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Perceived Value

1. WHAT WILL YOU LOSE OUT ON BY NOT HAVING A GOOD BOOTH DISPLAY

  • Customers
  • Why? They will pass your cluttered booth by with uninterested eyes
  • Fix; Bring your booth to life through stands, branding and lifestyle selling

2. WHAT HAPPENS TO YOUR PRODUCT'S PERCEIVED VALUE IF YOU PLACE IT ON A BAD DISPLAY?

  • Your product is perceived of lower value when in a setting of a low quality booth
    • Your items perceived value is higher when displayed in an appealing way
    • Perceived value is measured by the price the public is willing to pay for a good or service
  • Problem: when your customers complain about the price of your products, its because the perceived value of your product is LOW quality
    • Step up the perceived value AKA elevate your products in such a way that lets that appear higher quality

3. SAME PRODUCT CAN MEAN DIFFERENT THINGS TO DIFFERENT PEOPLE, AND THERE’S NO SUCH THING AS OBJECTIVE PRODUCT VALUE, AT LEAST WHEN IT COMES TO ACTUALLY SELLING PRODUCTS

  • We have a huge opportunity to influence how people feel—how they perceive our product’s value
  • Party example- cigarette vs cigar scene
  • Researchers at Stanford GSB and the California Institute of Technology found that if a person is told they’re tasting two different wines—one costs $5 and the other $45 (but they’re actually the same wine)—the part of the brain that experiences pleasure will become more active when the drinker thinks they’re having the expensive wine.

WHEN THERE IS HIGH PERCEIVED RISK, CONSUMERS TRY TO REDUCE THEIR FEAR BY GATHERING MORE INFORMATION AND LOOKING FOR SOCIAL PROOF. ANYTHING THAT QUELLS THEIR DOUBTS REDUCES THEIR PERCEIVED FEAR. AND RESEARCH SUGGESTS THAT WHEN PERCEIVED FEAR IS LOWER, PERCEIVED VALUE IS HIGHER.

  • Fogg says there are four types of credibility:
    • Presumed credibility is a general assumption. A brand we’ve heard of is more credible; an unknown brand is less credible.
    • Reputed credibility is a third-party reference. For example, your wife said Product X is good, or your friends said Service Y sucks.
    • Surface credibility is what we find on simple inspection. A website may “look” high quality or “seem” confusing.
    • Earned credibility is personal experience, like through friendly customer service or, in contrast, copy full of typos and factual errors.

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