Marketing, Branding, Design
The value of perception in brand recognition.
The easiest way to explain the value of perception is to look at art. A painting that is worth millions in the mind of one person might also be worth much less to someone else. An example of this is the famous painting “The Scream” by Edvard Munch. This painting is worth a lot of money because people perceive it to be valuable, not because it’s painted in pure gold or laced with diamonds.
There are people who’d pass up the opportunity to buy a famous work of art even if they have enough money to buy it because they want to buy something else that carries more value to them.
Another example is sports or film memorabilia. A baseball card from the early 1900s might be worth a few hundred dollars to one person, while another might see it as worthless.
Joe DiMaggio entered the major leagues in 1936. His rookie card went to auction in 2001 and was sold for $312,000. The buyer perceived the value to be high because DiMaggio is considered one of the greatest baseball players of all time. In reality, the card is just paper with ink, forming an image.
