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The relationship, Customer Value = Perceived Benefits / Perceived Costs tells us how the value that a customer perceives from a product or service to the benefits and costs that a customer perceives in the exchange relationship. It represents the trade-off that a customer makes when deciding whether to purchase a product.
Perceived benefits refer to the positive attributes or outcomes that a customer expects to receive from a product or service. These benefits can include functional benefits, such as the product solving a problem or meeting a need, as well as emotional benefits, such as the product providing enjoyment or satisfaction.
Perceived costs refer to the negative attributes or outcomes that a customer expects to incur as a result of purchasing a product or service. These costs can include financial costs, such as the price of the product, as well as non-financial costs, such as the time and effort required to purchase and use the product.
Eight Strategies for Enhancing Customer Perceived Value
Increasing perceived value for customers (and non-customers) can be achieved through several strategies. Here is an expanded explanation of each principle:
Increase Benefits: One way to increase perceived value is to highlight the benefits of your product or service. This can be done by emphasizing features that solve specific problems or meet specific needs that the customer has. By focusing on the benefits, you can differentiate your product from competitors and make it more appealing to potential customers.
Decrease Price: Another way to increase perceived value is to decrease the price of your product or service. This can be done through various pricing strategies such as promotions, discounts, or bundle deals. By reducing the price, you can make your product more affordable and attractive to non-customers who may be hesitant to purchase due to cost.
Increased Perceived Benefits (Communication): In addition to increasing the actual benefits of your product, you can also increase the perceived benefits through effective communication. This can be achieved by using persuasive language and highlighting the unique selling points of your product. By making the benefits of your product clear and appealing to the customer, you can increase their perceived value of your product.
Reduce Perceived Price (Communication): Similarly, you can also reduce the perceived price of your product through effective communication. This can be done by highlighting any discounts or promotions that are available, as well as framing the price in a way that makes it seem more reasonable or affordable to the customer.
Reduce Costs (Search, Psychological, Risk, Return, Status): There are several types of costs that can affect the perceived value of a product or service. By reducing these costs, you can increase the perceived value of your product. For example, you can reduce search costs by making it easy for customers to find and compare your product. You can also reduce psychological costs by making the purchasing process simple and hassle-free. Other costs that can be reduced include risk (by providing guarantees or assurances), return (by offering a generous return policy), and status (by positioning your product as a prestige item).
Reduced Perceived Costs: By reducing the costs associated with your product or service, you can also reduce the perceived costs for the customer. This can make your product more appealing and increase its perceived value.
Decrease Perceived Value of Competitor Product: Along the same lines, you can also decrease the perceived value of your competitor's product by comparing it to yours and highlighting any advantages that your product has. By doing this, you can make your product seem more valuable in comparison and increase its perceived value to the customer.
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