This time savings should be a major selling point, allowing customers to perceive your product as higher-value because of the time they will save by using it. Doing so can help you appeal to those who value their time, potentially increasing the customer’s perceived value of your product.įor example, let’s say you work for a company that sells payroll processing software, and your platform allows payroll administrators to cut their processing time in half compared to how long it took to use a competitor’s software. What does that mean? Consumers value their time more than things.Įven if you don’t necessarily sell an offering that can directly give consumers their time back (such as a service your customers can outsource to your company), you can focus on time-saving or convenience-related qualities of your product. In fact, working adults who spend money on time-saving purchases to outsource tedious or disliked tasks have greater overall life satisfaction than those who prioritize material spending. Now let’s discuss how you can leverage customer perceived value to benefit your business.
Scroll to the end of the image to discover the five main factors people use to determine value, and why we're sometimes willing to pay more for the exact same products. This story contains an important lesson for both salespeople and marketers: What people perceive to be valuable largely hinges on psychological triggers. So if a customer inherently believes a product is valuable, they may be more willing to pay a premium and/or experience enjoyment from purchasing or using the product. To maintain a high level of customer perceived value, a product must provide physical, logical, or emotional benefit for the customer. If the benefit the customer expects to receive from the product is higher than the customer’s perceived cost, that product will have a positive customer perceived value.
Let’s discuss the term "perception" - which describes one’s understanding or impression of a topic. This belief can impact demand and pricing for a product. Customer perceived value revolves around the customer’s belief that a product or service has the ability to meet their needs or expectations.
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