Improve your customer retention, build brand trust and boost your ROI by focusing on your product quality. Tips ahead! Quality is what a product can do for a customer.
Product quality is also how well the product does what it's supposed to do, and how well it holds up over time. Some consumers view quality as a price point while others appreciate a product because it’s “greener.”
Regardless of the various viewpoints from the public, product quality is a competitive marker for brands that affects purchasing decisions and profitability.
1. Builds Trust With Your Customers
Many believe that businesses won’t succeed if they can’t build customer trust. Countless potential sales are lost because a brand fails to make a deeper connection with prospective buyers.
When you gain the confidence and loyalty of consumers, you’re able to do more with your business, such as raise prices. The quality of your services and merchandise is one way to help you get consumers to appreciate and believe in what you have to offer.
Dolin machines is a good example of a company who understands that trust and quality matter. Their mission statement on their website clearly states, “We strive to provide great products by brands you already know and trust for the best quality and riding experience. As riders ourselves, we know exactly what you expect, and we make it our mission to deliver.”
Trying to humanize a company can help the customers connect with a brand in a deeper way. This is where newsletters and company update emails come into play. If a customer begins to associate a face with a company, it will make it much more difficult than leaving a company that is a faceless corporate entity. Other things that can build loyalty is that of rewards programs as the customers feel much more appreciated than with companies without these programs.
2. Fuels Word of Mouth & Social Media Recommendations
92 percent of people trust recommendations from friends and family above all other forms of advertising when making a purchase decision. This is why when it comes to influencing consumers, nothing comes close to beating word of mouth.
Word of mouth can be a persuasive factor in purchasing decisions both online and offline. Friends and family want to know if someone who’s similar to them had a good experience with a product. The higher quality product a company has to offer, the better chance they’ll have at driving positive reviews, recommendations, and shares between consumers.
Starting campaigns to get people buzzing about a product is a great way to spread recommendations by word of mouth. The consumers can bring up the campaign and hopefully will mention the quality of a service or product. Another thing that can be done is responding to complaints or compliments online. A part of what makes a quality product or service is the customer service that comes along with it.
3. Produces Less Customer Complaints & Returns
Marketing studies have proved again and again that high-quality brands will obtain more repeat purchases. Spending more time and money upfront perfecting a product before it hits the market will minimize customer complaints and returns.
It’s common for sellers of high-quality brands to spend more to persuade consumers to try their goods since the present value of a trial purchase is larger. The more successful companies are at pleasing customers during their initial experience with a product, the more likely they’ll be to see repeat purchases from those same people.
Testing products on potential customers or a market research group can help produce a great product. Most people in these groups will give brutally honest opinions, and these are something a company can use to boost the quality of their product. Coming out with the best product possible without consulting people from outside the company can be a disaster for regular user experience as an untrained eye sometimes can give great feedback.
4. People Care About Aesthetics
One dimension of quality is how a product looks, feels, sounds, tastes or smells. The colors, prints, shapes, textures and features (such as handles) make all the difference, and it’s what sets them apart from the competition. Customers notice this kind of details, and they can make or break a sale. There are so many similar product options out there these days that unique attributes and designs have a big impact on purchasing decisions.
Offering a wide variety of colors can be the difference between a great fiscal year and an average one. Many people care more about the look of a product so giving them the most customizable options can outweigh the actual quality of the product. Having customizable features will also allow a company to tack on a few extra dollars to the price.
5. Produce a Higher (ROI)
Studies show a strong positive association between quality and profitability. In fact, high quality produces a higher return on investment (ROI) for any given market share. Fewer defects or field failures result in lower manufacturing and service costs; as long as these gains exceed any increase in expenditures by the firm on defect prevention, profitability will improve. Improvements in performance, features, or other dimensions of quality lead to increased sales and larger market shares.
If a company has produced a quality product and has marketed it effectively, then comes the time to see if there is anywhere the cost of making a product can decrease. Minimizing costs without sacrificing quality can bring a business of any stature to the next level.
Perfecting product quality has numerous benefits for any company. The positive correlation between product quality and sales should be reason enough to make quality a top priority in a business strategy. The trust, credibility, and loyalty that comes from happy customers builds repeat sales and ignites positive recommendations about a product that helps a company reach new audiences.