As a businessperson, you already know that you need to provide value to customers to succeed. How do you do this? You begin by providing a good-quality product or service at a fair price, and offering top-notch customer service. But, you may be overlooking the idea of perceived value and how it can influence your customers’ buying decision.
What is perceived value? In marketing terminology, perceived value is the customers’ evaluation of the quality of a product or service and its ability to meet their needs and expectations, both in relation to the cost and compared to the offerings of your competition.
There are several ways companies can increase the perceived value of their product or service so customers feel that they are getting the best deal. Using these techniques when marketing your brand can significantly improve your bottom line.