Work actively with perceived value, and you’re heading in the correct direction
Perceived value can be explained in different ways, but in the end, it’s the same. In an earlier article, we are analyzing the difference between price and value. Too often, people view price and value as more or less the same, and going down that path will mess it up completely for you.
Let’s take a look at a story I heard some time ago:
In a University showcase, the teacher gave a task to offer a lovely jewel and asked the students to visit the most prestigious stores for luxury cutlery. Try to close the deal for $100.
After visiting various shops of the highest level of prestige, the students were not even close to the suggested price. The best counter-offer was $10.
The teacher changed the game’s rules and told the students to make the same offer but to the jewelers in the same area.
The students got an impressive surprise when the first shop they visited even was willing to pay $1000 for the precious piece of jewelry.
The teacher’s conclusion with the students is that the perceived value varies depending on to whom you’re offering your product or service.
What can we learn from this story?
Elements of value
Your product, service, and knowledge are together a piece of gold, but you need to offer it to the right audience. It must be to people who need it and also can appreciate it correctly.
Only a potential customer trained to understand the value of your product or service will be willing to pay the product’s price. You are the only responsible person for teaching the customer to perceive the value of your product.
Do you know the true value of your product or service?
When thinking about value, probably “price” or “quality” are the first two things popping up in your mind.
To get all right, let’s take a deeper look into the Elements of Value Pyramid.
You can identify all the value elements a product or service could provide to satisfy consumers’ human and psychological needs.
This is the “secret” to connecting correctly with your potential customers. The more elements of value you can offer, the higher the customer’s trust will be.
The Three Steps for Perceived Value
The first step will be to identify the elements of value for your product or service.
Check the pyramid!
Step number two is to evaluate if there exists an opportunity to improve or optimize the design or shape of your product or service to add even more value to your offer.
The third step is to make an action plan to make it all happen. Check this article to get some good tips on how to create your action plan.
All famous brands worldwide base their marketing strategy and get inspiration from the Maslow Pyramid to make their brands people-friendly and to have a substantial social impact.
The objective for any company is always commercial. However, the mission of a brand will always be to transcend its audience.
It can be complicated if you don’t have the necessary system, platform, education, training, and coaching in place.
When somebody asks me what I’m doing in my business, typically the answer is something like this:
“I teach people how to get more time with their families, more flexibility to do things they love in life, and financial freedom to really make it happen.”
This response to friends, family and other people you meet gives you two very significant advantages:
- Every single person exactly understands what you’re saying
- Usually, the next question immediately popping up is:
“And how are you doing that?”
The laptop lifestyle is now much easier to explain, and at the other end, you’ll have somebody who is listening.
Your Business Where Perceived Value Follows Your Training
There are plenty of tools, courses, training programs, and coaches you can find with just a few clicks on Google. However, few are taking you on the right track, and it’s easy to be “brainwashed” by “shiny” offers promising you to become a millionaire by doing almost nothing.
Once and for all, stay away from these false promises!
You need a complete platform teaching you to take the correct route without deviation from your winning course.
The bad news is that it can be hard to find such a complete system and concept.
The good news!
Click the box below and get access to the most complete system and platform you probably will ever experience. You will learn from A to Z how to start and grow a hyper-profitable online business from scratch!
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Jan O. Nilsson – What Influences Perceived Value and How to Use It in Your Business?<==Go to the top of page