Imagine a person sitting down to a lobster dinner in a restaurant. Have the image in your mind's eye? Good.
Now, what was your imaginary diner wearing? A collared shirt and dress pants? Or ripped jeans and a hoodie? Next, think of the restaurant you conjured up. Was it upscale? Or a local hole-in-the-wall?
Because lobster is considered "fancy" food, I'm willing to bet most of you pictured your diner decked out to the nines in an upscale eatery. Today, it goes without question that lobster means luxurious, high-quality, and valuable.
But it wasn't always this way. In the 17th century, lobster was fed to servants and prisoners. Even 200 years later, the shellfish cost less per pound then Boston baked beans, and was dished out to household cats.
So how in the world did lobster go from food fit for Fluffy to a desirable delicacy? According to the infographic below from Vouchercloud, a combination of scarcity and clever rebranding sent the crustaceans' value soaring.
This story contains an important lesson for both salespeople and marketers: What people perceive to be valuable largely hinges on psychological triggers. Scroll to the end of the image to discover the five main factors people use to determine value, and why we're sometimes willing to pay more for the exact same products.
Originally published Jun 2, 2016 6:30:00 AM, updated July 28 2017