Importance of brand value in today’s disruptive economy
A brand and its value are the deciding factors of a successful business in today’s disruptive market. In the recent past, the consumer market has become highly competitive. Nothing in today’s economy is permanent. Change seems inevitable and rightfully encompassing our daily lives. In a situation when everything around us is changing, it is imperative for the consumer market to fluctuate as well. This fluctuation can be based on several deciding factors which can only be understood through the congregation of valuable and contextual data. It is needless to say that a huge part of the focus also goes into understanding the same.
Potential threat from competitors
What is important here is to apprehend that, why it is important to constantly keep an open mind to notice any potential threat. As mentioned earlier, the market is volatile and in a pace of constant change, in such circumstances, it is advisable that even leading organizations should collect continuous feedback from their customers and work on them since they too can suddenly face challenges and competition.
A more consumer-based industry
Product and service industries are becoming consumer based, hence; customer satisfaction is looked up with passion and interest. Gone are the days when only a market research company or a department of a handful of people used to have access over customer data. Modern industrialization is looking at every product as a commodity and hence a certain degree of consumer satisfaction attached to it. In order to understand whether a customer is satisfied or how to improve on a given feedback, a survey is a pre-requisite. It can either be close-ended or open-ended depending on the product type and its diversity. A survey gathering insight on end-user feedback will definitely open a new horizon of opportunities to work on. Working on a suitable and saleable solution based on customer satisfaction can create a massive impact on the business model.
Customer satisfaction ensures a product’s demand in the market
Customer satisfaction can actually make or break a product and its value in today’s market. Due to n number of alternatives present in the market, it empowers the consumer to a great extent. Individuals now don’t need to stay loyal to a specific brand if that brand is failing to deliver as per standard. More than the product it is the feeling of being heard that ensures, that a brand values its customer. So, brand loyalty also largely depends on that wow feeling of its customer, which keeps one brand much above the competition ladder than its counterpart with a similar or better product. Be it product or attention personalized is always better.
Customer satisfaction is the basis of market predictions
This is clearly the reason why even the market research-based companies gather contextual and correlated data to understand the level of customer satisfaction. The basis of this analysis, market predictions can be made, and organizations can take decisions that can be rewarding for both, the customer and the enterprise. This, in the long run, will minimize the potential business risks, creating a long and fruitful relationship between the consumer and the provider.
– Kathakali Basu,