Identifying the value perceived by the customer is a critical process in product development and marketing, as it directly influences product positioning and communication strategies. To identify the value perceived by the customer, you must first:

• Complete comprehensive customer research to understand your target audience’s needs, preferences, pain points, and expectations.
• Segment your market to tailor your analysis to specific groups within your broader target audience.
• Conduct a competitive analysis to understand how your product stands out from the competition.
• Analyze the data collected to identify potential value propositions of your product. These are the unique benefits and features that make your product valuable to the customer. Consider both functional (e.g., saves time, reduces costs) and emotional/perceived value (e.g., increases confidence, reduces anxiety) benefits. It’s critical to underscore the significance of ranking product features and functionalities by the value customers perceive in them. There’s a distinct difference between the value features provide and the value customers perceive. The former usually ties directly to a specific product feature. For example, in the context of a product, a feature could be “enhanced medical images with reduced x-radiation dose,” while the corresponding value perceived by the customer might be “reduced health risk to my patients.” Product marketers need to master the art of identifying and promoting based on the perceived value.
• Validate your identified perceived value with your target audience through additional research, such as A/B testing, prototypes, or pilot programs. This step ensures that the perceived value you’ve identified aligns with actual customer perceptions and needs.
• Link each identified perceived value directly to specific features or aspects of your product. This helps in clearly understanding how each feature contributes to the perceived value, facilitating more targeted product development and marketing efforts.
• Develop marketing and communication strategies that highlight the perceived value of your product. Use the language and channels that resonate most with your target segments to effectively communicate how your product meets their needs and expectations.
• Establish a continuous feedback loop to regularly collect and analyze customer feedback on your product. Use this feedback to refine your understanding of the value perceived by your customers and make necessary adjustments to your product and marketing strategies.
• As markets and customer needs evolve, regularly revisit and refine these values. Stay agile in adapting your product features and marketing messages to ensure they continue to align with the changing perceptions of value among your customers.

Don’t forget to share your product vision and strategy with customers and stakeholders. This not only aligns them with the direction and intent of your product but also generates enthusiasm and anticipation. This process of alignment also opens avenues for feedback based on the expectations set forth. Customers and stakeholders can offer authentic feedback on the extent to which your vision and strategy fulfill their promises. Such direct feedback is crucial for making any necessary adjustments accurately.