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 buyability to a product; what are the best examples of this in the real world?
Perceieved 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 infographic 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 revolutionised their industry, the 'Perception of Value' infographic will walk you through how music (Apple and iTunes) and food have proved archetypal when it comes to assigning and drawing value - value that may seem misappropriated, but has done massive favours for brands and marketers for years.
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 (and supermarkets like Tesco and Sainsburys especially) use history, story, exclusivity, and implied scarcity to change our appetites? Read on to find out...
If you like this, you might also appreciate our take on modern British economy and The Freddo Index.