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Value creation, a real challenge for your brand

 

Today more than ever, creating value is essential for companies in all sectors. Faced with rising prices that can be a barrier to purchase, a solution exists: increase the perceived value of your products or services. It is the insurance to sell more, more expensive, and at the same time to retain your customers. We explain how creating value can help you build a strong brand image and develop your business.

What is the perceived value of a product or service?

The perceived value corresponds to the amount of money a customer is willing to pay to buy a good or service and get the desired benefits. It is also called psychological price. It should not be confused with the real value, which takes into account production and marketing costs, as well as the margin applied for the development of the company.

How is value creation an issue for your brand?

Perceived value and real value are intimately linked. For an offer to find its market, there must be a match between the perceived value and the real cost:

  • If the perceived value of your product or service is too low compared to its actual price, the prospect will not buy it and will turn to one of your competitors.
  • If, on the other hand, the perceived value is much higher than the actual price, the consumer will have doubts about the quality of the product or service offered, and may think that it is a counterfeit or a scam.

Improving the perceived value of your brand therefore allows you toincrease the price charged to the customer without compromising your sales.

How to increase the perceived value of your offers?

As we have just seen, any price increase must be justified by creating value for the customer. Here are some marketing strategies to increase the perceived value of your products or services.

Participate in the change of model

Global warming, health crisis, war... The upheavals we are facing require a change of model. We are living in a time when everyone must contribute to building the world of tomorrow, and companies are no exception. Companies are no longer judged solely on the creation of economic value, but also on extra-financial criteria: ethics, ecology, impact on society, etc.

This is what is grouped under the concept of corporate social responsibility (CSR), defined by the European Commission as the integration of social and environmental concerns into business activities. The objective is to contribute to the challenges of sustainable development through the seven themes of the international standard ISO 26000:

  1. Governance of the organization
  2. Human rights
  3. Relationships and working conditions
  4. Environment
  5. Fair practice
  6. Consumer Issues
  7. Communities and local development

Whatever the size and the sector of activity of your company, you can set up a CSR policy to reinforce your brand image with customers, who are more and more sensitive to these issues. They are no longer just buying a product or a service, but a philosophy in line with their values. This approach is also part of the levers for developing your employer brand and attracting a new generation of candidates in search of meaning.

Focus on service

We are in theservice era. The aging of the population is leading to an increase in the consumption of services. It is therefore in the service that value is created. It is no longer a question of selling a product, but of offering a global solution. For example, a car manufacturer no longer sells a car, but rents a vehicle that is maintained, insured and returned at the end of the contract. The service increases the perceived value, because it offers potential customers a benefit that goes beyond simple consumption. A service is no longer consumed, it is valued.

Moreover, the implementation of services allows you to collect data on your customers, on their behavior, etc. The generated data is a real mine of information that can be sold to third parties.

Communicate your brand value

A customer will only agree to pay more if he or she understands the value you can provide and is confident that he or she is getting "value for money. To do this, it is essential to communicate the competitive advantage of the product or service provided. You need to explain how your company is useful to the community as a whole.

You must therefore capture the attention of your targets and create content on your various communication channels:

You don't have enough time or resources to take care of it? Call on a communication agency! As a true partner of your company, Autour de l'Image puts in place all the necessary actions to demonstrate your value to your customers and prospectsin order to develop your business.

Send us a message to get acquainted and discuss your needs!

 

About the author

Philippe Rigault

Philippe Rigault is the founding President of the agency Autour de l'Image. He assists clients in the development and animation of their communication strategy, combining advice, creativity, mentoring and common sense. Autour de l'Image is a global communication agency that simplifies the life of entrepreneurs. It brings together all the communication and marketing skills needed to develop sales and brand awareness.

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