The value gap is a theory that suggests that there is a difference between the perceived value of a product or service and its actual value.
Why is it important to identify the value gap?
The value gap is an important concept for businesses to identify in order to ensure that the value they provide is accurately aligned with consumer expectations. Doing so helps companies better price their products and services, as well as build customer trust and loyalty. Value gaps can be identified by measuring customer satisfaction with a product or service, gathering feedback from focus groups and surveys, and monitoring customer complaints. Companies must then use this data to make necessary changes in order to close the value gap. This can involve adjusting pricing, introducing new features or services, and improving customer service.