Everyone knows when it comes to buying a product or service, price is typically the most important factor. It’s not just price; customers are looking for the best bang for their buck. That means offering the lowest price isn’t always a guaranteed game-changer-especially if you can’t deliver on value. With all that said, what kinds of things are your customers looking for in a business?
Trust Rules All
Today’s consumer has more choices than ever before. Not only that, we’re exposed to thousands of brand messages a day. That kind of clutter saturates the market and makes it difficult for brands to stand out. It also puts more of an impetus on earning customer trust. As a business, what kinds of things affect how your customers trust you?
Selling quality products at affordable prices is a boon for boosting trustworthiness, but accountability stands above all else. Interestingly enough, according to Edelman research, only 34% of customers trust the brands with which they do business. That means purchases are more based on utility than loyalty.
Consumers are also more likely to trust brands that share the same social views. In an age where corporate responsibility is more and more important, consumers are looking for brands who not only talk the talk, but walk the walk. That means brands who speak up on tenuous social issues, give back to the community, and treat customers and employees well are the brands generally viewed with high regard.
Trust is easier to lose than to earn. That means one misstep can make your audience suspicious. Be authentic, treat people well, and do all things with ethics, and the rest will fall in line.
Is Price Still the Most Important Factor?
A First Insight report found 53% of polled consumers found price to be the most important purchasing factor. That means for marketers, offering discounted prices is a sure-fire way to get your audience’s attention. At the very least, low pricing will get your customers in the door. It’s up to you to seal the deal.
It’s also important to consider the industry. Pricing matters, but some customers are willing to pay a premium, as long as it means they’re getting what they pay for. In terms of cars, for example, people are more than willing to pay 6-figure sums. At the same time, they’re expecting to get something rare, prestigious, and powerful. If you’re going to charge a premium price, make sure you’re delivering a premium product.
More importantly, however, is knowing your customers. If your target market is made up of lower-to-middle class consumers, it doesn’t make sense to price them out. Make sure to position yourself contextually in the right place among your customers by offering the right prices.
Make Customers For Life
Ultimately, in addition to value pricing and buying from brands they trust, consumers are looking for an experience. Picture this: if you can buy product X at multiple locations, you’re going to choose the location that provides the best overall experience. That means little things, like the employees knowing your name, actually matter.
Customer loyalty programs are another way to keep your customers happy. Your customers like being rewarded, especially for things they were going to do anyway. Studies even show that 69% of consumers are influenced by loyalty programs. Customers aren’t just willing to reap the benefits of loyalty programs; they crave inclusivity and attention. Make them feel valued, appreciated, and wanted by offering robots, rewarding loyalty programs.
At the end of the day, customers are influenced by a variety of factors, including pricing, value, convenience, brand loyalty, rewards potential, and even how others will perceive their purchases. That means businesses have a tall order trying to convince customers to buy from them. By offering the most value and seeking authentic connections, brands can position themselves more favorably in the minds of their customers.