Perceived value is the consumers’ opinion of a product and its ability to satisfy their needs or requirements.
Providing benefits to your consumers can help businesses increase the perceived brand value of consumers. Highlighting consumers’ needs to purchase and the benefits prospects may receive can help brands justify the value of their products and services.
Brands must ensure their products and services resolve pain points to demonstrate the value perceived by consumers. Marketers can leverage social proof like testimonials, case studies, or even brand logos to augment the perceived value of their products.
Adopting the contrast principle, wherein lower quality products or prices are compared, can further help marketers add to a product’s perceived value and boost sales. Create limited-time offers to leverage the scarcity factor and enhance product interactions and experiences to connect with customers on an emotional level and drive sales.
[7 minute read]