You Can’t Win Unless You’re in the Game:

Why Understanding Key Consideration Criteria Matters More Than Ever

In today’s fiercely competitive market, companies often pour resources into making their product features and service quality top-notch, believing this will guarantee them a spot as industry leaders. However, understanding what factors customers consider when shortlisting potential providers is often more critical than merely having the best features or lowest prices.

The Real Decision-Makers: Consideration Criteria

Customer decisions are complex and go beyond basic purchasing criteria like features, price, and quality. Consideration criteria—such as brand reputation, customer service, company values, and reviews and testimonials – play a pivotal role. Ignoring these can mean your company never even makes it to the customer’s shortlist, regardless of how superior your offerings are.

Build Trust Through Brand Reputation

Customers favor companies they trust. A strong brand reputation, built through consistent delivery, transparency, and active engagement, can get you on the shortlist even if your product isn't the absolute best. Trust and reliability are key.

Win with Exceptional Customer Service

Great customer service can be a game-changer. Customers want assurance that they’ll receive timely and effective support if needed. Companies offering exceptional customer service often win over those with slightly better products or prices. A positive customer experience can make a significant difference in being shortlisted.

Align with Customer Values

Today's customers are value driven. They look for companies that share their values, such as social responsibility, environmental sustainability, and ethical practices. Companies that demonstrate commitment to these values resonate more with customers and are more likely to be considered as potential providers. This alignment fosters a strong emotional connection.

Leverage Reviews and Testimonials

Customer reviews and testimonials are powerful. Potential customers often rely on others’ experiences to gauge reliability and quality. Positive feedback can heavily influence their decision to include a company in their shortlist. Actively encourage satisfied customers to share their experiences and handle negative feedback constructively to maintain a positive online reputation.

In Conclusion

While excelling in key purchasing criteria is important, understanding and addressing broader consideration criteria can be even more crucial for business success. Building a trustworthy brand, offering stellar customer service, aligning with customer values, leveraging positive reviews, and adapting to customer needs are vital factors that influence customer decisions. By focusing on these aspects, companies can enhance their chances of being included in the initial consideration set, ultimately leading to greater success.

Is your business ready to get in the game?

Please feel free to contact the authors for further information on this topic. We look forward to engaging with your growth challenges and we can be reached at [email protected] and [email protected]

ABOUT THE AUTHORS:

Tom McClure is a Director with Simon-Kucher in Chicago specializing within the firm’s Industrials Sector.

His consulting focus is commercial growthy strategy and business transformation. He has worked with management teams to drive sustainable revenue growth and margin expansion by optimizing every lever of their commercial strategy – product, price, innovation, marketing, and sales – based on deep insights into what customers want and value.

Prior to joining Simon-Kucher, Tom held roles as a business transformation design & execution consultant with EY, and as a project startup & commissioning manager and project development & design engineer with ExxonMobil.

Tom graduated summa cum laude from the Georgia Institute of Technology with a B.S. in Chemical and Biomolecular Engineering.

Matthew Rabinowitz is an Associate Consultant with Simon-Kucher in Chicago.

Matthew is a rising senior at the University of Pennsylvania’s College of Arts and Sciences and is pursuing a degree in Economics and Political Science. At Penn, he is a consultant for MUSE Consulting and has served as a research assistant in the Political Science Department.

In previous summers, Matthew had internships in client experience at fintech firm DirectBooks, and in financial research at asset manager Karner Blue Capital.