There is a term in business that garners much attention and research by any company, big or small. As consumers, we are all subject to it and influenced by it when making our buying decisions.

Any business that creates or sells a product or service should be aware of it. As small business operators, farriers must be highly aware of the image that we promote, the value our clients place on our services and how their buying decisions are influenced.

Perceived Value

Perceived value is defined by investment website Investopedia as, “The worth of a product or service has in the mind of the consumer.”

The consumer’s perception affects the price he or she is willing to pay and has little to do with the true cost of the product or service. This perception is a subjective feeling for how much the product or service will satisfy a need or requirement than the actual cost.

A business can have a service that doesn’t cost much to provide. Yet, if it’s perceived by the consumer as premium, you can command a higher price and higher margins.

When selling a service, as farriers do, the perceived value to the consumer carries even more importance. A farrier must help the client to recognize value before the initial purchase and for each…