How to Increase the Perceived Value of Your Fashion Products: Understanding the Obnoxiously Different Price Point
When it comes to fashion brands,
The price point of your products can make or break your long term success.
You may be wondering why some brands, such as Louis Vuitton, are able to charge exorbitant prices for their products while others, like H&M, have more affordable price points.
The price point doen’t even makes sense?
The answer lies in perceived value.
Perception is key when it comes to pricing. The price you charge for your products is directly correlated with the value that your customers perceive they will receive from the product.
The better you are at creating this perception, the more money you will make.
So Vann, how do I increase the perceived value of your products?
There are several ways to do this, including:
- Ad creative: Your ads should be visually appealing and convey the value of your products in an attractive yet congruent way.
- Website design: Your website should be professional, a bit different then everything out there, easy to navigate and showcase your products in the best possible light.
- Bundles of items: Offering bundled items can make customers feel like they are getting a better deal.
- Free gifts over $X: Offering free gifts with purchase can make customers feel like they are getting more value for their money.
- Buy 1, Get 1 FREE: This type of promotion can be great for brands who are doing less than $1 Million ARR. It make customers feel like they are getting a good deal.
- Bundles: Offering bundled items can make customers feel like they are getting more value for their money.
- Photos: High-quality product photos can help customers envision themselves using the product and increase perceived value. White/grayish background works really well for product images.
- Video review and unpacking: Showcasing your products in action through a 4k video reviews and unboxing can increase perceived value by showing the product's features and quality. You can reach out to people on Youtube to try your products and let them give you a honest review. Then you can use that on your website. Works a lot better than boring PR.
- Customer reviews: Positive customer reviews can boost perceived value by providing social proof of the product's value.
- Comparison at a higher price: Showcasing your products next to similar items at a higher price can make customers feel like they are getting a good deal.
- Associations: Associating your brand with luxury, exclusivity, or other desirable traits can increase perceived value.
To increase the perceived value of your products, you should start by researching other successful fashion e-commerce sites.
Look for websites that get a lot of traffic and have a long-term trend of success.
Take note of their strategies for adding value to their products and create a list of 10 things you can implement immediately to increase the perceived value of your fashion products.
Look, To succeed in fashion e-commerce you got to understand the relationship between price and perceived value.
To be direct, the relationship between extremely baised.
You can increase the perceived value of your product by 1000X at very minimal cost and charge 10X more easily,
SO WHY NOT YOU DO IT?
By focusing on ways to increase the perceived value of your products, you can charge higher prices and make more money.
Take the time to research successful fashion ecommerce websites and implement strategies that have proven to be effective at increasing perceived value for other fashion ecommerce brands.