Increase Your Product or Service's Perceived Value

When it comes to sales, one of the biggest objections you may face is price. However, if you can justify the price and build value around your offering, you can often shift the customer's perception and sway them in your favor. This is the essence of effective marketing—demonstrating the value of your product or service to make it more desirable.

There’s a reason why on various food TV shows, members of the public are often asked to taste test products. By telling them a story about the brand or showing them luxury packaging, people can often be made to believe that the same product is better. This is a prime example of marketing and sales at work: it's not just about adding value but making the prospect aware of the value that already exists.

The Power of Perception: A Personal Story

Let me illustrate this with a personal story. A few years back, I moved to a small island in the Mediterranean. When I first arrived, I needed to furnish my place. The furniture was quite expensive, given that everything had to be imported, making things pricier than on the mainland or in the UK.

After living there for a few years, I decided to move back to London. However, a friend warned me that locals often tried to lowball prices when buying second-hand furniture. Despite this, I knew from my native friends that furniture on the island retained its value well due to the high cost of new items, and many locals even passed furniture down through generations.

When it came time to sell my furniture, I focused on the value of the products. Much of the furniture I bought was made in Italy, and I made sure to highlight this to potential buyers. I pointed out the craftsmanship, the quality of materials, and the unique design features that made each piece more premium. For furniture I had assembled myself, I shared the story of how I built it, adding an emotional layer to the value.

Interestingly, most of my furniture sold for 60% to 80% of its original value, and I even managed to sell my fridge for more than its current retail price by showcasing its features and functionality, like the ice maker. This experience showed me that when you take the time to highlight the value and build an emotional story around your product, you can make it more desirable. Value is, after all, a matter of perception.

Creating Value in Your Marketing Strategy

If you don't take the time to communicate the value of your offering, your competitors will. To avoid this, you need to find ways to truly understand and convey the value of what you provide—and believe in it yourself. This belief and the ability to communicate it effectively can make all the difference in your sales.

Whether you are struggling with lead generation, sales, or any aspect of your marketing strategy, it’s crucial to remember that perceived value often drives purchasing decisions. If you need help with building this value or with any other aspect of your marketing strategy—whether you want done-for-you services or consultancy—reach out at Big Wolf Marketing. We’re here to help you succeed.