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 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.

Telling narratives in a non-literal way can enhance the effectiveness of marketing content.

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.

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 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.

In the end, we are not just buying products; we are buying the stories and experiences behind them, which adds to their value.

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.

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.