Value Is In Mind of the Perceiver
Value Imperative recognizes that everyone seeks optimal Value. But what they actually see or feel or experience is a perception and perceptions that are relative and vary. The pursuit of Value is based on perceptions.
Very often the perceiver may not be the intended recipient of the Value creator. An example is an architect who builds your house and is creating Value for you. As a passerby, I see and admire the house. I am an unintended perceiver.
Because we are perceivers, we confuse what is good and what is good for me. Improving the good of a person does not mean it is good for the person. What is good for the child is to let a child sleep without disturbing him. But if the child has fever, it may be good for him to wake him up and give him medicine. Ice cream may be good, but it may not be good for me if I am lactose intolerant.
Value is in the mind of the perceiver and what he wants to perceive. So a Trump aide says, “The point, is that we got a lot of attention, and that alone creates Value.”
1. We1 add Value to others when we truly Value others. Good leaders go out of their way to never subtract Value from their people. They are intentional about adding merit and make it part of their core Values.
2. We add Value to others when we make ourselves more valuable to others. The premise of adding Value to the lives of your team members is based on the fact that you have usefulness to add. Are you able to teach a skill? Are you able to make a career-changing introduction? Are you able to open the door to a better opportunity?
3. We add Value to others when we know and relate to what others Value. As a leader how do you know what your team Values? You listen. A good leader takes the opportunity to listen to what every person believes is important and then leads.
Customers perceive a product based on their needs (and also contextual need, now or later), their awareness (could be based on brand, advertising, personal approach, relationship, their emotions, reviews, their own experience, social media, etc.), and their consciousness of the company, the sustainability, the environment, and so on.
Many people may try to influence you with facts and figures. At the end it is your perception of the Value the product adds and whether this Value is higher than your perception of competitive offerings.
Take investment in the stock market. We seek advice, and we seek knowledge, metrics, investment sites, trends, and so on. At the end we buy on our perception. And the moment we buy a stock, house, or anything, we find that its price is not what we paid, but what the next person who will buy it thinks it is worth in his perception!
Sometimes perceived Value is seen as different from common sense, like people waiting overnight to buy a new iPhone, or standing in line for a free item like a free shuttle, versus taking a taxi. This also depends on the user’s perception of the Value of their time.
Value Has to Be Perceived, Seen, Felt, Viewed, and Noticed
This is important as we learnt from the previous section. If your company has a great service or a product, and I do not know about it (your company or its product) how can I perceive its Value? Thus awareness becomes important and in today’s age of the social media and word of mouth brand ambassadors become so important in creating positive awareness or perceptions.
Value is transient for various reasons. The Value the provider creates may change over time (often because of action or inaction of the provider).
Value perception may change in the eyes of the beholder. Thus if I am hungry, and an ice cream comes in front of me, my perception of Value is higher and I may be tempted to buy it versus when I am full and have no desire to eat.
Needs change, and perceptions change.
VI and Value Perception
Value creation has to do with creating good and well-being (which is another definition of happiness). Creating Value for others could create happiness for others and increase your Value. All the Value creation principles apply in this chapter on VI and Value Perception.
Customer Value has different principles. Also Value can be measured.
1 https://business2community.com/leadership/add-Value-team-follow-brilliantleadership-strategies-01434964