{"id":24570,"date":"2019-11-09T01:04:28","date_gmt":"2019-11-09T06:04:28","guid":{"rendered":"https:\/\/beyondphilosophy.com\/?p=24570"},"modified":"2019-12-09T22:27:54","modified_gmt":"2019-12-10T03:27:54","slug":"what-affects-customers-perception-of-price","status":"publish","type":"post","link":"https:\/\/beyondphilosophy.com\/what-affects-customers-perception-of-price\/","title":{"rendered":"What Affects Customers Perception of Price?"},"content":{"rendered":"\n<!-- iframe plugin v.6.0 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" style=\"border:none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/11919647\/height\/100\/width\/\/thumbnail\/yes\/render-playlist\/no\/theme\/custom\/tdest_id\/606730\/custom-color\/f7a011\" height=\"100\" width=\"100%\" scrolling=\"no\" 0=\"allowfullscreen\" 1=\"webkitallowfullscreen\" 2=\"mozallowfullscreen\" 3=\"oallowfullscreen\" 4=\"msallowfullscreen\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n<p>People know an expensive brand when they see one. They also can spot a discount retailer at fifteen paces.<\/p>\n<p>So, why do they get it wrong so often?<\/p>\n<p>They get it wrong because of a concept called Price Image.<\/p>\n<p>Price Image is a concept that describes how people form impressions about whether your brand is high- or low-priced based on many non-price indicators. These ideas have a lot of influence on customer behavior. However, the Price Image is different from actual prices. Instead, Price Image is more like your reputation for prices; it would be how your customers describe your prices when you are not around. Another way to look at it is Price Image is where your price and brand intersect.<\/p>\n<p><!--more--><\/p>\n<p>To demonstrate what we mean consider the following:<\/p>\n<ul>\n<li>Will an Apple product be the most affordable version on the market?<\/li>\n<li>Do you think the airline ticket will be the most expensive one if you buy it from Southwest Airlines?<\/li>\n<li>Is Wal-Mart a high-end boutique?<\/li>\n<\/ul>\n<p>As you can see, each brand has a reputation, and none of these questions agrees with it. It is their Price Image, which these brands have carefully cultivated through their <a href=\"https:\/\/beyondphilosophy.com\/customer-experience\/\">Customer Experience<\/a> choices.<\/p>\n<p>However, you don&#8217;t have to be careful about it. The Price Image is a product of the details included in your Customer Experience, and they tell customers everything about your prices long before they ever see a price tag. In other words, every brand has a Price Image, whether you were deliberate about what it is or not.<\/p>\n<p>So, how is it that people form these impressions? Price Image is the result of two things, the prices themselves and lots of what we call &#8220;non-price&#8221; information. If you focus on your pricing, you can manage at least part of your Price Image. However, the significant influence is non-price influences. Appearance, atmosphere, employee type, and other environmental factors create these customer perceptions.<\/p>\n<p>Unfortunately, a brand&#8217;s Price Image is not always correct. Also, it can be challenging to change an established Price Image and tricky to navigate when you try to make the transition.<\/p>\n<p>This episode of The Intuitive Customer takes a deep dive into the idea of Price Image and how customers form them about your brand. We discuss what signals you send through your Customer Experience that affect your customers&#8217; perception of price and what you should consider if you want to change that impression one way or the other.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>The Intuitive Customer<\/em><\/strong> <em>podcasts help you take your Customer Experience to the next level by unlocking the &#8220;hidden&#8221; aspects of your experience and determining what<\/em> really <em>drives value for your customers.<\/em><\/p>\n<p><em>To find out more about how your organization&#8217;s marketing can improve <a href=\"https:\/\/beyondphilosophy.com\/customer-experience\/customer-loyalty\/\">customer loyalty<\/a> and retention, contact us at<\/em> <a href=\"http:\/\/www.beyondphilosophy.com\"><em>www.beyondphilosophy.com<\/em><\/a><em>.<\/em><\/p>\n<p><em>To subscribe to <strong>The Intuitive Customer<\/strong> and never miss a podcast,<\/em> <a href=\"https:\/\/beyondphilosophy.com\/podcasts\/\"><em>please click here.<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>People know an expensive brand when they see one. They also can spot a discount retailer at fifteen paces. So, why do they get it wrong so often? They get it wrong because of a concept called Price Image. Price Image is a concept that describes how people form impressions about whether your brand is [&hellip;]<\/p>\n","protected":false},"author":3143,"featured_media":24561,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[640],"tags":[],"class_list":["post-24570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts"],"_links":{"self":[{"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/posts\/24570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/users\/3143"}],"replies":[{"embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/comments?post=24570"}],"version-history":[{"count":0,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/posts\/24570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/media\/24561"}],"wp:attachment":[{"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/media?parent=24570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/categories?post=24570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/tags?post=24570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}