Now more than ever, creating value is essential for businesses in all sectors. Faced with rising prices that can discourage purchases, there is a solution: increase the perceived value of your products or services. This will ensure you sell more, at higher prices, and at the same time build customer loyalty. We explain how value creation can help you build a strong brand image and grow your business.
Perceived value is the amount a customer is willing to pay to purchase a good or service and obtain the desired benefits. It is also referred to as the psychological price. It should not be confused with actual value, which takes into account production and marketing costs, as well as the margin applied for the development of the business.
Perceived value and actual value are closely linked. For an offer to find its market, there must be a balance between perceived value and actual cost:
Improving the perceived value of your brand therefore allows youto increase the price charged to the customer without compromising your sales.
As we have just seen, any price increase must be justified by creating value for the customer. Here are a few marketing strategies to increase the perceived value of your products or services.
Global warming, health crises, war... The upheavals we are facing require a change of model. We are living in an era where everyone must do their part to build the world of tomorrow, and businesses are no exception. They are no longer judged solely on the basis of economic value creation, but also on non-financial criteriasuch as ethics, ecology, and impact on society.
This is what we refer to as corporate social responsibility (CSR), defined by the European Commission as the integration of social and environmental concerns into business activities. The aim is to contribute to sustainable development issues through the seven themes of the international standard ISO 26000:
Regardless of the size and sector of your business, you can implement a CSR policy to strengthen your brand image among customers, who are increasingly sensitive to these issues. They no longer just buy a product or service, but a philosophy that aligns with their values. This approach is also one of the levers for developing your employer brand and attracting a new generation of candidates in search of meaning.
We are inthe age of service. An aging population is leading to increased consumption of services. Value is therefore created through service. It is no longer a question of selling a product, but of offering a comprehensive solution. For example, a car manufacturer no longer sells a car, but leases a vehicle that is maintained, insured, and taken back at the end of the contract. Service increases perceived value because it offers potential customers a benefit that goes beyond simple consumption. A service is no longer consumed, it is valued.
In addition, setting up services allows you to collect data on your customers, their behavior, etc. The data generated is a veritable goldmine of information that can be sold to third parties.
A customer will only agree to pay more if they understand the value you can bring them and are certain they will "get their money's worth." To achieve this, it is essential to promote the competitive advantage of the product or service you provide. You must explain how your business benefits the community as a whole.
You therefore need to capture the attention of your target audience and create content on your various communication channels:
Don't have the time or resources to take care of it yourself? Call on a communications agency! As a true partner to your company, Autour de l'Image will implement all the necessary measures to demonstrate your value to your customers and prospectsin order to grow your business.
