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1. Builds Trust With Your Customers

Many believe that businesses won’t succeed if they can’t build customer trust. Countless potential sales are lost because a brand fails to make a deeper connection with prospective buyers. When you gain the confidence and loyalty of consumers, you’re able to do more with your business, such as raise prices. The quality of your services and merchandise is one way to help you get consumers to appreciate and believe in what you have to offer.
BTO Sports is a good example of a company who understands that trust and quality matter. Their mission statement on their website clearly states, “We strive to provide great products by brands you already know and trust for the best quality and riding experience. As riders ourselves, we know exactly what you expect, and we make it our mission to deliver.” They connect with their customers on an emotional level by communicating that they understand that riding motorcycles are more than just a hobby; it's a way of life.

What a Business Can Do

Trying to humanize a company can help the customers connect with a brand in a deeper way. This is where newsletters and company update emails come into play. I
f a customer begins to associate a face with a company, it will make it much more difficult than leaving a company that is a faceless corporate entity. Other things that can build loyalty is that of rewards programs as the customers feel much more appreciated than with companies without these programs.

92 percent of people trust recommendations from friends and family above all other forms of advertising when making a purchase decision. This is why when it comes to influencing consumers, nothing comes close to beating word of mouth.
Word of mouth can be a persuasive factor in purchasing decisions both online and offline. Friends and family want to know if someone who’s similar to them had a good experience with a product. The higher quality product a company has to offer, the better chance they’ll have at driving positive reviews, recommendations, and shares between consumers.

What a Business Can Do

Starting campaigns to get people buzzing about a product is a great way to spread recommendations by word of mouth. The consumers can bring up the campaign and hopefully will mention the quality of a service or product. Another thing that can be done is responding to complaints or compliments online. A part of what makes a quality product or service is the customer service that comes along with it.

3. Produces Less Customer Complaints & Returns

Marketing studies have proved again and again that high-quality brands will obtain more repeat purchases. Spending more time and money upfront perfecting a product before it hits the market will minimize customer complaints and returns.
It’s common for sellers of high-quality brands to spend more to persuade consumers to try their goods since the present value of a trial purchase is larger. The more successful companies are at pleasing customers during their initial experience with a product, the more likely they’ll be to see repeat purchases from those same people.

4. People Care About Aesthetics

One dimension of quality is how a product looks, feels, sounds, tastes or smells. For example, MrTakeOutBags pays close attention to aesthetics, and it shows in their bakery cupcake boxes. The colors, prints, shapes, textures and features (such as handles) make all the difference, and it’s what sets them apart from the competition. Customers notice this kind of details, and they can make or break a sale. There are so many similar product options out there these days that unique attributes and designs have a big impact on purchasing decisions.

What a Business Can Do

Offering a wide variety of colors can be the difference between a great fiscal year and an average one. Many people care more about the look of a product so giving them the most customizable options can outweigh the actual quality of the product. Having customizable features will also allow a company to tack on a few extra dollars to the price.

5. Produce a Higher (ROI)

Studies show a strong positive association between quality and profitability. In fact, high quality produces a higher return on investment (ROI) for any given market share. Fewer defects or field failures result in lower manufacturing and service costs; as long as these gains exceed any increase in expenditures by the firm on defect prevention, profitability will improve. Improvements in performance, features, or other dimensions of quality lead to increased sales and larger market shares (MIT Sloan Management Review).

What a Business Can Do

If a company has produced a quality product and has marketed it effectively, then comes the time to see if there is anywhere the cost of making a product can decrease. Minimizing costs without sacrificing quality can bring a business of any stature to the next level

PANDA