It is creating a new demand for an existing product by changing the way a product or service is marketed.
Though a product or brand may share qualities with another, marketing it as different sets it apart from the competitors, and ultimately being different gets you noticed.
The concept of perceived value also indicates what consumers yearn for.
People want quality and would happily pay for it.
Features not limited to product benefits, seals of approval and well-designed packaging would call for more appeal as opposed to a cheap price tag.
Along with a higher price tag, the customer is given the feeling of prestige.
Exactly how the leading fashion and fragrance brands have been successful for so long, they give a feeling of quality the customer desires to buy into.
Over the last decade, there has been a real influx of products that align themselves with ethical standpoints, such as; Non-animal tested, Rainforest alliance, gluten-free, fair-trade, organic, vegan-friendly, recyclable and many more.
These have surged as consumers have become more conscious with their purchasing decisions.
It is popular opinion that companies should show social and environmental responsibility, to improve the world.
Ideally, these would be practices that wouldn’t need advertising as they’d be standard practices across all companies worldwide. However, some businesses are yet to catch up with consumer morals.
In the meantime, logos and phrases associating a product with ethical causes gives the product or brand additional perceived value, conveying it as the ethical choice, the healthier option or the most responsible purchase.
Ultimately, we give our lives value, and some convey this through consumption.
From the food we eat, what we wear, to the way we travel and so forth, our choices help define us by buying into brands and ideologies we relate to.
Whether our purchasing is based on recall of brand experiences accessed within our subconscious, an emotional reaction based on something perceived in the here-and-now, perceived value is abundant and agreeable on one side, and it is profitable for business.
It is empowering for the customer to give them the extra satisfaction with their choices.
That in mind, for retailers, entrepreneurs and brands alike, perceived value is a highly recommended approach to integrate into your brand strategy.