What Influences Perceived Value and How to Use It in Your Business?

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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? ....Continue reading!>>

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