Three Things Consumers Value More than Price When Choosing a Brand
Money isn’t the only thing that makes the world go ‘round. There are many reasons why consumers choose the products they buy and the brands they buy them from. Certainly, the price is high among them. However, according to the latest research from Marigold’s recently published Relationship Marketing Trends: Brand Rankings Report, there are things that consumers value even more than just the price tag.
- Brand Reputation and Trust: In today’s competitive market, consumers are bombarded with options. They are more likely to choose a brand with a positive reputation and one they trust. A study by Edelman found that 81% of consumers say that they need to be able to trust the brand to buy from them. This means that a stellar reputation and a history of delivering on promises can often outweigh a lower price tag. For example, when choosing between two similar products, a consumer is likely to opt for the one from a brand they trust, even if it’s slightly more expensive.
- Customer Experience: The overall customer experience has become a key differentiator for brands. Consumers not only want a good product but also expect seamless shopping experiences, excellent customer service, and personalized interactions. Research by PwC shows that 73% of consumers point to customer experience as an important factor in their purchasing decisions. Brands that invest in providing exceptional customer experiences, both online and offline, are more likely to win over consumers, even if their prices are slightly higher.
- Brand Values and Alignment: Consumers today are more socially conscious and are drawn to brands that share their values. A survey by Accenture found that 62% of consumers want companies to take a stand on current and broadly relevant issues like sustainability, transparency, and fair employment practices. When a brand showcases its values and actively supports causes that resonate with its target audience, consumers are more likely to choose them, even if it means paying a premium. For instance, a consumer who prioritizes environmental conservation may opt for a slightly pricier product from a brand known for its eco-friendly practices.
In conclusion, while price remains a significant factor in consumer decision-making, brand reputation, customer experience, and alignment with values are increasingly becoming more influential. Brands that focus on building trust, providing exceptional customer experiences, and showcasing their values are poised to attract and retain loyal customers, even in a competitive market where price wars abound.
Image Source: Retail Touch Points
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