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An Insight Into Perceived Value

Author: Myk Baxter

Within the digital marketing world, perceived value can play a vital part in the expansion of your business and when developing yourself as a professional business person. From the image your business conjures up in the consumer’s mind to leveraging quality to improve product value or personal worth – the importance of understanding this marketing terminology, what it withholds and the impact that it could have on your business is not to be ignored. 

What is perceived value?

When focusing on marketing, perceived value is a term that describes the customer’s perception of the quality of a product or service, and its ability to meet their needs and requests when in comparison with its competitors. 

On the other hand, marketing professionals such as the team at Myk Baxter Marketing, try to influence perceived value by utilising their expertise and quality of service to describe and promote the elements that make themselves, and their clients appear superior to their opponents.

A breakdown and the importance of perceived value

The key factor behind why the perceived value is so important comes from having an understanding of the price that your clients/customers are willing to pay for a high-quality service or product. This value estimation is controlled by a number of factors including; time, knowledge, experience, commitment, and professionalism, as well as insurance, taxes, and liabilities. 

The challenge comes however when entering the digital marketing sector where perceived value often goes unnoticed or misinterpreted due to some consumers being unable to understand why a bespoke service may cost as much as it does. With physical products, craftsmanship, seals of quality and the sheer weight of the object itself all add to a perceived value, whereas a digital service often is not seen as a physical offering – sometimes even being perceived by people and businesses as a waste of money or as “something that can be done in-house”.

For example, say the owner of a small business reaches out to Myk Baxter Marketing seeking assistance with the expansion of their digital marketing. They may have a set quote in mind, or a ballpark figure they are aiming for after receiving advice from their peers. Many times, this price point is accurate, and clients are even pleasantly surprised by the final result. However, due to years of experience in the industry, only MBM knows the true value of their high-quality services, made up of effort, time, expertise, and sheer results. 

As a bespoke website development agency, Myk Baxter Marketing may quote higher than some clients may initially expect, but once the services are detailed and the final product delivered, the results speak for themselves. 

In most instances, the consumer agrees to pay the price and receives world-class services from a brand that knows what they are doing from beginning to end, bending over backwards to ensure every goal is met and every opportunity realised; the entire team driven by knowledge, results, and experience. Whilst, on the other hand, some clients may opt to walk away and seek advice and help from another digital marketing provider, which is also just as acceptable. 

Whether you approach this topic from the position of a consumer or a business, when seeking a quote from a service provider, it’s vital that you recognise the service provider’s true worth.  Don’t be shy to evaluate their previous work, explore reviews and commentary online, and request quantifiable data if the case requires it, but all the while remember to remain respectful and keep in mind that there’s no harm in searching for other quotes – after all, you receive what you pay for and everyone’s budgets are different.

 

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