Friday, October 16, 2009

Life lessons from an ad man

Perception; value of perceived value.

Rory Sutherland talks about the value of advertising.  The ability to enhance a product by changing the public's perception, rather than the product itself.

"Advertising adds value to a product by changing our perception, rather than the product itself. Rory Sutherland makes the daring assertion that a change in perceived value can be just as satisfying as what we consider “real” value -- and his conclusion has interesting consequences for how we look at life."

I think we can apply a lot of the lessons learned in this video to our own lives.  Instead of spending a massive amount of time to change the product itself, we can employ marketing strategies to change the public's mind.

This theory can also apply to contract negotiation in acquisitions (since negotiating contract points have everything to do with perceived value) as well as business in general.

More here.

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