Perceived value is your clients’ overall impression & ‘perception’ of you and the services you offer. Most people automatically think that perceived value is all to do with price…yet it has little to do with the price but refers to your ability to satisfy your clients’ needs.
When you’re selling a service instead of a tangible product, the perceived value carries even more importance. You must not only provide a useful and relevant service to your clients, but you also have to get them to recognize the value they are getting before they make their initial purchase, and afterward for each subsequent purchase. You want your clients to view your services as irreplaceable; the only way to solve their problem and fulfill their needs. Having a high perceived value not only allows you to charge more for your services but it helps retains clients, it can reduce price objections when it comes time to make the sale, and prevents conflicts when an accident / incident occurs that might be out of the ordinary.
So, how do you increase perceived value?
Perceived value can be increased by demonstrating the most valuable, tangible benefits your clients stand to gain by purchasing your services. Here are a few of the most powerful benefits to highlight in your sales and in conversations with potential clients to help them develop an increased perceived value for your services.
Return on Investment
Instead of placing the focus on the cost of your services, try relating the clients’ investment to what they will get by hiring you and using your services. For example, help your clients to understand that they may spend a few hundred dollars every week for personal training but they will be investing in not only their health & fitness levels…but their future happiness & enjoyment! As it will allow them to enjoy the wealth (with those around them) that they have accumulated for longer!
How many of your clients attempt to do themselves what they eventually hire you to do? Break down the time savings your clients can benefit from by hiring you to provide the service or take over the work, get it off their plates and out of their minds so they can focus their time and attention on more important topics.
You know that saying, the proof is in the pudding? Give potential clients tangible examples of how you have helped other clients achieve X, Y and Z through your services. Real time examples & delivering on what you say you are going to do demonstrates that you walk the talk!
Above and Beyond
Go above and beyond the actual base level service that the client is expecting to pay for. When you enhance the service through additional support, incredible customer service, and attention outside of the hired time – will demonstrate that you are committed more than what was expected from your client. Thus resulting in a higher perceived value for the service you are providing.
Lastly, you can help the client elevate the perceived value by making an offer they can’t refuse and encouraging them to act through a no-risk offer. Try a limited trial, a free sample or some other action-based incentive to raise the value and lower the risk.
Ultimately, the perceived value is simply that — perception. But it’s important to avoid creating a false sense of value, and instead focus on demonstrating the unique and worthwhile value clients can benefit from when they work with you. Sell the cat...and deliver like a lion!