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Blog  /  01.28.2022

Five Ways To Increase Your Brand’s Perceived Value. And Why That’s So Important For Your Business. 

In marketing and PR, there are many types of “value”: monetary, functional, psychological, and social, just to name just a few. When you take elements of each and combine them, you get perceived value. For your target audience, this is essentially how they view and evaluate your product or service based on how it can meet their needs versus how much it costs compared to other options in the market.

In its simplest form, perceived value is the anticipated benefit minus the cost.

Why is that important to know? Well, maintaining a high perceived value helps set you apart from your competitors and increases the probability that your prospects will go with you. To do that, you have to make a great first impression. Then, it’s important to effectively communicate the benefit(s) in regards to your product or service’s utility. (What makes it the logical choice? How does it fulfill their wants and needs?) And, if you can do all that while connecting on an emotional level, BINGO! That’s the secret sauce—where the qualitative (feel-good) side is in balance with the quantitative (facts and figures) side.

In the end, people just want to know they’re making a good decision. And in some cases, getting a good deal. So, how can you reassure potential clientele that when it comes to your offerings, perception IS reality? Here are a few quick tips to consider:

5 WAYS TO INCREASE YOUR PERCEIVED VALUE

1. Look the part

That ad, the complementary eblast, and the website to which all your marketing drives—what’s the overall impression? Are your branded communications compelling? Do they look professional and convey quality? Just think how many times you’ve picked one product over another, just because of the packaging. Great design, even in its simplest form, can be a big influencer. It’s all in the execution.

2. Give a little extra

These days, a product or service can be instantly researched, compared, and evaluated by anyone with an internet connection. All things equal, what “value-add” benefit can seemingly turn good into great? Maybe make that typical mailer dimensional. Animate those static posts. Even a little insider information can be of significant value—saving them time, money, or hassle. If you’re a thought leader in your industry, showcase that knowledge the right way.

3. Leverage third-party validation

Your brand identity looks good. Your messaging is on point. And what you have to offer is the real deal. Perfect! Because overpromising and under-delivering can have a negative effect—especially when it comes to your reputation. If you’ve secured legit testimonials, accreditations, awards, earned media placements, or other seals of approval, leverage them appropriately. It can give that added reassurance and establish credibility during the decision-making process.

4. Share your values

That’s right, there’s value in sharing what you truly believe in. According to a 2021 Harvard Business School Online report, 77% of consumers are more likely to engage with companies that are committed to making the world a better place. Whether it’s environmental, philanthropic, ethical, or economic, your Corporate Social Responsibility (CSR) initiatives can build a strong, shared connection with your audience—boosting your image, recognition, and engagement.

5. Price yourself competitively

Luxury brands need not apply. But if you’re a company that offers a product or service in a highly competitive market, put yourself in the customers’ shoes and price shop. Price, after all, is a key determining factor of perceived value. If you’re a little more expensive because you offer greater speed, efficiency, quality, convenience, or expertise—not a problem. Those are all valuable things. It’s just important that those benefits are clearly conveyed.

It only takes a few seconds for someone to form an initial opinion about your company/organization and its offerings. Are the products and services under your brand’s umbrella ready for that moment? Have a look from your audience’s perspective. Your perceived value (the expectations versus the costs) gives you a greater chance to win them over.

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