The way consumers interact with businesses has evolved over the past 10 years dramatically. If you were to leap into a time machine and head back to 2005, the shopping landscape could be unrecognisable.

At the time, and all times before that actually, the public’s attraction to retailers was always on price, price, price - and who had the lowest.

It wasn’t surprising; the idea of mass-marketing, advertising, and assuring the lowest price is what drove the ‘talking at customers’ sales movement since the Mad Men era of the 1960s’.

But then, since the advent of social media and review communities, the power switched to the consumer. Today, ignore the consumer at your peril.

Today’s consumer expects:

  • More for their money
  • A service they can trust
  • A company who acts in their best interests

Putting it simply, reputations matter now more than ever. And reputations are built on and influence trust.

The importance of brand loyalty and trust

“Ethics, emotion, logic—it’s credible and worthy, it appeals to me, it makes sense” - Maria Konnikova, The New Yorker

Journalist Maria Konnikova perfectly captures the three instincts consumers rely on during their purchasing journey. They are no longer choosing purely on price alone; they are investigating and building relationships with brands before and after buying.

After all, no one buys an iPhone because they’re cheap.

Consumers buy for quality and for brand engagement. Consumers want to know what the purchase will mean for them. For this, consumers are looking to existing customers and how they feel about a particular product or service.

77% of consumers consult online reviews before making a purchase. That means around three of your last four customers probably saw a review of what they were buying before they bought it.

A popular statistic from eMarketer claims consumers trust reviews 12 times more than manufacturer sales descriptions. It’s a statistic that is almost five years old, yet I still hear it every day. Either it’s a big lie or trusted reviews really are that powerful.

So by collecting reviews, by responding to feedback, and by displaying reviews, any business can open a valuable dialogue with customers.

Show why you’re different

So we’ve seen by now that price is not as important as it once was. So what other differentiators can you count on to ensure you’re the best?

Product features

Unique product features help you stand out. Yes, your new features might be easily replicated, but if yours work the best, they’ll be reviewed the best. So embrace individuality - if you’ve got something good, invite feedback on it, and if it needs improvement, customers are generally excellent at pointing out what needs work.

And with this feedback comes a reputation.

Brand

How people perceive your brand matters - a lot.

Do you think Apple would have succeeded just by slapping a half-eaten apple on gadgets and yelling, “YEAH, we’re different!”?

No.

Apple have a design and a belief. Panos Mourdoukoutas in Forbes magazine puts it the
best:

“Of all-important branding lessons marketers can learn from Apple, one stands out: branding begins on the demand side of the market.”

Service

Customer service is a round-the-clock task. Even if you have the best product or service, lacklustre customer service can damage your business. Statistics show the 55% of customers would pay more for high-quality customer service.

Zendesk statistics show that customer service is the most important factor affecting trust in a company. Reviews help you see where your service could improve and build trust with your
customers.

So how do you build and leverage your reputation?

Of course, price still plays a part. But your most valuable currency is trust.

So get out there, get talking to your customers, collect their feedback, and watch your business grow.

We’ve got the only eGuide you’ll need to power your success with trust. Click here to download the free eGuide ‘Why your brand future is trust powered’.

 

By Ashley Scrace, Trustpilot. 

 

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