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Changing Demographic Trends Make It More Important to Sell Value Than Price

What's the easiest way to steal away a client from the competition? The old answer used to be: Offer to do the same, or better work for less money. In 2019, the answer is a little more complicated.

In a world where Brexit is certain, but its definition seems up in the air, there are many things that can impact the final price your customers are paying for your services. Beyond taxation and tariffs, a growing economy means that consumers and companies have more resources to throw at solving their challenges.

Demographic trends

Customers today have more buying power than before with a rising GDP across the European Union. This means they are empowered to be more selective - demanding a superior customer experience. It’s not enough to have a killer landing page with professional product images and descriptions.

Four out of five luxury brand customers expect a flawless multi-channel communication experience. This means that when they see information online, they want to quickly engage with your team to complete the purchase. They may have additional questions, or feel more comfortable having an expert assist them with completing the transaction.

The way that customers interact with brands is evolving alongside technology. A direct message via social media can have the same purchase potential as a phone call. Busy shoppers want to communicate with brands in the way that’s most convenient for them.

If you want to close sales with high-value customers in 2019, you’re going to need to roll-out a compelling multi-channel experience that positions your sales and service teams within reach at all times.

Advances in AI are allowing companies to deliver a more sophisticated, personalized user experience.

Companies in every industry need to understand how AI can impact their customer experience. The lowest hanging fruit involves the use of AI powered chatbots. These all-in-one solutions can be purchased from a variety of software developers and vendors.

Ecommerce

The more basic options are ready to go right out of the box, with minimal customization needed. But top-shelf brands are thinking ahead. They're bringing in data scientists and developers to craft a smarter end-to-end solution that goes beyond chat. One of the best examples of this is Amazon – they pour millions of dollars into research and development to create a highly personalized customer experience.

This effort is enhanced when brands have access to a ton of customer data stored on their servers. This can be purchased, but brands can benefit most from the data they've collected from past customer transactions.

Unfortunately, GDPR's impact on data collection and customer interaction has the potential to hold European firms behind their overseas counterparts. While the needle may be more difficult to thread, it's still critical to invest and find ways to safely collect and leverage data in your customer experience.

The easiest solution involves using turn-key software developed specifically for GDPR-restricted companies. If you want the best information and experience, though, you'll need to contract a technical advisor to craft a customized solution to meet your firm's needs.

2019 is proving to be a year full of potential for both B2B and B2C firms. The way that they craft their customer experience will decide whether they ride the tide of increased spending, or find themselves taking on water as they struggle to keep up with a rapidly evolving market.

Source: Atton Institute

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