Role of Customer Perceived Value in Sales

Sales professionals are always given the responsibilities of building persuasive arguments that compel customer patronage. Success means the ability to know facts, and what to do with them

Let’s look at facts:

• Black women’s hair is two and half times more likely to be perceived as unprofessional - Fact

• Gravity will always mean whatever goes up MUST come down - Fact

• Earth is 12,742 kilometres in diameter - Fact

• 44% of Black women under age 34 feel pressured to have a headshot with straight hair – Fact

These are all facts; clear, barefaced facts, and no matter the tests you run them through, the results come out the same. However, in sales, it’s not always about the cold, hard facts. Perception plays a big role, most times obscuring the facts or truths.

The perceived value customers have on a product or service drives sales, not necessarily the verifiable features and specifications. Even though it may have extraordinary features, a product may fail in the market if it does not capture the imagination of the intended customer. This makes lots of ideas, products or services fail.

Perceived value is the price customers believe they should pay for a product or service, according to their perception of it. This value is subjective and depends on emotional, societal, and cultural factors, and the user’s personal experience. The perceived value or price perception is determined by factors such as consumers’ trust in the brand or e-commerce business, its reputation, years of experience, or the staying power of its products. This perception of how much an item should cost is important, as it directly affects the final purchase decision. Therefore, retailers need to know how their customers think, and their expectations, to properly manage pricing

Take an example in the mobile phone industry. A particular device may boast the latest processor, a 6.7-inch diagonal all-screen OLED display, haptic touch, Fingerprint-resistant oleophobic coating. These are clear, indisputable facts; however, the success depends on a lot more: how it is marketed or presented to the market, and its appeal.

Advertising, packaging, and even a good copy can shape audience perception of an offer. Does it promise to make their lives better, or is it a new release in with a list of exaggerated features.

Understanding the power of perception is very important, especially in the world of sales. It is more about how a carefully-crafted narrative that taps into emotions of the audience is better than highlighting facts. This ultimately shares the way customers perceive a product or service