The quality of a product refers to how well it satisfies the average customer’s expectations. Does the product do what it promises to do and how well does it hold up over time? Of course, the more specific definition of quality will vary from customer to customer. Some consider the quality of a product as intrinsically tied to its price while others look at how sustainable the process of production is.
Despite these different perspectives, it all comes down to customer satisfaction. Product quality is vital for a business’s reputation and the strength of its brand. This in turns affects sales and profitability. Here’s a look at why rolling out a quality product is so important for your business over the long term.
1. Builds Customer Trust
Except for monopolies, no business can succeed if it doesn’t have the trust of customers and prospects. Every day, companies around the world lose millions of potential sales because they failed to make a deep trust connection with their target market.
When you have the trust of your customers, you can even raise your prices above that of the competition and your regular buyers will still choose to purchase from you. They believe in your product and don’t mind paying extra to get the quality they’ve come to expect.
2. Drives Recommendations
The average person is more likely to believe the recommendations of their family and friends about a product than they would an enticing advertising campaign. They have a deep relationship with the people in their social circle and therefore know that friends and family do not harbor selfish intent when talking up a product.
A quality product triggers social media and word of mouth recommendations. The positive sentiment eventually develops a life of its own thus leaving the business with little need to spend on costly advertising. Your product will make it to lists of the best in the market without you having to push for it (for example, check out this buyer’s guide).
3. Fewer Returns and Complaints
A good product means fewer returns and complaints. Quality encourages repeat purchase as well. Remember that it costs you time and money to process product returns and customer complaints. The fewer the complaints are, the more resources you can devote to things that will actually grow the business.
Companies should therefore spend money and time testing and perfecting the product before they make it available to the market. It’s better to take time to get it right than rushing through a product that will only ruin your reputation.
4. People Are Attracted to the Aesthetics of Success
When the average customer makes a purchase decision, they don’t only look at the core function of the item. They are also interested in the outward markers of quality such as feels, looks, sounds, smells and tastes.
Often, all competing products in the market can perform the same basic functionality. It’s in the additional attributes that one product can set itself apart from the rest. Such details leave a lasting impression on the customer and may be the thing that spurs repeat purchases in future.
5. A Higher ROI
All the above benefits lead up to an improved return on investment (ROI). Studies have consistently shown a strong correlation between product quality and company profitability. The less you disappoint your customers, the more enthusiastic they will be about buying the product and recommend it to the people around them.
For example, fewer factory defects mean fewer recalls and returns, thus steady growth in market share.
The above benefits only scratch the surface. There are many more advantages of selling a quality product. Overall, it creates a virtuous cycle that can only bode well for the company.