Perceived Value Pricing (PVP) can be calculated where a panel of potential buyers estimate the price of a new product compared to other products which are already in the market. This method can be used with concepts or real products. The technique is used mainly through face to face interviews. It is a preferred approach if the client has little idea about the price level of the new product and is especially interesting for new inventions.
For new products, product development and relaunches, you can identify price expectations such as below:
- Identify the willingness to pay
- Make rough assessments of price elasticity
- Assess expected options within the product range
- Explore perceived differences in relative values
Promotional Products rely heavily on this concept of perceived value in the same way as retail products. If a company is to give a gift to clients, they will wish to buy the most cost-effective product with the highest perceived value. Packaging, customization and POS display methods are also key to increasing the perceived value of products.
Here are some ways to increase the perceived value of your products:
Using an effective POS display
Utilizing an effective custom POS display is an excellent way to push your brand image higher in the eyes of customers. A well-designed POS display will immediately capture the attention of customers and passers-by, who will then think highly of your brand. To maximize attention captured, you can come up with outlandish ways to display your product. Here’s an excellent case study of a company that has exactly done that with a POS display that you have probably never seen before: a magnetic POS display that makes the product levitate!
This futuristic device is sure to make customers and passers-by stop by and stare in amazement! It also attaches a sense of modernity and premium quality to both the brand and product. Hence, using this levitating POS display will inevitably increase the perceived value of both your brand and product. Be sure to check out this blog to find out more about this brilliant POS display.
Effective Custom Packaging
Packaging is often the first thing that customers see before even seeing the product. Hence, it is a very smart and effective move to use a well-designed custom packaging to create a good first impression of your brand and product in the eyes of customers. Check out this blog on multiple solutions for custom packaging materials. It covers everything you need to know about materials you can use to effectively package your product.
Need inspiration for premium high-end packaging designs? Be sure to check out this blog on custom packaging for premium drinks promotions.
Making your products stand out from the norm will make customers perceive a higher value of your brand. One effective way to achieve this goal is through the customization of your product. You can customize your product an endless amount of ways, such as through different designs, colors, patterns, shapes, additions, and features. The great thing about customization is that you do not have to be extremely outrageous to capture attention, as a simple but unique design is enough to make your brand appear more valuable. Check out this blog on promotional football-shaped mugs that are a great example of simple but effective product customization.
How we can help you:
Looking for ways to increase your brand’s perceived value? Well, you are in the right place! We here at ODM design, source, and manufacture custom promotional products. Our talented team of dedicated product designers can design the perfect promotional product, POS display, gift, or any promotional item to make your brand stand out from the rest! Not sure what you are looking for? Don’t worry, we got you covered! We also offer product brainstorming sessions to come up with a range of promotional products perfect for your brand. Feel free to drop us an inquiry today, to find out more about how we can help your brand with your marketing needs!