2023-06-09
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#customer experience#product strategy
Klaas Hermans
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Jun 9, 2023 ⋅ 8 min read

What is perceived value and how can you capture it?

Klaas Hermans Lifetime in digital and innovation, ensuring value delivery. I enjoy energizing and motivating teams that create and exceed product expectations.

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2 Replies to "What is perceived value and how can you capture it?"

  1. Perceived value. refers to the worth or desirability that a customer associates with a product or service, based on their expectations, experiences, and beliefs, rather than its actual or intrinsic value. It’s subjective and influenced by factors like brand image, product quality, pricing, and customer service.

    How to Capture Perceived Value:
    1. Understand Customer Needs and Desires: Conduct research to learn what your target audience values most in a product or service. This could include quality, convenience, exclusivity, or status.

    2.Brand Positioning: Build a strong, positive brand image through consistent messaging, logos, design, and overall experience. A strong brand can increase perceived value by associating it with quality and reliability.

    3. Pricing Strategies: Price your product or service in a way that reflects its perceived value. For example, premium pricing often conveys high quality or luxury, while discount pricing can signal affordability but potentially lower perceived quality.

    4. Quality and Differentiation Ensure your product offers features or benefits that differentiate it from competitors, whether through superior quality, unique design, or innovative functions. Consumers tend to perceive higher value when they see clear advantages over alternatives.

    5. Customer Experience: Deliver excellent customer service, a smooth buying process, and post-purchase support. A positive experience enhances perceived value because customers associate the service quality with the product’s worth.

    6. Influence Through Testimonials and Reviews: Positive reviews, endorsements, and testimonials can increase perceived value by validating the product’s benefits in the eyes of potential customers.

    7. Storytelling and Emotional Appeal: Create a narrative around your product that resonates emotionally with customers. Emotional connection can elevate perceived value, especially for lifestyle or luxury products.

    By leveraging these strategies, businesses can enhance how customers view their offerings, increasing the likelihood of purchase at a favorable price point.

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