You’ll agree with us that in an increasingly saturated market of options, perceived value emerges as the differentiating factor that extends beyond the mere relationship between price and quality. Let us delve into what a company’s true value is and how the perception it generates in the customer can elevate it to the pinnacle.
What is Perceived Value?
Perceived value, as the name suggests, is the more or less subjective perception that a customer has about the features of a product or service. Therefore, it goes beyond tangible characteristics, encompassing emotional aspects, experiences, and benefits that the consumer associates with the brand.
Determinants of Perceived Value by the Customer
And what are the determinants for the value perceived by the customer?
- Trust: Trust is fundamental in building this value. Customers seek not only quality in the product but also trust in the brand and the promise to meet their expectations.
- User Experience: Ease of use, intuitive interaction, and overall satisfaction during the user experience significantly contribute to the image created in their minds.
- Customer Service: The quality of customer service is another important determinant. Promptness in deliveries, empathy, and effective problem resolution carry notable weight.
- Reputation and Brand Image: The reputation of a brand and its image directly influence how it is perceived. In other words, consistency and authenticity play a key role.
- Price-Quality Ratio: As mentioned in perceived value, it is not the most relevant factor, but it also has its importance. Therefore, achieving a balance between the quality of the product and its price is essential since customers seek value proportional to the investment made.
Strategies to Sell Value
Now that we understand the importance of a company’s value, let’s explore the appropriate strategies to achieve it.
1 Identify what makes your product or service unique
Highlight distinctive aspects that set it apart in the market. Ask yourself: What problems does it solve? What unique benefits does it offer? Is it as good as it could be?
2 Communicate effectively
To increase perceived value, use marketing and communication strategies to clearly convey the value you are selling. Focus on stories and testimonials that highlight benefits and experiences.
3 Know your customers
Understand the needs, desires, and concerns of your customers. This way, you can personalize your approach to fit their individual preferences.
4 Train your sales team
Train your sales team to understand and effectively communicate the value of the product or service. Personal connection is key.
5 Be consistent and patient
Building a strong perceived value takes time. Maintain consistency in quality, service, and communication to develop customer trust over time.
In an environment where options are abundant, selling value goes beyond monetary transactions. By understanding and enhancing the elements that contribute to perceived value, your company can build strong relationships with customers and stand out in a competitive market.
Remember that at IBMH, we can help you with your company’s value. We can take care of your furniture and construction hardware imports from China with the utmost guarantee of success. Contact us today!
