7 Customer Wants And How To Meet Them
Despite a recorded rise in inflation and high cost of living, modern consumers still want to spend money—but thoughtfully. Evolving consumer preferences mean manufacturers and retailers need to stay alert. For instance, aging consumers are not sticking to tight budgets but are spending money like their younger counterparts. This is just one of the broader shifts happening in the global consumer landscape.
So, what is the first thing the customer wants? It’s not just about the goods purchased as many other factors come into context. That is why businesses today are researching the modern customer to understand who they are, what they buy, where they buy it, and what influences their buying decisions.
Read more: The Purpose of Comparison Shopping: Why It Matters
What do customers want?
All successful companies are guided by customers. However, it’s not always straightforward reading what customers want. Businesses understand selling a product is only half the job—-rather providing solutions to problems is the ultimate price. Simply defined, a customer's need is the reason why anyone would buy a product. Customers get to choose companies meeting the highest number of requirements. Start by meeting all customer needs and choosing all aspects of product development and marketing.
Evolution and complexity of customer wants
Generally, businesses solve common problems by selling useful products or offering services people want. Marketing companies only make the case for the customers to opt for one brand over the other. For example, new product segments that are environment friendly have evolved into $10.32 billion as of 2022 driven by the urgency towards sustainability marketing. Who would have imagined? Similarly, the global health and wellness market is estimated at $1.8 trillion—a 5-10% annual growth rate. Such shifts in consumer priorities impact shopping trends and businesses that get ahead of the curve reap greatly. What drives the modern economy is the customer’s needs. “Good” innovations will not gain traction unless the market considers them valuable. And value is driven by consumers deeming them useful.
For example, 3D printers are cool devices for hobbyists to digitally design physical objects or prototypes. However, the average person might not find them useful in everyday life. Meanwhile, there are several other considerations consumers take into account when shopping for items.
And let’s be real—
Most of the time customers do not know what they want but are certain about what they do not want. Before digressing further, let us look at the top customer needs businesses should focus on.
7 customer wants to focus on as a business
Quality
You lose your competitive advantage if you have a poor-quality product. No amount of marketing can get you far, as word eventually goes out. Customers today are budget-sensitive and will never go back to a brand that burned them the first time.
High-quality products are always at an advantage as they attract loyal customers who overlook their premium charge for the quality product. A good example is the Tesla vehicle which made electric vehicles cool and easily accessible. A similar principle applies to a slow-loading website or product description section that is poorly worded. A study by the Baymard Institute shows that 70 of 100 potential customers abandon a purchase. Frankly, that is a ton of sales opportunities going to waste.
Innovative suggestions for businesses:
Invest in attractive UX
Invest in conversion rate optimization to minimize churn
Monitor and act upon feedback and reviews
Information
Information is key. People today are not just about buying another product, they want to understand the full story behind it. For instance, where was it made? Are there other alternatives present? Such information can be captured in the product details or FAQ sections.
Large companies like Starbucks are very vocal about their social and environmental responsibility. They publish Starbucks Global Social Impact reports and have them on their websites. Similarly, customers want regular updates on the status of their orders or even compare different products to make an informed choice. Having an AI assistant like Lookfor saves the customer time.
Innovative suggestions for businesses:
Develop a resource section with a knowledge base
Use a product comparison chatbot to help with self-service
Have transparent operational policies
Personalization
Every customer wants to feel special. You don't have to go research every customer—frankly, it's impractical at scale. Simple gestures like addressing the customer by name when communicating on text, chat, or email, humanize the conversation and make them feel special.
Personalization is necessary for brands fixated on customer lifetime value over short-term selling. If you have customer segmentation tools, you can send out special emails with catchy wording like, “This is not our usual style—but we’re making an exception!” SMS and social media messaging can also appear more personable. In customer service, the general consensus on personalization is its customer retention ability.
Innovative suggestions for businesses:
Be responsive on live chat, social media, or email.
