What Is Perceived Value?

An essential ingredient in either being a successful leader, or a successful event planner/ organizer, is the creation of perceived value. It is important for leaders and organizers to understand that there is a significant difference between actual value and perceived value. Where actual value may be measured, for example, in monetary terms, perceived value is often far more difficult and challenging to measure. The Free Merriam- Webster dictionary, idictionary.com offers definitions for perception such as "a mental image; physical sensation interpreted in the light of experience; quick, acute, and cognitive cognition" as primary and relevant meanings. However, as it pertains to leadership, perceived value should be thought of as the value that others place on what is being offered. If addressed properly, effective and intuitive leaders make sure that they emphasize perceived value, and thus prioritize expenses, and appeals. On the other hand, in my over thirty years of working with leaders, far more individuals in leadership positions tend to minimize emphasis on perceived value, and offer spend monies on items that others do not feel provide value.

1. Members perceive open communication as providing significant value. While the leader who reaches out and emphasizes communication, by be disciplined enough to consistently write and communicate their Blog, make telephone calls, jot little personal notes, and use personalized (or at least appearing personalized) emails enhance members perception of being offered something valuable, because perception is to a large degree, experience and attitude based.

2. Event planners need to really emphasize the concept of perceived value. In order to attract potential attendees and sponsors/ supporters to an event, those individuals need to feel that their involved has a true value. This must be a combination of highlighting the benefits and needs of the event, as well as the "what's in it for me" perspective. As a professional event planner and conference organizer, I am convinced that perceived value is certainly not strictly based on what is being spent to put on the event. Rather, it is based on how attractive the schedule or flow sheet appears, how this event compares to the competition (yes, organizations, especially not- for- profits, must realize that there is lots of competition for time, involvement, and monies), how well the negotiator negotiated, proper prioritization, and a keen eye on perceived value. Free (to the organization) items like certain games and activities, walking tours, etc., go a long way towards giving the appearance of value. Event organizers must understand that from a perceived value perspective offering more included Food and Beverage functions (for the price) makes far more sense than spending excessively on costly (but not perceived value) items such as spending lavishly on one event, spending a fortune on speakers, excessive comps, etc.

Leaders who think about perceived value almost always set priorities that the majority of potential and actual members (and in the case of events, attendees) consider valuable. One cannot over- estimate the perceived value and tone that friendly and helpful people create, and the potentials obstacles that are avoided when individuals are made to feel welcome and wanted.