The modern world of marketing is teeming with successful brands giving us more choices than ever. However, this diverse landscape is prone to some unsavory business, especially when it comes to reliability. As such, many of us tend to fall into the trap of supporting brands that do not follow the same practices with their own customer bases. Therefore, this article will explore a number of different ways that you can assess whether you should invest in a certain business.
1. Research a Brand’s Values
Although some people may see brand values as a simple way to attract new customers, they can also be viewed as a crucial way for a business to promote their aims and mission statement. As such, many customers tend to side with brands that offer similar values to themselves, creating a strong bond between the two parties. In fact, data suggests that 89% of consumers tend to invest their money in brands that share similar values to their own. Thus, it seems that strong values can allow businesses to reap the benefits of a devoted and determined audience. The Guardian also explains that brands that show positive values can potentially increase their repurchase intent by 6%. As a result, customers are encouraged to delve into a brand’s values to determine whether they align with their own, as this also provides them the chance to better enjoy the product or service on offer.
2. Ensure You Can Receive a High ROI
When we purchase a particular product or service, we expect to gain some value from it. For example, the 2009 ICF Global Coaching Study found that 68% of those who hired coaches managed to gain some return on their initial investment. The source also notes that candidates could expect to make 3.44x more money on their first purchase. Therefore, customers should be receiving some sort of value from their purchase, whether that be emotionally or financially. A good way to secure this investment is to conduct some more research on your potential product. Harvard Business Review informs us that 60% of those who use facial products tend to research these items before completing the transaction. Thus, if you’re looking to find some positive brands to invest your hard-earned money in, be sure to assess whether you’re likely to receive something in exchange.
3. Make Sure You’re Getting the Best Deal Possible
As the retail market becomes more and more competitive, many of these brands are using a wealth of intelligent pricing tactics in order to attract more customers. However, some of these tactics may not offer you the most affordable deal. US News educates us on The Number 9 Trick, a strategy where brands use prices like $9.99 in order to make their products seem cheaper. Thus, ensure that you’re not falling for these typical processes when buying your regular products. It’s also important to consider where you buy your products, as some marketing strategies are more effective than others, so you risk making the same mistakes. Medium explains that people tend to only remember 10% of what they hear, and 20% of what they see, but can remember up to 80% of what they read. As such, it’s important that you continue to re-consider what you read online so that you can continue to secure the best deal possible for your lifestyle and budget.
When deciding which brands to invest your income in, you can often be faced with a lot of conflicting ideas. Regardless if it concerns values or price points, all of these ideas can influence whether a customer purchases a product or not. Thus, if you’re keen to only shop with reliable brands going forward, ensure that you implement some of the useful tips and tricks discussed throughout this piece.