Value for Money - A Guide for Businesses

Value for Money

 

Value for money

 

What is the one thing that everyone has in common? We all love getting value for money. It’s true, we do! Think about it, when you buy a new car, what do you buy? Something that you deem to be worth the amount of money that you’re spending, correct? At the other end of the spectrum, when your business is looking to hire the services of a marketing agency to help you with your outreach, what do you look for? Again, value for money. It’s something that both consumers and businesses universally strive to receive. If we didn’t feel as though we were getting value for money in regard to our purchases, we would take our business elsewhere in the future, wouldn’t we?

 

You could argue that purchasing something more expensive will get you more value for money. There is a common association between the terms expensive and quality. Let’s look at cars again, for example. Whilst there are many popular budget friendly manufacturers on the market (Dacia, Skoda, and Citroen, to name a few), there are many who prefer to indulge in the more luxurious, premium brands. Think of Audi, BMW, Mercedes, and the like.

 

Why is this? Well, when we think of those big brand names, we think slick, sophisticated, and glamorous. And we automatically think that we’re going to get so much more for our money. Of course there is an element of status that comes with driving these more upmarket cars, but it could be argued that with status also comes reliability. Or does it?

 

Audi

 

The latest Consumer Reports reveal the ratings of auto brands based on reliability. Unsurprisingly, both Audi and BMW made the top 10. But more surprisingly, they shared their rankings with Hyundai and Toyota. This would suggest that you don’t always have to pay a premium price in order to receive a better product. That said, whilst both the luxury and more budget-friendly vehicles may well serve the same purpose (every car has four wheels and gets you from A to B and all the rest), the purchase experience may be somewhat different.

 

Think of it like this, Audi has a reputation of exuding luxury in the form of their highly sought after cars. When you walk into a dealership you are greeted by a smooth-talking salesperson who is willing to meet your every need and desire. You are surrounded by an array of shiny, classy automobiles, that are fresh off the production line. A receptionist hands you some brochures and takes your coffee order, whilst you sit and discuss with the salesperson about what sort of vehicle you’re looking for. As you make your way through the seemingly effortless sales process, you are offered all of these fancy but essential sounding extras that boast modernity, style, and above all else, value for money. As you leave the dealership, having put a deposit down on your dream Audi, you feel a sense of content. Not only have you just made a practical purchase in terms of your transportation needs (any car company can provide that), but you have just received a quality level of service, where the company went that extra mile to make you feel valued and special (not every car company will do that).

 

Hopewiser are rather similar to Audi in that respect, in that we want the best for our customers and are willing to go that extra mile in order to provide them with quality addresses and data. Whilst there are competitors in the market, we pride ourselves in providing address validation and cleansing services that generate accurate results. This in turn gives our customers value for their money. You could say that’s partly why we’ve been going for so long. Over 36 years of providing value for money. After all, we were the first company to recognise the power and potential of addressing software based around the Royal Mail Postcode Address File (PAF), so you can safely say we know what we’re doing.

 

Addresses from Royal Mail

 

At the end of the day, it all boils down to accuracy. Or at least it does in Hopewiser’s experience. Providing our clients with accurate addresses and data not only heightens our own level of customer service, but it helps clients to increase theirs as well. People often misconstrue how complex addresses actually are, but businesses rely on them in order to send their customers’ purchases to the right address. So before you go and purchase software or datasets from other companies on the basis that they’re cheap, what you must consider first is, will they be accurate?

 

Every ecommerce website needs an accurate address and postcode finder, in addition to a data cleansing tool to keep their customer database up to date, and rid of any duplicates, deceased, and goneaway files. Without these essential tools, not only do you run the risk of mailing to the wrong address, but you also risk marketing to deceased persons and those who are registered with preference services. Not only would this be bad customer service, but it may land you with a hefty fine if you’re found to be in breach of such legislation as the new GDPR.

 

Eu flag

 

Are you looking for advice on how to give your customers value for money? First of all, delve into your sales pipeline frequently to assess your current sales process and all the stages that are involved. This in effect will give you a higher chance of repeat business and customer retention by providing the best possible service. Standing above your competitors is an optimum way in which to achieve this.

 

You should also aim to fill skills gaps where possible. Hiring graduates and other young talent is believed to help overcome skills shortages in the data sector, especially after recent media coverage stated “70% of firms braced for data skills shortages this year”. That said, increasing your personnel levels may not always be an option, and it may be more viable to manage your company data through an online data cleansing tool. Not only will this save you money in the long run, but your data will be instantly cleansed and suppressed. You could say that this will provide you with value for money, and will leave you more time to focus on other areas of your business. If you’re an SME, like Hopewiser is, then you’ll understand that each minute of the day counts and it’s important not to waste any time.

 

We hope that you have found this article useful, and that you have picked up some handy tips on how to help your business give more value for money. The key message to take away with you today is that whilst the cost of a product or service often factors into the concept of value for money, what’s more is the accuracy and dedication of the service that you are providing. Whilst you may be enticed by a bargain or two, it’s always best to weigh up the pros and cons before making a purchase decision that you may later regret.

 

 

 

 

 

 

Sources:

 

https://seekingalpha.com/news/3400412-consumer-reports-rates-auto-brands-reliability

 

https://www.royalmail.com/business/services/marketing/data-optimisation/paf

 

https://eugdpr.org/

 

https://www.dataiq.co.uk/news/70-firms-braced-data-skills-shortages-year