Value perception is a type of perception that has to do with the opinions and thoughts that consumers hold in regard to a particular brand or product. With this approach to consumer perception, the focus is not so much on whether those ideas are valid, but simply what the consumer currently believes about those products. The goal of any company is to make sure that potential and current customers see their products as being worthwhile and trustworthy, factors which in turn encourage consumers to recommend those goods and services to others.
Understanding the current value perception of any given brand or product is the starting point for grasping what is important to consumers. By doing so, companies can get some idea of how their efforts to market their products is affecting consumer buying habits. When the perception is that the products are desirable and provide a level of value that consumers find acceptable, this is an indication that the marketing and sales efforts are working. At the same time, higher value perception also indicates that consumers believe the products actually provide the benefits claimed, and are more likely to buy them again.
When value perception is low, this indicates a need to make some changes in order to prompt consumers to view the products in a different light. In some cases, this will mean looking at the current sales and marketing strategies to determine if the ads are creating expectations that the products cannot match. Advertising that is considered somewhat misleading or vague may also lead to miscommunications that trigger lower levels of consumer confidence. At other times, there may be an issue with the product itself that needs to be addressed before consumers will find it more desirable. Even a price issue can sometimes lower value perception, if consumers believe the retail cost of the product is not in line with the actual benefits the good or service provides.
It is important to remember that value perception is based on what consumers think of a given product, and not necessarily the actual quality of the product itself. High-quality products may register low value perception owing to poor placement in retail locations, confusion with other products with a less than stellar reputation, or even advertising that for some reason does not resonate with consumers. After identifying what customers are thinking, steps can be taken to find out how those perceptions were formed, then use that information to make changes that ultimately make it possible for consumers to find more value in the goods and services.