In today’s crowded market, it often seems like consumer buying behavior is constantly being leveraged by incentives and rewards. And although it might look like these factors could be driving a lot of sales on the outside, it made me question; how important are customer-facing reward compared to other factors of the brand or company? And how do these factors stack up against the product itself? Well, I brought it to the RPRS board, and have reaped the following insights from these ladies:
1) Brand values: Most identified this as the single most important factor when choosing a company or brand to do business with, beyond the product or service being offered. However, not everyone would necessarily make this the sole factor when making a purchasing decision – they might still purchase a desired product from a company that isn’t their favorite. Seeking out companies that don’t perform animal testing was a trend that was mentioned more than once.
2) Charitable rewards: This is important, but not a requirement. Some seek out companies and brands that have a charitable reward, but do understand that they may not be able to find the product or service they’re looking for that will have a charitable aspect. To many, it’s seen as an added bonus, but not the most important element to making a purchasing decision.
3) Customer rewards: This was only viewed as an added plus, not a key decision-maker. But if it’s a company they already do business with, keeping up with membership rewards is certainly an enjoyed perk. This tactic seems to be successful for maintaining customer loyalty with existing relationships.
We all know that purchasing decisions can be attributed to far beyond the product being offered; we’re constantly influenced by marketing tactics, brand awareness campaigns, and promotions. But the product itself still remains number one.