What matters most when it comes to quality?
When asked about what factors most impact the quality of a product, consumers ranked raw materials or ingredients as the most important. Second was regulation, suggesting consumers see a direct link between quality, value and the scrutiny that comes with working in a regulated environment. Origin of the product, design and processes used to create it also ranked highly.
Which of the following attributes do you believe are the most important in contributing to the quality of a product?
Raw materials/ingredients
Regulation
Origin of the product
Design of the product
Processes used to make the product
Customer reviews
When it comes to a balance of price over quality, risk appears to be an important consideration: Food and Medicine Quality and safety were ranked as the most important factors in this category. Quality was significantly more important in medicine (63%) compared to just 28% for price. Air Travel 43% said that price was the most important, but a total of 40% put either the safety of the airline or financial protection as their priority. Financial Services Price or interest rate was most important with 37% putting it top. Surprisingly, considering the implications of failure, only 26% said security, 17% said quality. Industry/regulatory assurance was also low at 11%
Which of the following are most important to you when purchasing financial services?
Price/rate
Security
Quality
Industry
Customer service
Convenience
Scarcity/ Exclusivity
Price or interest rates, security, quality and regulatory assurance outstrip customer service and convenience in financial services.
This, linked with the finding that only 25% considered the Financial Services Compensation Scheme when choosing financial services could suggest complacency when it comes to regulatory safeguards. Banking is incredibly secure, so do consumers naturally feel assured? Or is there a genuine lack of understanding of the role of regulatory assurance? Customer service and convenience ranked low compared to quality assurance, which may be a by-product of increased use of self-serve banking or because, when it comes to our finances, we want safe, quality, affordable banking above all else.
Ideagen advice
Differentiate yourselves from your competitors by highlighting the value of your goods and services beyond the price. Highlight your quality management practices, safety record, the quality of your raw materials and ingredients and your commitment to customer satisfaction. Be a responsible and trustworthy business by using comprehensive solutions for managing quality, and environmental health and safety risks. Partner with trusted solution providers to ensure your processes are always up to date and aligned with the latest best practices and standards.