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What Matters To People More Than Price?

Updated: May 29, 2021

There's no denying that the global pandemic has changed the way people shop. As a result, many businesses are looking for ways to compete and stay open. Some believe they need to lower their prices and be the cheapest option around because price is all consumers care about right now.

But is it?

Consumers Care About More Than Price
The reason it seems that price is all your customers care about is that you haven't given them anything else to care about. ~ Seth Godin

Back in 2018, it was expected that by the year 2020, customer experience would take greater priority over factors like price and product as the key brand differentiator*.

Here we are in 2021 and that is exactly what has happened!

**86% of consumers are willing to pay more for a better experience.

**Source: SuperOffice Customer Experience Statistics

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What is the customer experience?

Simply put it's how it feels to do business with you.

Think about it.

"The brands you love and talk about are not the ones that competed on price or features. They are the ones that changed how it felt to buy a cup of coffee, slip on a pair of shoes, or open a laptop in a cafe. ~ Bernadette Jiwa

Instead of worrying so much about your prices. Focus on the experience you provide.

Here are 4 ways that you can improve your customer experience.

1. Set expectations. Then exceed them.

For example, let customers know the standard wait time for services and then do it faster.

2. Pay attention to frequent complaints and requests from customers.

When customers complain or make requests, they are actually telling you the experience they want to have with you that you are falling short on.

Work on improving those areas and implementing requests as efficiently as you can.

Example Customer Request: "It would be great if we could pay online rather than battle traffic and stand in long lines."

Your business' response: Make online payments happen.

Example Complaint: "Delivery takes too long."

Your business' response: Make delivery faster.

3. Check out your competitors' customer complaints online.

What can you improve on or offer that they aren't (that both your customers want)?

4. Make interactions with your brand more human (helpful & friendly).

We hear it all the time. People do business with people. Yet doing business with some brands feels automated and cold.

When you implement new technology, let it complement rather than replace the human element.

Focusing on improving the customer experience is a win-win situation. It has the potential to increase your revenue by up to 15% while lowering your customer service costs by 20%*.

Happy customers buy more often and will gladly send more customers your way.

Have you begun to shift your focus onto creating a better experience for your customers?

*Source: McKinsey & Company

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