Why trust makes more sales than value

Why?

Because when it comes to buying products, we’re not just looking for the cheapest, best value deal. We’re looking for products we trust.

Cheap isn’t always better.

The last few years the word ‘value’ has been thrown around like confetti. People are constantly on the hunt for it – looking for items on sale, bulk buys, and discounts. But with the rise of cheap online products and the proliferation of low-quality goods, ‘value’ is starting to lose its special ring.

Consumers aren’t just looking to spend the lowest amount possible anymore. They’re still looking to save, but on brands and products which they trust.

Which brings me to the crux of this article: value alone won’t bring customers through your door. But trust will.

Can customers trust that your product will be delivered on time? Can they trust that it will do what it promises? Can they trust that refunds will be handed swiftly, that customer support will genuinely support them, and that they’ll walk away satisfied?

If you’re not nurturing relationships with your customers, you’ll find that a low price isn’t the only value that they’re interested in – you’ll lose repeat customers, and eventually, people will simply seek out products with better reviews.

Sales don’t end when the card is swiped.

Anyone who has been in business for a while will understand the value of repeat buyers. They’re cheaper to maintain, easier to send leads to, and are more likely to convert into brand ambassadors.

So why do so many businesses neglect them, when it’s so easy to add value to their experiences?

Just the other day I decided to treat myself with a new ring, and at the checkout the lady told me that no matter when, or why, or where, I could always enter a branch and have it professionally polished free of charge.

Should I take them up on the offer, it would take one of their employee’s mere minutes to accomplish: meaning a low effort/price investment in me, and a higher chance of me purchasing another product while I’m in the store.

We spend money on advertising to new customers, so it makes sense to spend money on ensuring our existing ones have positive experiences. Spending $5 on someone who already trusts you will likely get you a lot further than spending $5 on someone who has never heard of you.

Customers are looking for relationships.

More than ever, customers are expecting their interactions with businesses to extend beyond their purchases. They sign up to newsletters, follow the Instagram accounts of brands, and look for products which align with their own moral and social responsibilities.

If you’re ending interactions on the ‘buy now’ page, you’re not maximizing the potential of each customer – and you’re losing opportunities to gain feedback, fans, and further profit.

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If you’re been placing affordability at the top of your business pedestal, it might be worth knocking it down a peg or two. While providing fairly priced products is an essential element of any business, affordability should never replace good customer service and trust.

- Lena Klein