Is consumer confidence important to specialty coffee brands?
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In the process of doing business, businesses are always aware of the importance of consumer confidence for long-term development. Customer trust is a solid foundation to build huge profits. For the specialty coffee industry, consumer confidence is even more important and necessary. Find out with 43 Factory Coffee Roaster right in this article!
What does consumer confidence mean for specialty coffee brands?
Consumer confidence is confidence in the product. Customers feel that the selection of this brand’s products is right and worthwhile. They believe that the quality and price of that product is suitable for their needs and conditions, thereby deciding whether to become a “familiar” customer or not.
In any business, consumer confidence is very important. This has been summed up by traders through a pretty famous saying that anyone who wants to follow a business path must have heard: “Consumers don’t buy the product you’re selling, they buy the reason why. you do it. The goal of an organization is not to do business with people who need what you have, but to do business with people who believe in what you believe in.”
This statement has been concreted through the numbers in PwC’s 2022 Consumer Confidence survey: 91% of US consumers will continue to buy products or use services from a company have earned their trust. 14% of people surveyed said they would buy more products from a brand they trust.
Consumer confidence directly affects the revenue and profit of the unit. Currently, the competition between industry groups or in the same industry is at a high level, one of the factors that determines the position of a brand in the market is the confidence of customers. Brands that receive the trust will definitely develop more sustainably because they have high-touch customers, this is a stable number of customers who can accompany businesses on a long journey. More importantly, trust is also highly pervasive, one link will lead to the next and can increase exponentially. This is easy to verify in daily life, as simple as if you find a reputable and quality shopping address, you will definitely want to share this with your relatives and friends. The greater the trust, the more solidly the business will have support, able to overcome many goals and go through many difficult periods.
In addition, consumer confidence is also meaningful as a certificate of the most meaningful quality. To be trusted by customers, the quality of products and services that the brand brings must be good and reasonable. Customers always support a business, proving that the business creates values at least up to standards.
Especially for the specialty coffee industry, when the business product they choose is a niche, not following the tastes of the majority, customer confidence becomes one of the prerequisites affecting the development. of the brand itself. These “different” values need consumer trust to exist more meaningfully.
Specialty coffee brands without consumer confidence will be negatively affected
The obvious negative impact when specialty coffee brands do not have consumer confidence is the decrease in sales. In a recent survey, 44% of people stopped buying from companies they didn’t trust. So, if customers just stop at one touch and don’t come back, can that brand get big numbers? Businesses can not satisfy consumers, they will look for other alternatives.
The next influence is the prestige of the specialty coffee brand itself. The pervasive power of disappointment is even stronger than belief, especially in the 4.0 era, when social networks develop, news spreads at breakneck speed, surpassing the national scale. It is a fact that bad news will attract more interested people than positive news. A bad assessment of the quality and reputation of consumers can be strongly transmitted through social networking platforms, becoming a wave of violence that tries to overturn a brand’s efforts, especially specialty coffee. If the specialty coffee business that follows the niche market is not trusted and supported by customers, what is the way to maintain it?
It can be seen that consumer trust is a key factor in the success of specialty coffee brands. Therefore, building and maintaining consumer trust is an important and necessary task for specialty coffee brands. If you want to learn the ways that a specialty coffee brand builds trust with consumers, follow 43 Factory Coffee Roaster to keep up to date with this helpful information!