Your brand should reflect the goal of your business by highlighting your strengths and encouraging a positive perception. Perceived value influences the amount of money your customer believes your product or service is worth. Whether marketing a service or a product, the results are similar in that both rely on the customer’s perception of your business’s expertise, quality, and reputation.
If your business and your competitors sell the exact same item, built the same way, and from the same materials, it is likely that the business with the better brand value reputation will sell the item at a higher rate because of the perceived value by the customer. If your customer perceives the value of your brand as high, they will likely make assumptions that the products you promote are of high-quality as well.
— For more lessons like this, purchase your copy of Act Like a Business: Think Like a Customer by Dr. Elijah Clark from all major bookstores. —
Dr. Elijah Clark (June 20, 2022). Perceived Value [Web log post]. Retrieved from https://elijahclark.com/lesson-176/