How Does One Define Value?

Sometimes, assessing the value of certain things can be a very difficult science!

Few things help products more than when one injects them with lots and lots of value!

Yet, after having said that, there are also many different kinds of value to consider…

First, there’s Functional Value – this sort of value in something that helps you get things done.

Whether you need to purchase something, find information online or furnish an apartment, there are products and services out there offering this sort of value to you…

Then, there’s Social Value - We are, after all, social animals and care deeply for our place on the social ladder!

Social value comes from addressing social needs like cultivating ties and networks, building status and recognition, gaining social acceptance, and projecting the right image.

Finally, Emotional or Psychological Value comes from addressing people’s needs to feel good.

Gaming, media, entertainment, travel, and sports are built around emotional needs. And any product that manages to inject fun and excitement into its workings stands to gain value. There’s no real functional value in these activities, but they are important for relaxation, happiness, escapism…

Yet, with regards to the RM460 burger that’s gone viral this past couple of days in Malaysia, where does this item stand in the value sweepstakes?

Well, for one thing, this Malaysian, Angus beef creation doesn’t quite compare to the Fleur Burger 5000 – the US$5000 burger from the Fleur eatery in Las Vegas!

The latter is recognized as the most expensive burger ever, and features super-luxurious Wagyu beef, and is served alongside a bottle of 1995 Chateau Petrus from Bordeaux, one of the most prized (and expensive) wines known to man!

So, coming back to the Malaysian burger, perhaps it’s still rather steep price tag corresponds with the service and atmosphere at the place where it is served?

Because at the end of the day, menu pricing is the engine behind any dining establishment brand’s success, as sales are a restaurant's sole source of revenue.

After all, pricing for food directly impacts a food business owner’s ability to fund essential aspects of his or her business, including equipment, utilities, labor, ingredients, and more…

At the end of the day, the question ‘Is this worth the money?’ falls onto the customer’s feet…

How do they define value? Can they measure it? What are products and services actually worth to customers? Remarkably, few suppliers in business markets can answer those questions.

For us at Sales Ninja at least, we may not try and push super gourmet burgers to you, but we know that the comprehensive learning experience that we provide to companies and business owners is well worth their expenditure commitments…

That’s why we’re Asia’s #1 Sales Solutions company and the leader in helping small-medium, listed, and global companies in all kinds of industries, whether it’s B2B, B2C, direct sales, enterprise sales, retail sales, channel sales, dealer sales or project sales.

We have helped in transforming many sales organizations by offering the best sales training in Malaysia – with over 11,000 salespeople in more than 400 companies across over 20 industries experiencing this!

Now, how’s that for a great value proposition, eh?