How do you assign a value to something? That value you assign will play a part in whether that thing is worth considering buying or not.

If you think the price is too low, maybe there’s a reason for that – the product isn’t that good so you’ll pass on it.

Likewise, if you think the price is too high, you may think the vendor is just trying to fleece you.

Perceived value pricing is now commonplace, and the greatest profit margins are drawn out from products that have developed remarkable levels of buyer faith, reputation and perceived quality and value.

This infographic looks at the psychology behind our perceptions, examining trends, marketing practices and different generational attitudes. From products that were developed from everyday household items to prestige products and brands and products that completely revolutionised their industry, the ‘Perception of Value’ infographic will walk you through how music and food have proved to be prototypes when it comes to assigning and drawing value – value that may seem misappropriated, but has done massive favours for brands and marketers for years (like Apple and iTunes, for example).

For instance:

  • How lobster went from being a prison food (at one time fetching $0.11/lb) to a fine dining staple;
  • How ‘ancient grains’ got pricey – and became a marketing tool for cereal brands all over the world;
  • How we experience more pleasure from a wine we’re told costs more in blind taste tests.

Since price positively influences perceptions of quality, and inversely influences perceptions of value, how can sellers of mundane products use history, story, exclusivity, and implied scarcity to change our appetites? If you sell anything online, this infographic is for you…

Source(with permission): VoucherCloud


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Filed under: Ecommerce