Perceived Value for Resellers

Every time we buy Windex over the dollar store brand, or Seventh Generation dish soap over Ajax, we are exercising our perceived value. We've been programmed to believe that because they cost a little more, these products work a little better. Carter's clothing is nicer than Granimals. Ralph Lauren jeans MUST be better than the Arizona ones. Horizon organic milk is healthier than Marva Maid. 

But what does nicer, better, or healthier really mean? 

These adjectives are all a perspective deriving from our perception, to you does nicer mean its organic, its local, or it's handmade? Does it mean that everyone wants one? Or does it mean it's expensive, it's rare, it's endangered?

To me, rib-eye steak from Whole Foods tastes better than the rib-eye from Costco, and the rib-eye from Costco tastes better than the rib-eye from Food Lion. I'm pretty sure if given a blind taste test, I would not know the difference. Whole foods displays their food beautifully - it's food porn in the flesh, and is consequently the most expensive around. Costco makes you believe you're really getting a deal by being a member's only club, and selling you a giant slab of meat. Food Lion is like, "here's the rib-eye, take it or leave it."

(Click photos for photo credits)

So you see our perception of value is really also an illusion. And that is why perceived value is so important for resellers to understand. We need to create the illusion that our listing is superior to the myriad of other listings on eBay. 

So how can you increase the perceived value of your listings?

I think the three main factors are: Photos, Description, Price, in that order. 

Photos must be clear, quality and in good light, add a video if necessary to properly portray your item. The description should include measurements, and it's helpful if it paints a picture. Have you ever read a Chinaberry catalog? If YOU were buying the item, what would you want to know?  And price must be high. I generally price my items in the top 10% of equal items on eBay. 

The motivation for this post today, came from the following TEDTalk:

This TED talk given by Rory Sutherland, vice chairman of a British advertising firm, will help us resellers gain the perspective to add perspective to our listings.

Here is a fantastic example of marketing aiming to change the perception of a product:

and here is a little comic relief, an SNL parody of the above commercial:

Where are your strengths in listing? What areas need improvement? Are your photos professional quality, and your descriptions lack luster? Identify what needs to change and change it this year.

Can you think of a time when your perception of value has outweighed your logic? I'd love to hear what your thoughts are.