase, if you’re not a Cosmetic Addict.

And Yes, Waiting and Scarcity create value. But not Ideally!

You really do want to have product to show people, even if you have to order their size.

In comes Online Shopping. You can see it here and we can order it for you online. Without those pesky Shipping Charges.

Symbiotic and Fabulous. Add a discount and you’re golden.

Will Brick & Mortar move more towards being a pick-up/showroom than a place to have a browse and take it home today?

I hope not, because I’m not the only one who enjoys a good Offline Shopping Experience.

True Story:

So, I was buying Shoes last Wednesday……

And you may ask: Why was I out doing that during a pandemic.

Well, from years of wearing heels and working on concrete floors, my knees are shot and I can’t wear any of my shoes anymore. Do you know how hard it is to find Size 11 right now in a sexy flat. Anywhere. Did you know that Amazon’s idea of a Size 11 is a 9.5? So many disappointments and gruelling returns. And I don’t leave the house unless I’m dressed. Well-dressed and Super-Cute. You can tell a lot about a person by their footwear.

Anyhoo, I also insist on shopping local so I had the most awesome community experience at Sole to Sole in Airdrie: Myself, the Store Associate, and one other delightful older customer. At a distance, briefly, fully sanitized, and masked we talked shoes and celebrated each other’s purchases. I left smiling and happy. You could even tell through my mask. Not that I didn’t get an equally professional and satisfying interaction at Walkin’ Around, they just didn’t currently have any Size 11’s.

Don’t let anyone tell you that Shopping Therapy is not a Real Thing.

But, for the time being, Empty House is becoming more and more of a reality.

Delayed Product Deliveries

Incomplete Orders

Narrowing Product Ranges

Are forcing retailers to sell in a different way.

And those that weather this change, will be not be the ones who say: No, sorry we don’t have that in stock right now. But the ones who say: Yes! I can get that for you, what colour would you like me to order?

No one has it in Purple yet. It’ll only take 3 weeks.

Or....We can’t get Purple this season, but it looks soooo good in Orange.

It's on its way. Only 10 Business Days.

And really, Doesn't the Antici..........pation make the Experience even more Pleasurable.

It’s all in how you perceeeeeive it. How you present it. And how badly you want to maintain/retain your customer base.

And Yes, Scarcity and Waiting Time create Urgency and Increase the Perceived Value of Everything. Even Toilet Paper!

Need to retrain your sales/marketing/merchandising/website staff for the current, we-can-get-that-for-you, attitude. Contact me I have enthusiasm and inspiration to spare. [email protected]

Images:

https://www.pfhub.com/canadian-retail-sales-nose-dive-2-in-december-1658/

https://gmauthority.com/blog/2021/03/gmc-hummer-ev-showing-off-crabwalk-mode-video/

https://www.theglobeandmail.com/business/article-survival-of-the-unicorns-as-the-economy-skidded-so-did-startups-now/ ILLUSTRATION BY ALEXIA KHRUSCHEVA

https://www.trendhunter.com/trends/the-empty-shop

Role of Uncertainty Reduction Strategies, Trust and Perceived Value in Social Shopping Intention

by Shu-Mei Tseng | Yi-Ting Jhou "Role of Uncertainty Reduction Strategies, Trust and Perceived Value in Social Shopping Intention"

Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021,

URL: https://www.ijtsrd.com/papers/ijtsrd46288.pdf

Paper URL: https://www.ijtsrd.com/management/consumer-behaviour/46288/role-of-uncertainty-reduction-strategies-trust-and-perceived-value-in-social-shopping-intention/shumei-tseng

callforpaperlifesciences, lifesciencesjournal, researchpapers

How do you make it stop?

It all starts with people.

People to Shop, People to Help, People to Tidy

Customers, Sales People, Merchandisers.

In perfect balance.

True Story: As I mentioned in My Pet Theory of Perceived Value #2, when I got there, The Bay Market Mall was a scary place, especially after having just come from the Pristine Harry Rosen. I spent my first day as Assistant Marketing Manager picking things up off the floor in the Women’s Sportswear Department. If my boss hadn’t been so awesome I would have walked. This was not what I’d signed up for. I’d built my career by making stores look organized and beautiful. This was pretty..….. far from that. But she treated it all like a normal Monday Morning. So we just got to it.

