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Chinwag Psych London 2014. Leigh Caldwell, The Irrational Agency. " Intangible value: how the limitations of human psychology can make us happy"
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Chinwag Psych London 2014. Leigh Caldwell, The Irrational Agency. " Intangible value: how the limitations of human psychology can make us happy"

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Chinwag Psych London 2014 …

Chinwag Psych London 2014
@Chinwag psychmatters.co

Leigh Caldwell, The Irrational Agency. " Intangible value: how the limitations of human psychology can make us happy"

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  • 1. Bords de la Seine a Argenteuil (Monet)
  • 2. Why? How much? The intangible: … is anything you can’t touch, see, taste, hear or smell … only exists inside your head … but still creates value
  • 3. • Services dominate the transaction value • Services are always intangible • You can only value a service based on expectation • Expectation is shaped by intangible claims and knowledge
  • 4. $24.5 billion $15.9 billion $11.9 billion $7.7 billion $6.5 billion $5 billion $3.1 billion
  • 5. $1.3 trillion Source: Forbes
  • 6. $320 billion Source: Nielsen Global AdView Pulse
  • 7. • Intangible products make up a huge proportion of the global economy • They are essential to every company’s profitability • A price must be put on them
  • 8. •Type 1: Pure intangible – information only
  • 9. $4 trillion
  • 10. •Type 1: Pure intangible – information only •Type 2: Intangible aspects of physical products
  • 11. $5-7 trillion
  • 12. •Type 1: Pure intangible – information only •Type 2: Intangible aspects of physical products •Type 3: Goods that are different but most of us can’t tell
  • 13. $4 trillion
  • 14. Jackson Pollock
  • 15. •Type 1: Pure intangible – information only •Type 2: Intangible aspects of physical products •Type 3: Goods that are different but most of us can’t tell •Type 4:Tangible goods which meet a need that is intangible
  • 16. $25 trillion
  • 17. •Type 1: Pure intangible – information only •Type 2: Intangible aspects of physical products •Type 3: Goods that are different but most of us can’t tell •Type 4:Tangible goods which meet a need that is intangible •Type 5:Tangible goods and needs which arise from a deeper intangible need
  • 18. $20 trillion
  • 19. 16 59 Trillions of $ Tangible Intangible
  • 20. • Shared knowledge among the wearer’s friends and acquaintances • An investment byValentino in creating that knowledge • The confidence of the wearer which arises from that knowledge
  • 21. Bords de la Seine a Argenteuil (Monet)
  • 22. Expectation of resale value Shared assumptions about authenticity
  • 23. Assumption of fairness… …but what’s a reasonable price?
  • 24. A story Memories Bragging rights
  • 25. The world is complicated - how do customers make sense of it? Through stories.
  • 26. Shared culture
  • 27. Intangible value exists not in the object, but in the common assumptions of the world around it
  • 28. Pairwise comparison Anchoring Limits on information processing Priming and confirmation bias 1 2 3 4
  • 29. The value of similar things Other numbers we know A limited subset of information The language we use to think and talk about it 1 2 3 4
  • 30. An object contains certain objective facts We interpret those facts in the light of knowledge This becomes the subjective nature of the object The object’s value now depends on our background knowledge
  • 31. • Limited editions • Unique objects • If something can’t be replaced or obtained, there’s one less “competitor” to hold down its value
  • 32. • We believe in novelty: a kind of magic in the new • Copies are one step behind • The originator of a thing must understand it better
  • 33. • We like to know the background to things • We believe in causality • The story stimulates a richer interaction with the object
  • 34. • We want to influence what others think of us • Objects trigger their interpretations just like our own
  • 35. • The object doesn’t only have value to us – also to others •We predict future experiences or consequences
  • 36. • Nike sneakers • Partnership with KanyeWest • Limited edition of 3000 pairs • Retail price $275 • Subsequently auctioned for $2750+ • Some pairs $90,000 Image: BornRich.com
  • 37. • Consulting firm • Expertise/IP is shared widely across the firm • But some people are more highly valued
  • 38. • The person who wrote the book • The person who consulted for Bill Gates • The person who’s been onTV • The person they’ve heard of • Symbols of expertise are more measurable than actual expertise
  • 39. • Got different people into different media • Pro bono consulting for well-known charities/projects • Identified different conversations their clients might have… • …and chose different ways to participate in those conversations • Created profile for multiple staff members, not just senior ones
  • 40. So why use tangible products to create intangible value? • Credible signalling • Salience • Simplification • Lack of self-control
  • 41. The intangible is ever more important
  • 42. • Everyone seeks purpose, a narrative for their life • Their choices create that purpose • You can collaborate with them to create it
  • 43. • People connect through language and symbols • You can be that connection • You unlock new relations between people, groups and cultures
  • 44. • Already, 75% of the economy is services • Half of that is symbolic services • It is growing inexorably • In the future, everything will be mediated through the intangible
  • 45. Start building itTODAY.