A good name alone can increase the perceived value of your product by as much as 20 percent. That’s a lot of money to leave on the table due to not understanding marketing communications. Studies show that customers buying products ranging from dog food to automobiles are willing to pay up to 200 percent more for a premium brand than a comparable product.The difference is brand perception and emotional connection. Of course,the quality of the product must justify that connection, so never let quality slip lest you undermine what customers think of your product.