The answer is undoubted yes.
From the Q and A Sales Podcast, “Does packaging matter? And the short answer to this question is yes, it does matter. It matters quite a bit. The reason it matters is simple: packaging builds perceived value.”
Perceived value, defined by Investopedia, “is the customers’ evaluation of a product or service’s merits and ability to meet their needs and expectations, especially in comparison with its peers. “
In the Cambridge dictionary, it is described as “the value of a product based on how much customers want or need it, rather than on its real price.”
In layman’s terms, it is measured by the customer’s price for a good or service. One of the marketing strategies is selling a product at a higher price. The high price value of a consequence increased the customers’ perceived value because they associate high prices with quality. Take Apple, for example; this is where marketing enters the picture. The marketing professionals of apple influence the people’s perceived value by emphasizing its qualities such as aesthetic design, accessibility, and convenience. This is a great move to make an advantage in the market competition. On the other hand, some businesses use a lower price strategy with suitable quality materials so anytime people can repeat purchase with their affordable but sustainable brand. Marketers enhanced the perceived value of the brand their selling to the people to provide satisfaction.
Here is an analogy of perceived value; let’s make a scenario that you went to a restaurant with friends. You order a sizzling steak; either you prefer it or just come up with a thought since it’s the first thing you see on the menu. Then your sizzling steak arrives, you haven’t tasted it, but the smell increases your excitement to dive in and eat it. Do you get it now? That’s what marketers are attempting to enhance. They want to make a packaging that will stand out for the eyes and make people feel excited to buy it for real in an instant. This will have to do with people’s emotional appeal than with the actual production cost of the product. Perceived value in packaging should fulfill the customer’s need and satisfaction.
For the Sales of a Product, the primary role of packaging is in consumer decision-making. Authors and writers understand the old age philosophy that customers always judge the book by its cover. That is why some books pay more attention to its surface. It is the same thing with the packaging of your product. The packaging is the final salesman. After spending a lot of advertising, marketing, and branding, your product is now in front of a line of different products, and your packaging is your salesman. Psychologists say packaging matters since many times, the decision taken by the customer is influenced a lot by the packaging of the product.
