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.

Psychological value is crucial in marketing; it can create a more enjoyable experience for consumers, which is often more effective than focusing solely on technological improvements.

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 perception of value can be significantly influenced by how a product is presented, as seen in the case of IKEA, where the effort of assembling furniture increases its perceived worth.

Perceived value is an environmentally friendly form of value creation, as it often requires less resource consumption compared to physical improvements, like making a product larger or faster.

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.

Creating a compelling unboxing experience can significantly enhance the perceived value of a product, as seen in luxury brands that invest in high-quality packaging.

In a commoditized market, effective storytelling and branding can differentiate products that otherwise have little to no inherent difference, and the best way to break into a market is to find a product that is so good that once people experience it, they will love it.

The challenge for product designers is to create a user experience that balances engagement with genuine value, rather than just driving more clicks or views.