The value of handmade items comes from the time and effort invested in them, which creates a story that resonates with people.

People buy experiences, not just goods. To consumers, price is a feeling, not just a number. This distinction is crucial for marketers to understand.

Creating perceived value is essential; it can be achieved through storytelling and psychological mechanisms, which can make products feel more valuable and enjoyable to consumers.

In marketing, creating a narrative around a product can enhance its perceived value, as demonstrated by the difference between cheap strawberries and pick-your-own strawberries, where the latter feels more valuable due to the effort involved.

The narrative behind a product can elevate its status, making it feel more like art than just clothing, which is crucial for engaging customers and creating a connection.

First impressions are crucial in any relationship, including with products, because they are the stories we tell over and over again.

When we define the elements of a story as it relates to our brand, we create a map customers can follow to engage with our products and services.

Creating perceived value is a key responsibility for businesses; it involves enhancing the experience and presentation of products to ensure they are appreciated by consumers. For example, I always tell KFC to share the story of Colonel Sanders founding the company at age 65, highlighting his years of perfecting the chicken recipe, which adds depth to the brand's narrative.

Gary Vaynerchuk once told me he invests in the founder, not just the product, highlighting the importance of the story behind the people involved.