Today’s post was a guest submission and although not exactly print related, there is relevance in proving the value of print. Read on to learn more about the perception of value.
Value is in the eye of the beholder. But what influences the beholder in their perceptions?
Customer perceived value is incredibly influential when it comes to making product and marketing decisions. How do consumers perceive value; how can we assign value, prestige and buy-ability to a product; what are the best examples of this in the real world?
Perceived value pricing is now commonplace, and the greatest profit margins are drawn out from products that have developed remarkable levels of buyer faith, reputation and perceived quality and value.
This info-graphic looks at the psychology behind our perceptions, noting trends, marketing practices and differing generational attitudes. From products that developed from everyday household items to prestige products and brands and products that completely revolutionized their industry, the ‘Perception of Value’ info graphic will walk you through how music and food have proved archetypal when it comes to assigning and drawing value – value that may seem misappropriated, but has done massive favors for brands and marketers for years (Apple and iTunes especially, for example).
See, for example:
- How lobster went from prison food (at one time fetching $0.11/lb) to a fine dining staple;
- How ‘ancient grains’ got pricey – and became a marketing tool for cereal brands all over the world;
- How we experience more pleasure from a wine we’re told costs more in blind taste tests.
Since price positively influences perceptions of quality, and inversely influences perceptions of value, how can sellers of mundane products use history, story, exclusivity, and implied scarcity to change our appetites? Read on to find out…
Feel like your product is a commodity and has little value? How can you use the story of the lobster to help you add value to print? We’d love to hear your thoughts below in the comments section.