The Perception of Value infographic by Vouchercloud illustrates that "value is in the eye of the beholder."
The infographic begins by charting the lobster's journey from prison food to a fine dining delicacy. In the 17th century, the crustacean was fed to the incarcerated; in the 18th century, lobsters were so abundant and common that they we're considered "low class" and eaten by the poor. By the 19th century, however, lobsters were rebranded as an "exotic fish," being served in railway cards far from the coast.
The lobsters are just one of many examples in which our determination of something or someone's value has changed. The infographic goes on to explain why we're willing to pay so much more for certain things, such as healthy food or concert tickets.
Value-Measuring Infographics
The Perception of Value Infographic Sheds Some Light
Trend Themes
1. Changing Perception of Value - The Perception of Value infographic highlights how our perception of value can change over time, presenting opportunities for businesses to adapt and innovate.
2. Rebranding to Increase Value - The lobster example in the infographic demonstrates the potential of rebranding to transform something from low value to high value, offering businesses the chance to reposition their products or services.
3. The Power of Emotional Value - The infographic explores why people are willing to pay more for things they believe have emotional value, suggesting opportunities for businesses to tap into the emotional aspects of their products or services.
Industry Implications
1. Food and Beverage - The changing perception of value in the food industry presents opportunities for companies to create innovative branding and marketing strategies.
2. Entertainment and Events - The willingness of people to pay a premium for concert tickets demonstrates the potential for disruptive innovation in the entertainment and events industry.
3. Marketing and Advertising - The infographic highlights the importance of emotional value in consumer decision-making, indicating opportunities for marketing and advertising professionals to incorporate emotional appeals in their campaigns.