Why price isn't everything: The hidden value behind exceptional service

Whilst it might seem that way when you are churning out one quote after another, it is simply not true. In fact, the act of generating numerous quotes can often lead to a misunderstanding of the principles of customer engagement and service quality.

The perception that price alone dictates consumer choice overlooks the many factors that influence purchasing decisions, including brand loyalty, product quality, and the overall customer experience. Many businesses fall into the trap of competing solely on price, neglecting the essential elements that contribute to a lasting relationship with their clients.

A simple added value strategy involves using the client's name, inquiring whether they are having a good day, and asking about their experiences in the moving process and how they are finding it so far. This personal touch can significantly enhance the client experience.

In over 300 market research calls we have only experienced real interest and empathy on a handful of occasions with 'call handlers' seemingly completely disinterested and desperate to get back to their coffee break.

We have all heard this quote before, 'Price is what you pay, value is what you get.' This statement highlights a critical truth about consumer behaviour and the marketplace. It encapsulates the distinction between the monetary cost of a product or service and the intrinsic value that a customer derives from it.

Value encompasses a multitude of factors, including the quality of the product, the level of customer service, and the emotional satisfaction that comes from the purchase. Customers are often willing to pay a premium for products that offer superior value, which may include exceptional service, innovative features, or a strong brand reputation.

Our extensive research shows that many firms fail to provide a polite and professional service, lacking genuine interest or empathy towards the client. This lack of attention to customer service can lead to a disconnect between the business and its clientele. When companies prioritise efficiency over empathy, they risk alienating customers who seek a more personalised and attentive experience.

The argument that a case is lost due to fees becomes irrelevant if the basic elements of service are not well-executed. If a company does not take the time to understand its clients’ needs and concerns, it will struggle to build trust and loyalty, regardless of how competitive its pricing may be.

If everyone bought based on price alone, luxury goods wouldn’t exist, and the iPhone wouldn’t be a phenomenon. We would all use cheap phones and drive the most modest cars available. Luxury brands thrive on the notion that they offer something beyond mere functionality; they provide an experience, a status symbol, and a sense of belonging.

The iPhone, for example, is not just a phone; it represents a lifestyle choice that resonates with millions of consumers. This illustrates that consumers are often willing to invest in products that reflect their identity and aspirations. Therefore, it is crucial for businesses to recognise that competing on price is a short-sighted strategy that can undermine long-term success.

Focusing on delivering exceptional value and fostering meaningful customer relationships will ultimately lead to greater satisfaction and loyalty.

Find out how your service & fees compare in our Market Insight Reports