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.

The psychological aspect of marketing often outweighs the rational; for example, consumers may trust a more expensive product over a cheaper one, even if the cheaper product is of equal quality.

Understanding human psychology and appealing to emotions is key to effective marketing, rather than relying solely on intellect.

Psychology offers a more effective avenue for improving how people feel than merely rational improvements. For instance, instead of making the Eurostar faster, we should focus on making the journey more enjoyable.

Psychological moonshots, such as enhancing the experience of a product, are often easier to achieve than technological advancements, which can be complex and costly.

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.

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 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.

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.