Shoppers are demanding more out of companies than just low prices to earn their customer satisfaction and loyalty. In the post-recession economy, focusing on competitive pricing rather than value and experience isn't enough.
"While value is important, consumers want more than simply the lowest price or a product that is just good enough. They expect a superior product that is delivered in a compelling presentation, through fast and easy-to-understand processes that are supported by responsive and concerned people," said chief research officer at global marketing information services company J.D. Power and Associates.
Companies that are concerned about having the very lowest prices are overlooking some factors that affect the amount consumers are willing to pay for what they want, including image, innovation and time savings according to Retail Customer Experience. Some shoppers are willing to pay premium prices for luxury vehicles, designer brand clothes, services that save them time and products when they are first released, the source reports.
Many of the companies behind the most trusted brands understand their customers desires and consistently meet those needs to build a relationship, according to Entrepreneur. Some of those companies include Apple, Southwest, Nordstrom and Target, the source reports.