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What Is 'Perceived Value'?

Perceived Value determines how much your customers will be willing to pay for your offer.

The less attractive the End Result, and the more involvement required to get the benefit, the lower the perceived value will be.

Josh Kaufman Explains 'Perceived Value'

All forms of value are not created equal. “Value” is in the eye of the beholder.

Perceived Value determines how much your customers will be willing to pay for what you’re offering. The more valuable a prospect believes your offer is, the more likely they’ll be to buy it, and the more they’ll be willing to pay.

The most valuable offers do one or more of the following:

• Satisfy one or more of the prospect’s Core Human Drives.
• Offer an attractive and easy to visualize End Result.
• Command the highest Hassle Premium by reducing end-user involvement as much as possible.
• Satisfy the prospect’s Status Seeking tendency by providing desirable Social Signals that help them look good in the eyes of other people.

It’s important to note that Perceived Value is a subjective matter, and depends on your prospect’s current situation, values, beliefs, and worldview. If your prospects don’t believe your offer is valuable, they won’t be Receptive to your offer.

Focus on providing the most significant benefits and the highest status in a way that requires the least amount of end-user effort and frustration, and you’ll increase the Perceived Value of your offer.

Questions About 'Perceived Value'

• Which forms have the highest perceived value?
• How can you remove effort or frustration for your customers?
• How much would they be willing to pay for those additional benefits?

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"People don't trade money for things when they value their money more highly than they value the things."

Roy H. Williams, The Wizard of Ads

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https://personalmba.com/perceived-value/

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