The Mystery of Why People Buy: It’s The Perceived Value

For the small business owner it’s the universal question: Why do customers buy from one company instead of a competitor? Each seems to have an answer when queried, but does one really know? Sure, the basics are understood. “I had what they wanted when they wanted it,” is certainly true, but why didn’t the customer buy across the street or online?

For years business schools have taught the "Four P's" of price, product, promotion, and place.  The 4P's is actually about a marketing mix, not a value or brand strategy.  And for small businesses, this is not very valuable, nor often used.  Instead we need to use aspects that help us define perceived value.

The Four Elements of Perceived Value

  • Quality
  • Price
  • Service
  • Image

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