![]() ![]() Perceived Value of “ The Web Marketers Guide to Reddit” = Learning / Time If another carmaker releases a near-identical car, they may struggle to compete because they do not share the same customer perceptions. If Toyota brings out a car, you may presume it’s reliable because one of its key brand features is reliability. They can also be differentiated because of their brand. Products are not just differentiated by their features. ![]() Two differentiated products do not have to compete on cost. Two identical products with identical exposure can only compete on cost. It refers to the perceived benefits stood to be gained in the context of price. In other words, for a given set of benefits, as the cost rises, the perceived value drops. Perceived Value = Perceived Benefits / Cost There are many equations and models for measuring customer value. It’s why I love marketing! Measuring Customer Value Whether you are deciding on a restaurant to visit, your next car, or which digital marketing agency you want to use, there are choices available and many factors play a part in forming that decision.Ĭustomer value is all about subjective perceptions, which can only be influenced, not controlled. More importantly, in this world of choice:Ĭustomers compare their perceived value of similar products when making a decision. They buy them because they like them, or need them. People do not buy things because you like them. All of these components affect your customers directly or indirectly in some way, informing their perception of you.Īnd this leads to the fundamental point: The results of your efforts to create value are measured in the customers’ perception of that value. So do your support operations such as HR and accounting. Your internal chain of sourcing, operations, processes, sales, marketing, and customer service all contribute to the creation of value. ![]()
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