Leveraging Information and Impact to Optimize Customer Success

Leveraging Information and Impact to Optimize Customer Success

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With increased competition from multi-national businesses and direct-to-consumer outfits, SMBs face unprecedented pressure to retain customers. 

The increasing cost to produce, market, sell, and deliver goods, makes trying to gain market share with low prices unwise. In fact, consumer trends tell us that most are willing to pay a premium for many products and services.

So how do you gain market share in a crowded space without offering the lowest price? 

Information

Behavioural studies show that details can help consumers to make purchasing decisions.

Businesses report lower rates of return for items with more photos, videos and information shared before purchases are completed. To help your business get the most from every transaction, and have more satisfied customers, increase the word count with each item or service description online. Add a few more photos, a video, and some testimonials. Help people understand what it will mean to them if they complete the purchase. A recent PWC report demonstrates that more than 50% of consumers say that more detailed and accurate descriptions and sizing information influence their behaviour.

Impact

Did you know that more than half of all consumers will pay an ESG premium? It’s true. A recent study found that most Canadians are willing to spend more for a product or service that aligns with their environmental and social values.

Generally speaking, customers will be willing to pay 10% or more as an ESG premium for an upmarket or premium product. Build up your CSR (Corporate Social Responsibility), ESG (Environment, Social, Governance), and CI (Community Investment) programs and allow them to become part of your consumer brand. Align the choices you make with your program to the values and expectations of your customers. If you aren’t sure what your customers expect – ask them! It’s a great way to increase engagement and build rapport, as long as it is paired with a communications strategy and links to your overall organizational direction.

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