And this wasn’t even the scariest part of the store. The Women’s Designer Department had no less than 17 overly full rolling racks of TryOns. I was so gobsmacked, I even took pictures. As a team of Merchandisers and Visual Presentation, we could work on it for a solid day and not make headway. I even enlisted my son that summer and after a day said, ‘Mother, never make me do that again’.

As Marketing Manager, I eventually developed a system of X racks, with size rings labelling each Designer so the Fitting Room People could sort as they went, and it would be faster to put things away, but still, when we had head office visit, the Store Manager found it more cost effective to rent a trailer to store the full rolling racks, than to hire enough people to simply put it away. Wow.

The Spirit is Willing

Now this was not happening for lack of trying, or lack of pride in the store. It had been beautifully reno’d just couple of years before and the staff were very proud of the work they had put into it. None so proud as my new boss who had poured years of her life into making it a Jewel in the Chain. The volume of merchandise and customers was just so great, and the payroll budget so small, that in the 3 years I was there, those racks were never fully emptied. And every Monday we spent the day picking merchandise up off the floor, and removing Yogen Fruz and Coffee Cups.

Again $10,000’s of top name designer merchandise made to look totally worthless. Just think how much more money the store would have made if they didn’t have all those dollars/ sizes/ styles tied up in ugliness.

So what’s the solution?

But the Budget is Weak

My Boss and Store Manager were both extremely smart and experienced, and even though they were both a decade younger than me, I learned so much from them. If they couldn’t figure it out, who could? Not the head office we had to hide things from, for sure.

Occam’s razor, the only thing left to address would be the budget. You have a bunch of super smart people, with a vested interest in making the store look good, but there aren’t enough of them to make a difference. And when the economy takes a downturn, what do big companies do first? Cut Payroll.

So, the bottom line is, pun intended, hire more merchandisers and sales support to maintain the Perceived Value of your product. Or just don’t cut their hours.

You’ll get top dollar for your product before the Season ends and the Markdowns begin… Before it ends up in a stockroom, or several in the case of the Bay Market Mall, and on to the Dreaded Clearance Rack. The money you make Regular White Ticket will more than pay for the extra hands.

Stay Tuned for more Horror Stories and Happy Endings in the next chapter of My Pet Theory of Perceived Value: Crowded House.

And Check Out the previous articles in this Series:

My Pet Theory of Perceived Value

Perceived Value #2: How does this Happen?

Perceived Value #3: Make it Stop!

And if this horror just keeps happening to you, I can help you find the money from your Mark Down Dollars to Fill Out your Marketing/Merchandising Budget and Increase your Sales Figures. Not Scary at all! [email protected]

Images:

httpswww.nasdaq.comarticles3-best-apparel-stocks-to-buy-now-2020-06-20

https://www.businessinsider.com/hm-zara-compared-photos-details-2018-5

  All value is based on perception.

I was listening to Seth Godin’s podcast, Akimbo, this morning and one of the questions talked about not being able to sell something that didn’t have tangible value.

Which is false.

Every purchase we make and every sale that is made isn’t built on real value, but the perception of real value.

Why is that is so?

Depending on who you are or what your needs are, you are going to perceive the value of something to be entirely different than someone else.

What’s the value of a cup of coffee to someone that doesn’t drink coffee?

Maybe nothing.

But what about if the cup of coffee is with a potential new client that could alter the course of their business?

What about if the cup of coffee is when a breakup happens?

What about if it is cold outside?

Or, hot?

You see where this is going, right?

Now think about this in terms of the business-to-business market that a lot of us operate in:

What is valuable about my strategic services?

Depends on who you are.

For some clients, I have the ability to interpret events in a way that they don’t because I have a different perspective.

For other clients, I am able to create ideas and opportunities for them out of my creativity.

For some, it is just being able to call me when needed.

Again, you see where I am going?

One final example…

What about you?

What do you do?

Are you trying to sell or market your offering in a one-size fits all way?

Are you missing opportunities to express your value in a more meaningful manner?

Are you missing opportunities to reach different kinds of buyers or customers?

I’m sure you are because we hear all too often that you have to scale or you have to do things a certain way because everyone else is.

The truth is that your value is likely unique and the way that you should sell to your market is going to be slightly unique.

There are going to be turning points and ideas that you can point to, but each potential client or partner is going to view the value of your proposition in a much different way that others.

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