Trust & Value
Trust & Value
During economic downturns, consumers increasingly become mercurial; loyalty drops along with their willingness to pay. So, how can an organization with higher price-points appeal to consumers during times like these?
One way to increase perceived value is to provide solutions that directly address customer purchasing circumstances..
One of the primary drivers of value is trust. As consumers’ willingness-to-pay (WTP) drops, cost factors are weighed against perceived value. One way to increase perceived value is to provide solutions that directly address customer purchasing circumstances. In context, brands would be best served in the current economy by performing customer outreach focusing on their most loyal customers. Brands should address the current climate and survey customers on what this means for their lives and businesses. They should communicate transparently what it means them, and find ways to work proactively in finding mutually beneficial solutions.
Methods Growing Perceived Value & Building Trust:
- Be proactive in communication
- Gain customer perspective
- Act with transparency
- Find mutual solutions
While it might be difficult to see past the current state of uncertainty it is essential to act now. We can say with certainty that the majority of organizations that invest the time and effort now will see exponential returns when the market takes a turn for the better. I will be posting more thoughts and statistics about the other factors to address in upcoming posts.