Use surveys and other chatbots to collect data and deliver personalized experiences
Send personalized thank you messages for orders
Privacy and security
Security is now becoming hard to ignore as shopping has significantly shifted online and people check through card payments. Concerns are mainly around scammers and data harvesters who sell your information online. Privacy often goes hand in hand with security.
A smart way around this is for a business to build a credible reputation. Alternatively, set themselves up for scrutiny by social proofing.
Innovative suggestions for businesses:
Secure payment checkout
Request for consent before storing customer data
List your business on social proofing sites for public scrutiny
Recognition
Smart businesses can exploit human vanity to influence consumer behavior, in turn boosting sales. By making the customer feel part of an exclusive club or status, marketers can create a strong desire for a product. As a business, you don’t have to sell your product as ordinary, make it extraordinary in how it is presented and marketed.
If you saw an ad that promoted shiny white teeth with an image of a lovely smile and toothpaste beside it, you will automatically want that for yourself. It won't be much about the product, but how its advertised outcome makes you feel.
Innovative suggestions for businesses:
Develop a customer-centric brand
Have value-centered advertising that captures the target audience
Use outcome imagery for your products
Price
Price remains the top reason why consumers switch from one brand to another. Rising inflation has put a strain on consumer wallet concerns resulting in cautious spending. While affordability is central to a customer’s decision-making, it should also be viewed from the wider context of value for money. For example, customers can be presented with tiered options to only pay for what they want.
While Gen Z makes up a significant purchasing power in the market, shifting economic tides and concerns over financial insecurity have seen them shift into budget-conscious shoppers. A GWI report found that 71% of Gen Zers would rather wait for a product sale than buy it at full price.
Innovative suggestions for businesses:
Customer loyalty programs
Try discount strategies
Offer free shipping on bulk purchases
Convenience
Just as time is a precious commodity for the modern shopper—so is convenience. An average shopper is busy commuting to work, handling some family obligations, and catching up on school assignments, among other things. A recent survey from the National Retail Federation shows that 97% of respondents dropped a purchase that wasn’t convenient.
Photo by Andrew Stickelman on Unsplash
That is why shoppers are willing to pay a premium for delivery services like Instacart, Amazon Prime, or Shipt for convenience.
Innovative suggestions for businesses:
Faster shipping
Easy way to access customer support
Website optimized for smartphone
Read more: The Shopping Cart Theory: Are you a Good Samaritan?
Ways of identifying customer wants
AI tools
Today's Business owners leverage AI-powered software to detect customer sentiment and intent from different communication channels. This brings up important pain points that you might have otherwise not captured and need redress. Similarly, most customers are limited in time and would rather engage a self-service bot capable of accurately understanding their needs and recommending a suitable product. Sales assistants like Lookfor are best suited for ecommerce businesses looking to automate customer engagement and lead capture while directing throughout the customer journey till checkout.
Customer engagement
A good customer service team is at the forefront of the business and the customer. They are the ones who handle tickets raised by customers or conversations routed by the chatbot. Such an up-close and personal role gives your support reps valid insights on customer feedback around what they are looking for, what are their concerns, what information is unclear or confusing, and potential areas of improvement. When you listen closely you will uncover patterns in the customer experience that will inform your market positioning.
Customer surveys
Digitally shared surveys sent through email or appearing as a site pop-up remain a good way to collect insights from clients. If well responded to, you can get an accurate position of your CSAT and even respond with follow-up questions. In the context of ecommerce, you can use a chatbot that asks the customer why they are about to abandon their cart. Customer feedback will help address this issue to make the shopping experience more frictionless.
Read more: How AI Bots For Sales Can Impact Your Business
Conclusion
The best-performing brands today are not necessarily the ones with the best technology or price points, but the ones that focus on customer satisfaction. Passing through surveys and reports on the modern consumer market, one thing remains constant—customer expectations must be met. If you are a small business and would like to give your customers a frictionless support experience, a digital assistant like Lookfor provides an AI-powered experience. Think of it as a new member of your support team.
