Related: What Is a Marketing Executive? Common Duties, Average Salary and Needed Skills Tips for raising your customer perceived value A store's reputation may rely on cleanliness and organization, while an online vendor may improve their reputation by offering secure check-out and increased connection speeds. All the other types of perceived value can affect a company's reputation, as well as their policies, operation and how they treat their employees. The reputation of a company or brand can also impact the customer perceived value. A different consumer may see the same purse on clearance and assume they're getting a great deal for the price. Discounts and sales are great tools for creating budget pricing that appeals to customers. If the purse is on clearance or doesn't match the dress in price, it may communicate low quality to the customer.Ĭonversely, some consumers may be more likely to purchase something if the pricing communicates that they're getting more value than what they're paying. For example, if a customer is looking for a purse to go with a luxury dress, they may be less likely to purchase a purse that doesn't match the dress in terms of pricing. This applies to both luxury and budget items, as the price of a product can communicate the quality to the consumer. Pricing is another aspect of a product or service that can affect a customer's perceived value. Marketing professionals may also donate part of their profits to charity or organize fundraising activities to show ethical action and create an emotional attachment for the customer. To do this, marketing campaigns can relate products to important holidays or events, or make them a common part of family traditions. Related: What Social Media Reach Is and How It Can Help Your Marketing Strategy EmotionĮmotional value refers to how the product or service appeals to the customer on an emotional level. Vending machines, overnight customer service and digital or online products are more examples of items with high availability value. For example, a grocery store that stays open all night may increase its availability value. The availability value refers to how quickly and easily a customer can choose your product. House cleaners, subscription services and automated deliveries all reduce the time and effort a person must put in to maintain their daily chores. For example, a grocery delivery service is an example of a product that offers high task value. This can include services that replace household duties or errands. Increasing the task value of a product or service means improving the item's ability to save consumers energy, time or money. For example, some consumers may be more likely to purchase an application or program with a simple interface and clean design than one that may be more functional but has an unappealing appearance. Improving the aesthetic qualities of a product can increase perceived value for customers who prioritize the appearance of an item or even a service. The form of a product or service refers to its design or appearance. These are different perceived value types that may influence how a consumer views a product: Form Related: Your Comprehensive Guide To Marketing Communication Channels Types of perceived value To do this, they perform market research such as data collection, trials and surveys. This means that marketing professionals try to increase the perceived value of goods and services by determining what their customers value most. When the perceived value of an item increases, the business or company can price it higher or sell more units, both of which result in higher profits. Why is customer perceived value important?Ĭustomer perceived value is important because marketing professionals can use the idea to predict how a consumer may view a product. Sometimes, pricing can also affect perceived value. Customer perceived value assumes that each customer evaluates their purchases to determine if they meet their wants or needs, then they compare that evaluation to the price they're paying.
This term attributes the success of a product or service to the perceived value consumers assign to it. Related: Everything You Need To Know About Customer Satisfaction What is customer perceived value?Ĭustomer perceived value is a marketing term that refers to the way a consumer views a product. In this article, we explore what customer perceived value is, why it's important, the different types of perceived value and tips for increasing your perceived value.
#Consumer perception definition professional#
If you're a marketing professional or you want to become one, you may want to learn more about customer perceived value and how it can affect profits. Factors like convenience, pricing and reputation can contribute to a customer's perceived value of a product. Customer perceived value is an important marketing term that affects how marketing professionals advertise and price their goods.
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