Questions

What simple tactics can you use to increase the perceived value of a product or service?

Would love thoughts on increasing the perceived (or value overall) Example: packaging, 24/7 customer service, celebrity or expert endorsement.

6answers

Think about the entire sense of the product that the consumer gets, this includes your website, what you sound like on the phone if/when they call, your logo, the packaging of your product, etc. These are all relatively small things that you could tweak that would have a disproportionally large effect on perceived value _if_ everything is done right.

Another easy move is to release another similar product at a higher price. The more expensive version should have extra features, but don't think that hard about it, it's more a placeholder which allows people to see the true value of the more affordable version.

Note: with both of these tactics (and others), the goal is not to trick, it's to get a product that is genuinely valuable to the user at a fair price for the value they're getting. Perceived value is real value, and it should stick with the user for as long as they own/use the product, just like a more 'tactile' feature would.

Let me know if you'd like me to give you feedback on your overall product's perceived value and how to greatly improve it,

best,

Lee


Answered 4 years ago

-High MSRP
-Scarcity (Limited Availability, e.g. 1000 unit limit)
-Application to be able to purchase
-Lifetime or Multi-Generational Guarantee
-Free Overnight Shipping
-Certificate of Authenticity
-Personal Letter of Congratulations by Designer, CEO, etc.

There are a bunch more if you want to talk.


Answered 4 years ago

Everything mentioned by you- packaging, celebrity endorsement, customer service- carries a touch of luxury. A category wherein mere increasing the price does the trick. However, catch lies in customer's focus being on price.

Another way forward could be to not talk about price and try to influence customers by enhancing the perceived value of a message. "Genius in Five Letters" to "Performance and Prestige", Roles never said "Rolex is expensive". Like, you just need to convey a different attitude.

The packaging example as chosen by you is appropriate one. Packaging could always be rebranded to enhance the perceived value of a product. Think of wines, toys, e-commerce. The size and quality of package does play some role in increasing the perceived value.

At times adding a guarantee or credibility enhances the perceived value. Think about the digital marketplace and you'll see things like reviews, testimonials, free trials etc. Everything adds to the credibility. Top those further with things like bonus points, discounts to add more values.

Last but not the least, you need to convey the value. Consumer should feel that they have cracked a deal.

Thank You!!


Answered 4 years ago

For my agency (https://www.brotskydesigns.com), I found that client logos really help sell us. Customers tend to care about who your company serves more than more important things like quality or value.

For example, our first "big name" was Howie Mandel. We did his website. The website was pretty standard and no different, technically speaking, than any other client we had at the time but since it was a celebrity that most people have heard of we started getting a lot more clients and bigger companies or celebrities started taking us more seriously.


Answered 4 years ago

Start by figuring out what value your product gives to your customers and then see how you can improve each of these areas.

According to Builtvisible, there are nine factors to consider when determining the value your product or service provides your customers:

* Product function: What will your product or service do for your customer? What effect will it have on their life?
* Points of differentiation: What is your product’s unique selling point? What sets it apart from similar products on the market?
* Quality: Is your product durable? Is it made to last? Will the services you provide continue to benefit your customers over time?
* Service: What “extras” do you provide your customers once they’ve paid for your product or service?
* Marketing: Have you created a “buzz” around your product or service? Are the benefits of your product well-known?
* Branding: Is your brand a true representation of the level of quality you provide, and of the values your company stands for?
* Customers’ existing relationship with your company: What have your customers’ experiences been when interacting with your company in the past
* Personal bias from experience: Unrelated to your company specifically, what does your target customer think about the product you offer?
* Price: How much do you sell your product or service for? How does the price of your product compare to that competing companies’?

You can find more tips in this blog: http://www.fieldboom.com/blog/customer-value/.


Answered 4 years ago

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