#practicalvalue

People like to share valuable information, especially information that is helpful to them, such as a “life hacking” article or video.  Offering value to your content helps make it contagious.  

Sharing is caring and helping someone feels good as well and reflects positively on the person sharing, strengthening a friendship bond between two people.  

 Behavioral Economics

People don’t evaluate things in absolute terms, they have a reference point to compare before they make decisions, most of the time they use what they expected to pay as a reference point.  Advertisers try to counter this habit by placing the normal retail value beside a sale price if there is a sale, as we tend to buy things more frequently if they are on sale.   

Does this look familiar? A good website will always highlight the value of the sale to ensure it is making the reference point and not you.  Onnit is a company that sells “human optimisation” supplements and even gives the user the incentive to share what they bought on facebook or twitter for reward points. 

Diminishing Sensitivity also plays a role in a consumer's decision, if the sale is not impactful enough against the reference point the consumer has, they will not purchase that product in question.

Limited quantities or editions of a product will increase the demand, as I explained earlier with the Kayne West Yeezy 350 sneaker line, creating a very limited product with a high demand made the sneaker extremely high in social currency value, everyone must have it!  If a product is always available and on sale, however, the value of the product will eventually decrease.

Making your product or service valuable is a step that will enhance your brand, airlines now offer its customers Smart Phone applications to book and check the status of their flight, as well as manage their reward program profile. Trying to bridge a gap between the service you offer and your customer with useful tools can give you an advantage over your competitors, and if it is valuable enough other customers will share it with their colleagues and friends.