If you want to change the product perception and you think that your customers feel your product or service is expensive. Then it is possible that the problem is in the perception of value they have with respect to what you offer. The formula for success in business is: “Value is always greater than the Price”; That is, if your customers perceive that they are getting more than they paid, your business will be successful. However, getting customers to perceive a product or service as valuable is really a challenge.
There are several key elements that influence the product perception. Next, we share 10 of these elements so that you take advantage of them and make your customers perceive more value in what you offer.
How to increase the Product Perception in Customers Mind
Below are the 10 things that my assist you to change your services or product perception and earn more value in the market.
- Packaging
The packaging is one of the most important influence sales of a product at the point of sale items. The most exclusive and expensive perfumes and spirits, you will always find them in packaging with fascinating designs. Check the packaging of your product and make sure it is visually transmitting what it is worth; otherwise the customer will think twice before encouraging them to pay for it.
- Color
The human mind tends to associate colors with emotions and feelings. Here you can see the meaning of colors in business. Colors such as black, white, red, silver and gold are culturally associated with symbols of power, status and elegance, so if your product handles a premium concept or exclusivity, these colors will enhance the perception of value. Be sure to choose colors that match your value proposition and the customer segment you are targeting.
- Designing
A bad design ruins a good product. When we talk about design, we refer to all elements and characteristics of the product that interact with the customer through the senses: shape, size, weight, etc. But, we also refer to logo designs, advertising material and other components of your corporate image.
Through design you can ensure that the experience of consumption is as pleasant as possible and you will differentiate yourself at the point of sale.
- Merchandising at the point of Sale
The location, organization and arrangement of a product at the point of sale also significantly influence the perception of value. Seeing lots of products in clutter and stacks will unconsciously give us the feeling that these are cheaper, even if they really are not.
Value-focused, not price-focused brands often invest to gain prominent positions in supermarkets and differentiate themselves from competitors.
- Create Memorable Experiences
A bad experience will make the perception of value of your business stay on the ground. When customers have meaningful and memorable experiences, it put a great impact on your service or product perception. The stronger and more pleasant the experience the customer lives, the more irrelevant the price will be for him.
- Feeling of Scarcity and Urgency
If you go to a jewelry store and ask them to show you the most expensive ring, they will surely show you a unique and exclusive ring, stored in a separate box creating a feeling of scarcity. When a product is scarce, its perception of value increases. What if you ask for the most expensive ring and you pass a box full of rings equal? You will probably doubt the value of it.
You can also take advantage of the feeling of shortages in terms of time, telling your customers that your offer expires at any given time. The idea is that the customer feels that the product is worth more because the availability of it, in terms of quantity or time, is limited.
- Communication and Distribution Channels
When the iPhone was released, this could only be achieved through “Apple Stores”. This decision had as objective that the client lived a significant experience at the moment of the purchase of the product, being advised by sellers who identified and promoted the culture of the company.
Tesla Motors Has also adopted this strategy, building its own stores to convey the essence of its philosophy and create an exclusive community around its brand. Make sure that you are promoting and distributing your products and services in channels that are in accordance with the perception of value you want to create.
- Differentiation
If the market does not notice a difference, it will decide on price. “In the end, you’re different or you’re cheap” – Guy Kawasaki. Build a differential through elements that are valuable to your customer.
- Specialization and Personalization
Specialization is more valued than generalization. If you try to be everything to everyone, you end up being nothing to anyone.
When you create specific products and services for a particular customer profile, you have the possibility to focus on enhancing the value characteristics that are especially attractive for that type of customer, making it much easier and more effective to communicate your value proposition.
- Understand your Customers’ buying Motivators
The brands that transcend do not sell products and services, but emotions, experiences and solutions. Behind every product acquired, hides an intrinsic motivation that you must identify and understand to reach the mind and heart of your market. In this video you can see what the 10 purchase motivators are and how to use them in your strategies.
Well, the final conclusion is that, if customers find your product or service to be expensive, before you lower prices make sure you are taking advantage of the items mentioned here. Remember that: “The price is not on the product label, but on the customer’s mind.”
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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