Questions

Would love thoughts on increasing the perceived (or value overall) Example: packaging, 24/7 customer service, celebrity or expert endorsement.

Everything mentioned by you- packaging, celebrity endorsement, customer service- carries a touch of luxury. A category wherein mere increasing the price does the trick. However, catch lies in customer's focus being on price.

Another way forward could be to not talk about price and try to influence customers by enhancing the perceived value of a message. "Genius in Five Letters" to "Performance and Prestige", Roles never said "Rolex is expensive". Like, you just need to convey a different attitude.

The packaging example as chosen by you is appropriate one. Packaging could always be rebranded to enhance the perceived value of a product. Think of wines, toys, e-commerce. The size and quality of package does play some role in increasing the perceived value.

At times adding a guarantee or credibility enhances the perceived value. Think about the digital marketplace and you'll see things like reviews, testimonials, free trials etc. Everything adds to the credibility. Top those further with things like bonus points, discounts to add more values.

Last but not the least, you need to convey the value. Consumer should feel that they have cracked a deal.

Thank You!!


Answered 5 years ago

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