The cost of just about anything that has a physical presence is pretty easy to establish: how much money will it take to make it again. It will cost so much money to get the raw materials and so much more money to pay the person who crafts it, and then more money to get it from where it is manufactured to where it will be sold, add these together and voile` you have the cost. The value of an item is not so easy to come up with. The value is how much someone will pay for the thing, not how much it costs to make.
Marketing is basically convincing someone that they need something, and that the one they need is the one the marketer is selling. For example, if the product is a rock, the customer might say, “But I already have lots of rocks. Why do I need your particular rock?” The job of the marketer is to answer that question in such a way as to get the customer to the store to buy a better rock. The way the marketing adds value to a particular rock is in convincing a potential buyer that he or she needs that particular rock over all the other rocks available, and the marketer does this by giving the buyer convincing reasons.
Thinking about marketing and rocks naturally brings to mind the Pet Rocks that were such a craze years ago. The marketing on that product ran on the theme that everyone wants a pet but most folks can’t afford the care and maintenance for a live animal. A pet rock could be fawned over and petted when it was easy to do this and then safely totally ignored when the owner had other things to do. These were just river rocks that had faces painted on them, available in any garden center for (at that time) a dollar for forty pounds, and yet they sold for a dollar each by the millions. What made the difference? Marketing. People were convinced that they had to have these particular rocks, so they laid down their money for them.
For a service that can be done by the consumer himself much more cheaply than it can be sold by a professional, marketing is what makes all the difference. Of course a person can mow his or her won grass much more inexpensively than they can hire a lawn care professional, but marketing specialists can persuade him or her that he or she deserves the convenience of having it done for a low monthly cost (with the definition of “low” being left unsaid). Anyone can cook a hamburger for less money than they can buy one already made and cooked and ready to eat, yet we spend billions of dollars each year buying inferior and unhealthy burgers anyway. Why? Marketing.
Post from Sarah who works in SEO training and online marketing.
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Marketing is How Goods and Services Gain Value