Customers see value on products and services if they will gain more benefit upon purchase. When making a purchase, a customer values a product’s benefit higher than its function. For example, a customer doesn’t buy a drill to have a drill. He buys a drill to have the capacity to make holes and use it for DIY projects around their house.
For sales professionals, it is critically important to deduce the level of value a customer perceives about the product they sell in order to pitch their offer in the best angle possible.
Perceived product benefits exist on three levels: physical, logical, emotional. Let’s take, for example, buying a new pair of high-end shoes will help you walk comfortably every day (physical), will save you money because of its sturdy material (logical), and will give you the confidence to walk around without feeling embarrassed of wearing nothing at all (emotional).
In this infographic, we will discuss the different factors that affect the mindset of customers towards product and services. Customer perceived value can be acquired in: