Business always requires transactions between buyers and sellers. The process of generating high transaction rates, however, becomes more difficult in the highly competitive market during an industry or economic slowdown. Consumers evaluate purchasing decisions more closely to determine whether products or services are worth their listed values or not–that is to say, if they are willing to spend the money.
Many consumers initially Google what they’re looking for before making purchasing decisions and can even spend hours researching competitors and past reviews to make sure that they are proceeding in the most sensible manner. Because service is intangible, purchasing decisions usually take longer because there are higher risk levels and anxieties about going with something new–something more immediate, or different.
So, what makes one company’s service become more valuable than the next?
Here are five key elements that differentiate companies from their competitors:
1. Reliability – This is the core competence that services offer based on the consumer needs. For example, when a client wants advice on how to increase traffic to his/her website, does the service succeed in driving visitors? Is the service generating more revenue?
2. Responsiveness – This includes the time it takes for a service to respond to client inquiries, answering phone calls, maintaining 24/7 online support, and the proper maintenance other communication based services. Responsiveness allows the service to be more visible to potential clients. Staying up to date with the latest trends and events also helps the firm adapt to the appropriate business environment.
3. Empathy – The positive attitude of service providers, sincere greetings, and effective problem solving behaviors keep clients around longer.
4. Assurance – Service providers should be knowledgeable of their expertise and provide top quality service with confidence and guarantee. Feelings of assurance inspire trust and solidify long-term relationships with clients.
5. Tangibility – Companies should display immediate visible incentives through their website with a clear mission statement and demonstrate the effectiveness of previous works. The consistency of branding elements and office décor help establish a stronger foundation of your company’s structure to outsider perspectives.
Overall, the quality, environment, and presentation of a service is just as important as the service itself. Once these five elements are in focus, companies should never lose sight of their importance.