Creating ‘perceived value’ for your brand is essential to its success, however, that’s easier said than done. Perceived value isn’t just about the price — it’s your brand’s ability to satisfy customers’ needs.
You can do this by demonstrating to customers the most valuable, tangible benefits your brand offers and highlight those benefits in your sales
Explore the different ways you can increase the perceived value of you brand to generate more leads
and customers for your business.
Unique Selling Proposition
A unique selling proposition (USP) sets your brand apart from competitors and adds value to your products or services.
Whether it's offering a one-of-a-kind feature, a specialized service, or a distinctive brand personality, a strong USP can attract customers
who are willing to pay a premium for the added value your brand provides.
Convenience and Accessibility
Convenience and accessibility are highly valued benefits in today's fast-paced world. Brands that offer easy ordering processes, fast shipping, flexible payment options, or convenient locations can increase the perceived value of their products or services.
For example, Amazon's fast, free delivery options and easy returns demonstrate the power of convenience. By making it easier for customers to access and use your offerings, you're providing an added benefit that can justify a higher price point.
One of the key benefits that can significantly increase the perceived value of your brand is quality assurance. When customers know that your brand consistently delivers high-quality products or services, they're more likely to trust and value your brand.
Upholding quality standards can also lead to increased customer loyalty and positive word-of-mouth recommendations.
Exceptional Customer Service
Another way to increase the perceived value of your brand is through exceptional customer service. When customers feel valued and supported throughout their interactions with your brand, they're more likely to view your products or services as being worth the investment.
Prompt responses, personalized assistance, and going above and beyond to meet customer needs can all contribute to a positive brand perception.
Sustainability and Ethical Practices
In today's environmentally conscious world, brands that prioritize sustainability and ethical practices are highly valued by consumers.
By incorporating sustainable materials, reducing waste, supporting fair trade, or giving back to the community, your business can align itself with customers who prioritize these values and enhance brand image.
Exclusive Rewards and Loyalty Programs
Rewarding customers, whether for their loyalty or referrals
, is a powerful way to increase the perceived value of your brand. By offering exclusive rewards, discounts, or access to special events, you can create a sense of exclusivity and make customers feel valued.
Plus, it can lead to increased customer retention and a perception of receiving more value from your brand compared to competitors.
Transparency and Trustworthiness
Transparency and trustworthiness are essential for building a strong brand reputation. Brands that are open and honest about their processes, ingredients, and business practices can build trust with customers.
When customers trust your brand, they're more likely to perceive it as having higher value and are willing to pay a premium for that trust.
Explain to prospects how your brand has helped other customers through reviews, testimonials, case studies
, awards, endorsements, and user-generated content. Showing social proof
of your brand’s excellent results helps prospects to envision how your product or service will benefit them.
No Risk Offer
A ‘no risk’ offer like a free demo, sample, or trial can raise the perceived value of your brand while lowering the prospect’s risk. It communicates to potential customers that your brand is confident in its product or service and the value it offers.
Return on Investment
Connect the initial investment to what customers’ will gain in the future. Help them see that although they’ll pay X amount, they’ll get a return on that product or service every time they use it, which will quickly recoup that initial investment.
Communicate Brand Value Through Digital Marketing
When you’re creating perceived value, it’s crucial that you don’t stretch the truth because it’ll backfire and customers will lose trust in your brand. Be clear about the benefits of your brand and always follow through on those promises to turn leads into customers into brand advocates.
However, prospects won't be able to recognize your brand's value if they don't know your business exists. That's where digital marketing comes in.
Editor's Note: This post was originally published in January 2020 and has been updated for accuracy and comprehensiveness.