Engaging with consumers to earn respect, give value and build trust
Consumers are retrenching and revisiting their values to address their affordability concerns. Companies must meet these short-term needs but can’t afford to lose sight of the bigger picture. Technology will reshape consumer behavior in the future, and businesses must create value propositions that will remain compelling.
1. Do your consumers fully understand the value of your brand or product? Is it what they want?
For retailers and consumer products companies, this is a pivotal opportunity to be part of people’s lives like never before. But it’s important to offer benefits they value. For example, can you offer invisible, time-saving convenience? Do you solve their problems in ways that make you indispensable? Are you creating experiences that are satisfying, rewarding and differentiated? Is technology helping you deliver the ideal mix of these three components?
2. What are you doing to build consumer trust in your products and touchpoints? How do you know if it’s working?
Trust is about giving value for money, keeping data safe, behaving in line with corporate values that the consumer shares, taking an ethical approach and being authentic among many other critical issues. If you become part of the consumer’s inner circle of trusted brands, you can benefit from a much deeper and wider relationship with them. But at a time when trust in companies is eroding, relationships like this are hard to build and easy to break. With new channels proliferating, consumer-facing companies are in near constant contact with consumers, so they have lots of opportunities to get this right, and as many to get it wrong.
3. How are you adapting your strategy to shape the technology-driven revolution in customer engagement? What are you prioritizing?
Continuing innovation is going to transform the propositions available to consumers, how they access them, and how they live and work. In response, companies will need to evolve the products and services they offer, their business operations, and how they engage the consumer. Businesses also need to identify, implement and integrate technologies that are right today and for the future. This is complex, but the goals are clear: Build trust with the consumer, earn their respect, and give them value they appreciate.