The Value of a Dime

John Ray: [00:00:00] Hello. I’m John Ray on The Price and Value Journey. In 1987, psychologist Norbert Schwarz conducted a study in which he and his team of researchers repeatedly left a dime near a copy machine where it would be found by those that use the machine.

John Ray: [00:00:22] Those individuals who found the dime were surveyed shortly thereafter, and what the study showed was their overall satisfaction with life was found to be greater than those subjects who did not find the dime. What Swartz and his team documented was the value of a positive surprise, even when the cost of that gesture to the giver was negligible.

John Ray: [00:00:49] Recently, I had the opportunity to visit with an entrepreneur who had just started her services business. She needed help with her pricing and she really wasn’t in a position to hire me for a normal engagement. I spent an hour or so on the phone with her talking about some of her various issues and what she was up to with her business. I gave her some ideas that I thought would help her. And I thought we had a good conversation and I left it at that.

John Ray: [00:01:18] Now, normally, when I have these conversations, I’m not expecting to get anything back in return. I’m just giving to someone that I think could use my assistance and they’ve asked for it.

John Ray: [00:01:29] Well, several days later, this thoughtful entrepreneur sent me a $100 gift certificate for a top notch steakhouse in the area where I live. Now, this gesture was hardly a dime on a copying machine. She surprised and delighted me.

John Ray: [00:01:49] Needless to say, I sent her a thank you note to tell her how thoughtful she was about what she had done. And needless to say, any time she calls me in the future, I’ll gladly take her call and help her in whatever way I can, not because she gave me a card for a steakhouse, a dinner which I could buy on my own. That’s not the point.

John Ray: [00:02:09] The point is, she put herself at top of mind because she gave me a surprise and delight gesture. You see, the gift card was generous, but it wasn’t about the amount or even the card, it was the emotion that her gesture engendered in me. An emotion that I still hold for this individual. These nice touches don’t necessarily mean a lot to us when we do them, but they have high value to our clients, prospects, and just those in our network that we want to reward. They create an emotional value and reciprocity that lasts for a long time.

John Ray: [00:02:48] I happen to think these kind of surprise and delight gestures mean much more than what almost seems like a mandatory holiday gift. The gifts that get lost in the shuffle of everyone else’s gift that year end. I happen to subscribe to the notion that you’re better off slipping in the surprise and delight gestures through the year when you can, as opposed to making a big deal out of holiday gifting.

John Ray: [00:03:17] I know I’m going to be in trouble now with some of my friends who have gifting businesses, but remember them throughout the year, not just at the holidays. They’re not as busy then, and they can help much faster and much quicker throughout the year. But when you do that, it stands out more in the minds of those that you care about. And it goes a long way toward cementing your place in the minds of others as a person of value.

John Ray: [00:03:46] I’m John Ray on The Price and Value Journey. Our show archive is at pricevaluejourney.com. And you can email me, John@johnray.co to connect directly with me. Thank you for joining me.