Episode #27: How Much Are Customers Willing to Pay For Your Toy?
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When you first came up with your most recent toy idea, did you stop to consider what your target customer might think it's worth? Well, perceived value is extremely important to toy industry professionals when they are evaluating your toy product. The size of the package that holds your toy, the weight of it, and the price point are all data points swirling in the minds of your target customer as they evaluate your toy and define its value.
But to effectively influence that process it's important to understand exactly what's happening. So in today's episode, The Toy Coach breaks down that process into three Value Stages and details exactly what is happening in the mind of your target customer along the way.
What is perceived value?
Perceived Value is what a customer believes your toy or game is worth when they analyze it and compare it to other competitive toy or game products on the market.
What are value stages?
Value Stages are the process by which a customer evaluates your product to eventually land on the perceived value of your product.
The 3 Value Stages:
Stage 1: Your Toy, At First Sight
Stage 2: Play Value and Need
Stage 3: Comparison
Understanding these three stages will help you make better choices when you're developing and pitching your product, to intentionally remove barriers and ideally increase sales. Ready to learn more about how to improve the perceived value of your toy idea? Listen in to this enlightening episode.