From the course: Marketing Foundations: Value Proposition Development
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Your perceived costs
From the course: Marketing Foundations: Value Proposition Development
Your perceived costs
- What would keep your prospects from buying from you? The answer to that question will tell you about your perceived costs. These are the reasons that prevent your prospects from completing your desired action. Whether that's downloading a resource or filling out a lead form, or buying a pair of shoes, perceived costs can be both tangible and intangible. A tangible cost is the measurable monetary cost for purchasing your product or service. This includes its price as well as delivery cost and other associated costs. Tangible costs are easily measured and compared against competitors. So why don't people always buy the lowest cost option even when there are similar features? The reason is because of the intangible costs. Intangible costs are the unmeasurable factors that discourage a transaction. Now they may not be measurable, but they're extremely powerful and influential on a purchase decision. They include things…
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