Quality? Price? Value? This is the daily dilemma facing all Americans when considering buying goods or services.
Over the past 15 years, companies have changed their business models in placing a higher importance on delivering MORE in value. Their thinking is people will buy more from us if they perceive they are getting more value at a fair price. Case in point, when it comes to fast food and grocery shopping America’s been driving in the SUPER SIZE ME Lane for the last 15+ years. “Ya know sir for only 1 more you can supersize your meal,” Fast Food employee said with a smile.
As the 25-39-year-old generation begins to inherit a larger role in America; it’s important to know exactly how they feel about Quality. These Millennials (25-39-year old’s), now represent an increasingly larger portion of our country’s workforce. Millennials want a BETTER EVERYTHING. They rank Quality as Most Important when it comes to buying goods and services.
It’s no coincidence that a 2018 research study revealed that the brand that Millennials connect most with emotionally, is Apple. After all, it was Steve Jobs who once said; “Quality is more important than quantity. One home run is much better than two doubles.”
The quality versus low-price and quantity discussion came up the other day during lunch with a client and we both agreed that we’ll always choose quality every time over the allure of extra quantity, added value or other free gimmicks. My point is that Quality is making a comeback! It’s not just Millennials who prefer Quality.
In this post, we’ll look at the win-win benefits of Quality, from both the perspective of the customer and the business.
1. CUSTOMER LOYALTY LEADS TO POWERFUL CLIENT RETENTION:
Customers are thrilled when they purchase a Quality Product or Service. So much so, that they go back time and time again to experience the same wonderful feeling in buying other products and services from that business. As a business owner, when you provide a Quality product or service, you are building Trust with your customer. Trust leads to Customer Loyalty which in turn leads to client retention! Think about it, if you purchased a quality product, you went back to that business because of your initial positive experience, right? On the flip side, when quality suffers, repeat business disappears quickly!
2. GREAT BRAND REPUTATION LEADS TO POWERFUL WORD OF MOUTH MARKETING:
A happy repeat customer leads to what I would call the most powerful type of marketing that exists today. Word of Mouth Marketing. The best example of this is The Cheesecake Factory. They do little to no advertising, yet their locations are continually jam-packed with happy customers! Why do people keep going back, time and time again? Most businesses attempt to be known for 1 thing. The Cheesecake Factory has succeeded in being known for two; both of which have resulted in a great word of mouth marketing strategy for them.
- A wide selection of Great tasting cheesecake!
- World’s Largest Menu with 250 dishes made fresh from scratch every day!
Deliver quality to those who buy your products and or services and they will become your Biggest Cheerleaders! Now that’s a Powerful Marketing Strategy.
3. QUALITY DELIVERS VALUE AND HIGHER REVENUES
The benefits are many for the customer and the business when staying in the Quality Lane. For the customer, they receive the outstanding product or service they were hoping for; and the business never has to worry about unsold inventory or slow revenue periods. Over a short period of time, the customer comes to know that Quality is what they’ll get when visiting a business, and the business comes to know the buying habits of their customers. This leads the business to better manage their products and or services and results in higher revenues for the business.
In Closing, when Quality is the focus of any transaction, EVERYBODY WINS!
When it comes to your personal or business finances, it’s always best to go with Quality every time.
When you choose QUALITY, you will end up keeping more of your hard-earned money rather than giving it to the IRS. We are here to help you. Schedule your free consultation today.