Perceived value is simply defined, as the value that a customer attaches to a brand or service.
Perceived value is subjective, and often it's the image, or personality, that differentiates one product from an identical competitor's product or service.
No product or service that is available on the Internet, has an intrinsic value attached to it, that can't be changed by good Internet marketing practices.
Once you understand your customer base, and solve the problems that they need addressed; you are creating value, in terms of benefits to your customer.
When you provide your customers with more than what they expect from you, the perceived value of your product or service increases.
However, the increase in the perceived value of your product, is still somewhat dependent on it's cost.
Generally, when you provide your customers with high quality products at reduced prices; you are providing an exceptionally high value offer.
The perceived value of your product may increase or decrease, depending on the cost.
Remember that the quality of a product or service is subjective, and can be greatly influenced by aggressive marketing, to create a stronger demand.
In the current market, where every penny counts; online businesses have to work harder to attract loyal customers.
Although you may be offering the highest quality product available; you could still find that your customers are flocking to your competitors, because they offer the best perceived value.
Value isn't just about quality, if that quality comes at an exorbitant price.
Value is a balance between product quality, price, and the benefits of the purchase to the customer.
It all depends on how you've marketed your product to exemplify the best, versus the cost.
Perceived value is extremely important to any online business, and should be constantly tweaked and improved when necessary, to remain valuable in the minds of your consumers.
Click Here for additional information on how branding and perceived value can affect your business.
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