advice Identifying value

[Eric Lyon]

Important: It’s important to remember that not all value is created the same and there may not be a monetary exchange. Sometimes, where one person may think a product/service/asset has no value, it may actually have a lot of value to someone else for a different reason than the first person thought of or identified in their research.

Value comes in so many different variants, that it can boggle the mind when you really think about it. For instance, here’s just a few different kinds of value:

• Monetary Value
  • Sub-Value: Liquidity, Material Quality, Antiquity, etc.
• Health Value
  • Sub-Value: Nutritional, Extended life, Healing, etc.
• Educational Value
  • Sub-Value: Certification, Degree, New Skill-Set, etc.
• Title Value
  • Sub-Value: Owner, President, CEO, etc.
• Emotional Value
  • Sub-Value: Happiness, Love, Passion, etc.

Now, expand on your consumers sub-value (Need vs. Want): You generally want to choose a “need” (Definite buy/investment) over a want (Impulse buy/investment), first. As an example, let’s use a E.g. Domain Name – Does the consumer actually need that particular domain name asset or do they simply want it? – When evaluating a domain name asset, it’s important to remember that most domain names are wants and not needs. Not all domain assets have core value...

Read More