There's no shortage of studies that show people perceive personalized products has having more value than their non-personalized counterparts. In fact, personalized products sell for an average of 33% more than the plain version. Let's examine some of the psychology behind this.
The short answer to why personalized products are worth more is that its not about the product. Its about a feeling. And that feeling comes from something beyond the product. Here's some examples:
Its not a product, its a memory
If you've ever seen the movie With Honors, Joe Pesci's character carries some pebble with him that he values very much. Each pebble was something he picked up from the ground during important milestones in his life. Those pebbles carried the value of the moments they came from. It can be the same thing with personalized products. Its not that its a cheese tray. Its a cheese tray from my wedding!
Its about the thought
You know the old adage that "it's the thought that counts." A personalized gift shows even more thought on the part of the giver. Not only did the giver choose the product, but they also choose how to personalize it. And the personalization takes more thought than getting a plain product.
Its about human connection
A personalized product allows people to memorialize their relationships. This can be celebrating 50 years of marriage. Or it can be a groomsman gift with an inside joke that only the giver and receiver will understand. Or it can be the lat and long that two people met at. Or it can be any number of other ways to memorialize you and the people you love.
Look ma, its me!
Way back in the 1930's, Dale Carnegie coined the quote "Remember that a person’s name is to that person the sweetest and most important sound in any language." That rule certainly remains true today. By personalizing a product with a person's name, the product becomes more valuable to the person because that name is the most important thing to them. Add their personal motto or other aspect of their brand to the mix and its even more valuable.
So, these are some of the reason that people find increased value in personalized products. There are, of course, others. Please share your reasons in the comments below.
At ProductGraph, we understand the value of personalization. That's why we make the industry's best personalization software. Want to learn more about it?