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 consumers look for beyond price that drive purchase decisions.
After all, this is more than just a transaction. Done right, it’s the beginning or continuation of a relationship…one that will not only result in more purchases over time but also recommendations, reviews and further support.
That’s called loyalty. According to the same report, 68% of consumers say they will pay more to shop with brands they are loyal to. Clearly, price is only one factor among many that influence these consumer decisions.
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So here are three things consumers have told us that matter more than price when making a purchase decision.
Convenience
Brands that prioritize convenience in the shopping and purchasing process stand to benefit in this new environment. According to our survey, 61% of consumers say that convenience is more important than price when making a purchase decision.
In other words, they don’t want to pay for a hassle, no matter how cheap. When shopping is convenient, the product feels less expensive because it requires less effort and time from the consumer. They’re not just buying a product; they’re buying time and peace of mind.
Consumers today expect retailers to understand their needs and anticipate their desires. That’s one key to convenience — personalization. Since 79% of consumers say they’re likely to engage with a personalized email tailored to their interests, retailers need to get personal.
This can be done in a number of ways, such as through automated triggers based on customer behavior that send timely reminders and offers. In this case, convenience is a perfectly timed email reminding a customer to restock on a recently purchased consumable item that they happen to be running low on.
By getting personal, retailers can offer convenient and hassle-free experiences for buyers, who will reward brands with their loyalty, trust and dollars.
Cross-Channel Consistency
An offshoot of this convenience theme is consistency. Consumers regularly interact with brands across many platforms, expecting them to offer a consistent experience. Nearly a quarter (24%) of consumers say that a consistent digital experience across a brand’s website, mobile app, etc. is more important than price when making a purchase decision.
That means consistent design, copy, messaging and functionality, so that every customer can have the same hassle-free experience no matter how they interact with the brand. Consumers purchase from a variety of channels and while email remains a primary channel for driving consumer purchases, SMS, social media platforms and mobile apps also drive substantial numbers of sales, too. Ensuring a seamless experience across each of these channels is important.
In today’s digital world, things change quickly – from brand messaging to new customer mailing addresses to promotional sales – and having a backend platform that can make changes once they appear everywhere is a solid advantage.
Consumers simply expect seamless experiences across channels, and brands need to prioritize consistency across their customer experiences.
Brand Reputation
Consumers are just as concerned about who their dollars are going to as they are about how much of those dollars they spend. That’s why 49% of consumers say that a brand’s reputation is more important than price when making a purchase decision.
Everyone knows that a relationship without trust is likely to fail. That goes for customer relationships as well. Brands with a reputation consumers can trust will have stronger, more loyal relationships with their customers because they make them feel comfortable. And comfort is important.
For example, in today’s digital world, data is vital for customer relationships to flourish. But consumers are wary of their personal data being misused, or worse, stolen. Brands need to make consumers feel comfortable with sharing personal data and feedback with them, which can unlock so many mutual benefits. Data collection and use is important enough to a brand’s reputation that 57% of consumers say that their favorite brand uses their data in a way that makes them comfortable.
For more insights on these and other consumer trends, along with examples of the brands best meeting them, download the Marigold Relationship Marketing Trends: Brand Rankings Report today.
Roger Williams currently oversees Marigold‘s Loyalty Center of Excellence, which optimizes the company’s loyalty platform and services as one cohesive solution for the company’s enterprise clients. One of the first professionals to earn a Certified Loyalty Marketing (CLMP) designation, Williams has worked with major global brands and over 200 airlines to develop pioneering strategies in loyalty. He began his career as an airline frequent flyer program manager, among other marketing, alliance and revenue optimization roles. Williams worked for airline industry tech giant Sabre as a Strategist and co-founded various startups where he invented an innovative hyperlink loyalty engagement concept using blockchain.
