Value For Money: Why Customers Are Willing To Pay More At Times

woman paying with credit card

Customer retention and loyalty are two things that most business owners are concerned about. Companies go all out just to lay claim to the larger share of the market. Among the things business owners do is keep the prices for their goods and services as competitive as possible, thinking that low prices are enough to keep the crowds coming back for more.

However, that is not completely accurate. It has been found that low prices aren’t just the only things that contribute to customer retention.

Aside from low price points, many people also consider other things that turn them from one-time casual buyers to loyal customers. We have listed down eight factors that can easily influence people to keep buying from you even if your competition offers friendlier prices.

Your products are easily accessible

With COVID limiting people’s movements and access to quality goods and services, people are willing to pay top dollar for the convenience of easy access to the things they need or want. Whether you own a multi-branch establishment or a one-stop shop, easy access to products is something folks don’t mind paying for.

Your products arrive early compared to the competition

Nowadays, since the pandemic has greatly affected the supply chain, products take a lot longer to arrive from the manufacturer all the way to your doorstep. Many people don’t want to deal with the anxiety of waiting too long for an order while they deal with their personal pandemic-induced concerns.

If your shop is one of the few that get products to them in the shortest possible time, trust that they will keep coming back to you.

Your products are easier to maintain

Never underestimate the power of convenience. Life is already hard enough for most folks as it is. They don’t want anything else to add to it, especially if they’re paying for it. This is why many people are willing to dish out a larger sum for things that make life easier for them.

For instance, maintenance-free car batteries are more expensive than ordinary ones, but they outsell maintainable batteries because of their easy maintenance features.

pile of money

You offer outstanding customer service

A lot of times, it is not just the products that produce customer loyalty. Customers and clients are willing to shell out a few extra dollars for customer care services. This is why companies and businesses should invest in providing the best customer services because they are equally, if not more, important than the products they are offering.

The price difference between you and other competitors aren’t worth all the hassle

In other cases, some people don’t mind paying a little more as long as they’re getting what they believe their money is worth. Although everything on this list is subject to a person’s preferences and biases, it is found that paying extra is okay with folks as long as it’s convenient for them.

They like you

One of the simplest answers to why people are willing to pay more is they like you. It’s as simple as that. We’re not talking about having someone having a crush on a Starbucks barista and keeps coming back every day to pay (although this is a strategy some business owners employ). We’re talking about people genuinely liking you for your personable qualities. Most of the time, these people find you trustworthy.

This is why customers shouldn’t just be seen as dollar signs but as relationships that need to be managed and maintained. Anytime an individual feels genuine concern from a business owner or one of their employees, they are sure to return and bring more people (and business) to you.

The customer is not as concerned with the price as with everything else

Remember that most people are willing to pay more as long as they know they’re getting their money’s worth, even if you do charge a few dollars more than the competition.

Let’s say that you own a firm that provides the services of an outstanding social security disability attorney that handles a wide range of difficult cases. However, because of your expertise and exemplary track record, your rates are slightly higher than your contemporaries. As long as they get value for their money and believe your slightly higher prices are justified, they will keep coming back to you.

As far as customers are concerned, many of them look beyond the price tag. These people are willing to pay top dollar as long as they see that what you have to offer is worth their hard-earned money.

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