Perception Changes Value

Author:

Jason E. Ebey, IOM

Perception. 

So much of the way each of our lives are arranged is based upon perception – our perception of the world around us, our perception of ourselves, the perception of the people around us.

Perception, though, is not always reality. That’s why you rarely see the ‘real life’ of anyone through the photos on Facebook and Instagram. Take a moment… how often do you see a photo of someone not looking his or her best? 

Recently, I was in a hotel and took a photo above depicting a beautiful, tranquil view of a stunning sunset. The reality, however, was that the balcony was covered in bird poop? Did I utilize the balcony? No. But I easily used either photo.

When my social media contacts saw the photos, they would have seen what I wanted them to see. Their perception of the photo would have created a new reality of the scene.

Your business members are no different from my social media contacts.  They have perceptions of your Chamber and the value your Chamber provides to their businesses. 

When you think of your sponsorships, think of the perceived value of them, not the actual value. Think of it another way… consider the perception of your sponsorship, not the actual cost of the sponsorship.  

For a majority of your sponsorships, the perceived value of your top-level sponsorships should be much higher in the value of deliverable benefits. 

In contrast, the sponsorship for the table decorations at the annual meeting will likely not sell for what it costs you to purchase the centerpieces.  The perceived value on this particular sponsorship is simply much lower than others.  

Does that mean you don’t offer that as a sponsorship? Of course not! You’re just going to price it with the sponsor in mind.  The flowers might cost you $2,500. Your sponsorship will probably only be priced at $500… perception is at play here. 

Chambers often over-give benefits to validate the cost of a sponsorship when what they need to do is properly evaluate the perceived value. You’ll go bankrupt trying to “make the sponsorship worth the cost.” Instead, do an honest evaluation of what the perception of the sponsorship really is and base both the level and the price on that.

Perceived value is the tactic businesses use to price their goods, products, and services. Supply and demand are influenced by perceived value.  Starting pricing your Chamber’s goods with perceived value in mind.

When you begin pricing sponsorships with perceived value in mind, you’ll begin to serve your Chamber better.

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