What is meant by Perceived Risk?
The perceived risk is the gap between customer expectation & experience.
Customer Perception – Is the product matches or fulfilling my expectation?
Marketing communcation plays a key role in changing consumer perception about the product. Communicating effecitvely about, how the products solves the problem of consumer is very very essential. For B2C audience, the marketing communication should talk about features & benefits. For B2B, it should be more of case studies
User Friendly – Hww easy the customer can engage / interact with the product?
The Consumer of the product of different age. How easy to use the product needs to be addressed in the communication
Value for money – Is the product delivers value for money – We are in the information age & cutting edge competitive world. The Value Proposition of your product with others needs to be addressed
- Brand – What status do i make to others, by using the product. This is very important in luxury items
Safety & Security – Is it product is safe & secure for me
Customer Support – Pre Sale & Post Sale Customer Support
- Measure – Measure your Communcation effectiveness. Is that addressed the Perceived Risk