🚀 Mastering the Art of Creating Irresistible Perceived Brand Value

Hey business owners,

Having a strong perceived value can be a game-changer for your business and a win for your customers as they’re able to be certain your brand values are compatible with their values.

But how do you find out what your perceived brand value is and what do you do about it?

Today, we’ll dive into answering those questions. You’ll learn what it is, how you can learn where you stand, and how you can grow your perceived value to boost your business.

In 10 minutes or less, you’ll learn:

✅ what perceived brand value is

✅ how to analyze your brand’s customer perception

✅ ways to use marketing to build, nurture, and influence your brand’s perceived value

What is Perceived Brand Value? ♟️ 

Perceived brand value is a marketing term that describes your customer’s own view of the quality and desirability of your brand.

The most common use case: When customers inevitably compare your perceived brand value to your competitors’ perceived brand value.

Even on an impulse buy, your customers can’t help but analyze your product or services’ ability to fulfill their need or desire at that moment.

Which do you think has a higher perceived brand value?

Do you find yourself immediately comparing these two products? Looking at the shape, the quality of the materials, the utility they have, the colors chosen, what they say about you for owning them, and if they fit your needs at this exact moment?

While both products have a level of utility, quality, appeal, value in solving a problem, and a brand name, only the Saint Laurent brand name is perceived by customers as a luxury brand. Saint Laurent has less product options compared to Montana West, but is known for their high quality and value. As a result, customers who want a purse like the Saint Laurent example are willing to pay higher prices.

Montana West on the other hand, is generally perceived as more affordable with good quality and a wide range of products. The expectation is that the price is lower.

In a crowded market full of brands, both brands have found their brand positioning and tailored their marketing efforts to describe attributes that make their products better than their direct competitors and fit into the perceived brand value they want their customers to have.

How to Analyze Your Brand’s Perception 🔍️ 

Before you can improve perceived value, you first have understand your customer’s needs and ensure the product/service your business is offering meets or ideally, exceeds their expectations.

Here are two ways you can identify the gaps between perceived and actual brand value:

1) Conducting qualitative and quantitative studies to gather feedback and make adjustments to help better fit customer’s needs.

There are two primary types of studies.

• Qualitative Methods include:

  • In-Depth Interviews (learn how customers use your products, what they think the benefits are, and what they’re willing to pay)

  • Focus Groups (best for product features, pricing, and quality feedback)

  • Customer Observations (best to learn how to better position your marketing from seeing how customers use your offerings in real life situations).
    

• Quantitative Methods include:

  • Surveys + Google Forms (learn about willingness to pay certain prices and customer satisfaction)

  • Questionnaires (learn about customer satisfaction and possible improvements)

  • Experiments (create a testing environment and collect information about promotional strategies such as A/B email newsletter testing)

Bonus points for tying these study methods into customer loyalty/retention strategies and rewarding the customer in some way for taking time to give you feedback so you can better serve them.

2) Being aware of the factors that influence perceived value when crafting the above studies:

• Features/Benefits

• Quality

• Convenience

• Price

• Customer Service

• Brand Reputation

• Social Influence

How to Use Marketing to Build, Nurture, and Influence your Brand’s Perceived Value 🔨 ⭐️ 

How you market your brand and offerings plays a crucial role in how customer’s perceive your brand value. It’s an on-going process that will continue to shape and evolve based on your growing brand identity, your offerings, and how your customers respond to previous efforts.

While there is no secret formula, there are a few core components that can help you build and improve your perceived brand value.

💻️ Craft a strong brand identity

Why? Differentiates your brand and offerings from competitors across the board.

How:

• Crafting a compelling founder story that resonates with your audience. See my previous newsletter on crafting your founder story for tips and tricks.

• Leverage your brand’s identity across the appropriate senses (visually, through sound, through touch, through smell, through taste) and work towards building a reputation where you’re known for creating a strong positive expectation across customer service, the product/service, and customer journey.

• Use marketing channels and advertising to communicate your value (If your brand is all about being affordable luxury for example; focus on quality and price messaging.)

• Set a cadence to consistently re-visit your brand identity and ensure it’s in line with how you want to be known by your customers.

🤝 Nurture Customer Relationships:

Why? These relationships are the cornerstone of keeping your brand and business alive.

How:

• Focus on achieving excellent customer service consistently. Find the gaps and improve upon them. This will help customers turn into brand advocates and refer you to future customers.
  

• Launch a loyalty program to reward customers and create an atmosphere of trust. See my previous newsletter on customer retention strategies for more insights.

🌟 Influence Brand Perception:

Why? While the customer’s perceived value is unique to them, it’s important to holistically keep it positive.

How:

• Utilize social proof and testimonials across all media channels consistently to reiterate your brand’s reputation.
  

• Leveraging influencers and partnerships strategically. Before partnering, ask yourself will taking this partnership fulfill a need and help your customers see more value in your brand? See my previous newsletter on influential marketing psychology tactics for more.

💻 Digital Presence:

Why? Your Digital Presence is a key extension of your brand.

How:

• Optimize your website and social media to include social proof, influencers/partnerships, convenience in navigating for your customers, and craft messaging that reinforces your brand’s values and how you help customers.
  

• Craft engaging marketing and advertising content that highlights your unique brand edge and that your customers are craving (learn from customer feedback and data on what type of content they’re enjoying most) See my previous newsletter on DIY Brand Strategy audits for more.

📊 Measuring and Monitoring Perception:

Why? Perceived value is on-going and must be managed to ensure favorable to your brand outcomes.

How:

• Define your key metrics to track for brand perception.

• Set up quantitative and qualitative studies based on your key metrics.

• Adapt your marketing strategies based on real-time feedback from customers. None of the data gathering matters if you don’t make meaning of it and take action.

TRENDS 📈 , INSIGHTS 🧠 , & NEWS 📰 

• Metal credit cards are in sync with evolving customer expectations

• Psychology of customer perceived value as an infographic

• Top 100 global companies based on brand perceptions - Do any of these surprise you?

ABOUT VERSA STRATEGY

Chandler Kirkman is the driving force behind Versa Strategy. She’s on a mission to elevate businesses’ marketing and empower Creative Strategists to think big picture about the business landscape.

In the past decade, Chandler has consulted with over a hundred businesses of various specialities from Fortune 100 companies to local small businesses. By infusing branding, advertising, and marketing efforts with her signature blend of creativity, strategic thinking, and enthusiasm, she cultivates a dynamic and empathetic approach that helps business owners better connect with their customers.

LET’S CHAT! [email protected]

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