Just a few weeks ago, I visited a fish market with a friend of mine. Amidst the raucous din of the fishmongers selling their marine products, I wondered what could be the competitive advantage for attracting customers when what they were all selling was largely the same with little or no price difference. The fishmonger from whom my friend bought his fish had an instant answer to my query.
“Trust and confidence.”
Everything else being equal, the trust he inspires and confidence he generates is the prime differentiator. How true I told myself.
The two qualities that seemed to be increasingly in short supply in today’s world where relatively speaking few amongst us take that extra effort to build a relationship of faith with our customers.
Not that there is any shortage of promises being made but we forget that without commitment, diligence and hard work to back it up our promises ring hollow or fall flat.
Remember the adage: the customer is your boss. And the success of your brand is guaranteed only when you invest in customer confidence.
Studies show that in today’s hyper-connected world around 62% of global consumers have stopped doing business with a brand or organization that offers poor customer experience. Studies also show that customers are today way more informed and aware of the options than before and 60% of consumers have higher expectations for customer service than before. Finally, studies reveal that 55% of consumers are prepared to pay more for better customer experience.
In other words, we no longer sell products or services. Rather, we sell experiences. And customers don’t look for the best deals you offer or who gives the same product at the most competitive price! Instead, they are willing to spend more to keep coming back to you if you can hook them with an irresistible brand experience! Remember the “Trust and confidence” that the fishmonger spoke about..