Product owners often think Value = More Features+ Less Pricing
This is a common MISCONCEPTION.
Perceived value is the combination of four types of values
Functional Value what does the product do? What problem does it solve for the user or customer?
Financial Value Is the product provided at a reasonable price point?
Social Value How does the product enable the user to connect with others? How does it help to get approval from higher management?
Psychological Value How does the product enable the user to feel about themselves? Does it bring them pride, pleasure, and happiness?
One common industry where all the above values come into play is the car industry.
Consider Ford and Ferrari. The functional value will be the same for both the cars (Get from point A to point B)
But a Ford customer gives importance to Financial value and a Ferrari customer gives importance to Social and Psychological value.
To know where your product stand, talk to your customers and learn
Why did they choose your product?
What makes the competitor products appealing?
How much importance do they place on any given product attribute?