Value Perception

You want your customers to think your store has well priced product but can you have an effect on your customer's perception of price?


How observant are you as customers stroll through your store “just looking”. They see something appealing, take a look at the price tag and drop it like a hot cake. They move along further, pick up a tag and instead of dropping it, hold onto it for a moment while continuing to look the product over and think about it. 

Do you potentially have any control over price perception? Can you do anything to limit the ‘just looking’ scenarios and turn them into more sales?

Yes of course you have some control. How customers view and perceive the value of a product has a lot to do with the context within which we place and display it.

Jars.JPGLets say the products are designer glass jars displayed on a plinth and spot lit from above with a card explaining how they are made and information about the artist. There would be a feeling of “exclusivity”; "uniqueness", "something different".

On the other hand, if the same product was placed amongst other items on a Jars2.jpgtable, without accent lighting, without a card explaining its provenance and looking misty with dust it is likely to be considered inferior, yet it is exactly the same.

The same could be said for many other products. A classic terracotta urn displayed amongst a jumble of other pots of all shapes, colours and sizes may not be seen as something different; may not be Urn1.JPGconsidered as the urn they had in mind and could be considered  less value. If the urn was set apart with a standard rose or topiary placed inside the customer becomes inspired and the urn suddenly looks very attractive and good value.

If a product is exclusive, unique, unusual, give it some room, show off its benefits and let it be noticed as an item of value

Resist surrounding a quality product with other items that are totally inferior. Let each product complement its neighbours. If quality is jumbled up with cheaper or inferior some of it is bound to look worse than it really is. Keep like with like.

Make sure your store environment, fixtures and people are consistent with your market positioning and image and the level of value you want to convey. Attractive frontage and all personnel clean, tidy and considerate towards your customers.

Ensure there is adequate signage with key product benefits to help customers make a value decision.