Monday, April 07, 2008

What Value Your Product?

It is one thing to put a selling price on a product, it is another altogether to put a value on it. What value your product really has is only apparent after someone has made a purchase. You need to create a high perceived value in your potential purchasers minds so that they will buy your product.

What is Perceived Value

Perceived value is the difference between the prospective customer's evaluation of all the benefits of your product compared to the total price. Viewers are turned into buyers based on the perceived value of your product. By making , sure that your product has a high perceived value, and then delivering on it, is an excellent way to get new customers and keep them, and eventually building a strong relationship with them.

Creating high perceived value products or services is very straightforward. You can do that by putting yourself in their shoes, figuring out what is their most pressing problem, and creating a product or service that will provide great benefits to your customers. Next check out what your competitors are offering. Make sure that your clients feel that they will receive greater benefits and value from your product(s) compared to your competitors' products.

How To Create Perceived Value

1. Find out what your customers value. What do they are really want? It could be anything from saving time or money, clear instructions on how to do something, to a complete resale package including graphics and website.

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